7,279,467 Shares in QXO, Inc. $QXO Acquired by Norges Bank

Norges Bank acquired a new stake in QXO, Inc. (NYSE:QXO) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 7,279,467 shares of the company’s stock, valued at approximately $140,421,000. Norges Bank owned about 1.08% of QXO as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of QXO. Cherry Creek Investment Advisors Inc. lifted its position in shares of QXO by 0.6% during the fourth quarter. Cherry Creek Investment Advisors Inc. now owns 84,636 shares of the company’s stock worth $1,633,000 after purchasing an additional 474 shares during the last quarter. Maple Capital Management Inc. grew its holdings in shares of QXO by 4.7% in the fourth quarter. Maple Capital Management Inc. now owns 11,988 shares of the company’s stock worth $231,000 after purchasing an additional 543 shares during the last quarter. Allworth Financial LP increased its stake in QXO by 27.2% in the 4th quarter. Allworth Financial LP now owns 2,580 shares of the company’s stock worth $50,000 after buying an additional 552 shares during the period. Newbridge Financial Services Group Inc. increased its stake in QXO by 57.5% in the 4th quarter. Newbridge Financial Services Group Inc. now owns 1,575 shares of the company’s stock worth $30,000 after buying an additional 575 shares during the period. Finally, Quest Investment Management LLC lifted its holdings in QXO by 2.0% during the 3rd quarter. Quest Investment Management LLC now owns 34,959 shares of the company’s stock valued at $666,000 after buying an additional 695 shares in the last quarter. Hedge funds and other institutional investors own 58.68% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. Royal Bank Of Canada lowered their price objective on shares of QXO from $30.00 to $28.00 and set an “outperform” rating for the company in a research report on Monday, April 6th. Wall Street Zen raised shares of QXO from a “strong sell” rating to a “sell” rating in a research note on Sunday, May 17th. BNP Paribas Exane started coverage on shares of QXO in a research note on Monday, March 16th. They set an “outperform” rating and a $30.00 price target for the company. Stephens lowered their price target on QXO from $29.00 to $26.00 and set an “overweight” rating for the company in a report on Thursday, May 14th. Finally, Robert W. Baird reduced their price objective on QXO from $35.00 to $30.00 and set an “outperform” rating on the stock in a report on Wednesday, May 13th. Sixteen analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $32.00.

QXO Price Performance

Shares of QXO stock opened at $16.17 on Friday. The stock’s 50-day moving average is $19.25 and its 200 day moving average is $21.04. QXO, Inc. has a 1-year low of $15.50 and a 1-year high of $27.61. The company has a debt-to-equity ratio of 0.35, a current ratio of 3.33 and a quick ratio of 2.47. The company has a market cap of $11.73 billion, a P/E ratio of -17.76, a PEG ratio of 4.22 and a beta of 2.30.

QXO (NYSE:QXO) last announced its earnings results on Tuesday, May 12th. The company reported ($0.12) EPS for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.03). The firm had revenue of $1.73 billion during the quarter, compared to the consensus estimate of $1.73 billion. QXO had a positive return on equity of 1.91% and a negative net margin of 6.02%.The company’s revenue was up 12716.3% compared to the same quarter last year. Research analysts predict that QXO, Inc. will post 0.2 earnings per share for the current fiscal year.

QXO Profile

QXO, Inc operates as a business application, technology, and consulting company in North America. The company provides solutions for accounting and business management, financial reporting, enterprise resource planning, human capital management, warehouse management systems, customer relationship management, and business intelligence. It also offers value-added services that focuses on consulting and professional, specialized programming, training, and technical support services. In addition, the company provides information technology managed services, such as cybersecurity, application hosting, disaster recovery, business continuity, cloud, and other services; and data back-up, network maintenance, and upgrade services.