CI Investments Inc. Has $27.12 Million Stake in QXO, Inc. $QXO

CI Investments Inc. raised its holdings in QXO, Inc. (NYSE:QXO) by 654.5% in the 3rd quarter, HoldingsChannel reports. The firm owned 1,422,820 shares of the company’s stock after purchasing an additional 1,234,254 shares during the quarter. CI Investments Inc.’s holdings in QXO were worth $27,119,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in QXO. Alpha Wave Global LP acquired a new stake in shares of QXO in the second quarter valued at $525,366,000. Vanguard Group Inc. increased its position in QXO by 91.0% in the 2nd quarter. Vanguard Group Inc. now owns 47,192,412 shares of the company’s stock valued at $1,016,525,000 after acquiring an additional 22,484,977 shares in the last quarter. Affinity Partners GP LP raised its stake in shares of QXO by 99.1% in the second quarter. Affinity Partners GP LP now owns 32,671,542 shares of the company’s stock worth $703,745,000 after acquiring an additional 16,260,163 shares during the last quarter. Schf GPE LLC raised its stake in shares of QXO by 204.3% in the second quarter. Schf GPE LLC now owns 13,319,457 shares of the company’s stock worth $286,901,000 after acquiring an additional 8,943,089 shares during the last quarter. Finally, Hood River Capital Management LLC acquired a new position in shares of QXO during the second quarter worth approximately $178,836,000. Institutional investors own 58.68% of the company’s stock.

QXO Stock Down 4.3%

Shares of QXO stock opened at $21.94 on Wednesday. The business has a fifty day simple moving average of $23.63 and a 200 day simple moving average of $20.97. The stock has a market cap of $15.55 billion, a PE ratio of -37.19, a price-to-earnings-growth ratio of 3.13 and a beta of 2.51. The company has a quick ratio of 2.24, a current ratio of 3.06 and a debt-to-equity ratio of 0.37. QXO, Inc. has a 12 month low of $11.97 and a 12 month high of $27.61.

QXO (NYSE:QXO) last released its earnings results on Wednesday, February 25th. The company reported $0.02 earnings per share for the quarter, missing the consensus estimate of $0.03 by ($0.01). The company had revenue of $2.19 billion during the quarter, compared to analyst estimates of $2.19 billion. QXO had a negative net margin of 4.08% and a positive return on equity of 3.59%. QXO’s revenue for the quarter was up 14725.0% compared to the same quarter last year. Research analysts predict that QXO, Inc. will post -0.13 EPS for the current year.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on QXO shares. Citigroup dropped their price objective on shares of QXO from $33.00 to $31.00 and set a “buy” rating for the company in a research report on Thursday, January 8th. Loop Capital started coverage on QXO in a research note on Thursday, December 11th. They issued a “buy” rating and a $31.00 target price for the company. Royal Bank Of Canada set a $30.00 target price on QXO in a research report on Friday, January 9th. Weiss Ratings reiterated a “sell (d+)” rating on shares of QXO in a report on Monday, December 29th. Finally, Benchmark reiterated a “buy” rating on shares of QXO in a research report on Friday, February 20th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, QXO has a consensus rating of “Moderate Buy” and an average target price of $32.43.

About QXO

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.