Contrarius Group Holdings Ltd Buys 330,449 Shares of QXO, Inc. $QXO

Contrarius Group Holdings Ltd lifted its stake in QXO, Inc. (NYSE:QXO) by 71.5% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 792,686 shares of the company’s stock after purchasing an additional 330,449 shares during the quarter. QXO accounts for approximately 0.7% of Contrarius Group Holdings Ltd’s investment portfolio, making the stock its 22nd largest holding. Contrarius Group Holdings Ltd’s holdings in QXO were worth $15,291,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of QXO. LRI Investments LLC grew its holdings in shares of QXO by 129.1% during the 4th quarter. LRI Investments LLC now owns 1,482 shares of the company’s stock worth $29,000 after purchasing an additional 835 shares in the last quarter. Newbridge Financial Services Group Inc. grew its holdings in shares of QXO by 57.5% during the 4th quarter. Newbridge Financial Services Group Inc. now owns 1,575 shares of the company’s stock worth $30,000 after purchasing an additional 575 shares in the last quarter. Russell Investments Group Ltd. acquired a new stake in shares of QXO during the 2nd quarter worth $30,000. Allworth Financial LP grew its holdings in shares of QXO by 66.9% during the 3rd quarter. Allworth Financial LP now owns 2,028 shares of the company’s stock worth $39,000 after purchasing an additional 813 shares in the last quarter. Finally, Sentry Investment Management LLC bought a new position in QXO in the 3rd quarter valued at about $40,000. 58.68% of the stock is owned by institutional investors and hedge funds.

QXO Stock Performance

NYSE QXO opened at $15.81 on Monday. The firm’s fifty day moving average price is $19.16 and its two-hundred day moving average price is $21.03. The stock has a market cap of $11.47 billion, a PE ratio of -17.37, a PEG ratio of 4.04 and a beta of 2.30. QXO, Inc. has a fifty-two week low of $15.45 and a fifty-two week high of $27.61. The company has a debt-to-equity ratio of 0.35, a quick ratio of 2.47 and a current ratio of 3.33.

QXO (NYSE:QXO) last posted its earnings results on Tuesday, May 12th. The company reported ($0.12) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.03). The company had revenue of $1.73 billion for 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 firm’s revenue was up 12716.3% compared to the same quarter last year. On average, equities analysts expect that QXO, Inc. will post 0.2 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. Benchmark reissued a “buy” rating on shares of QXO in a report on Friday, February 20th. KeyCorp raised their target price on shares of QXO from $30.00 to $32.00 and gave the company an “overweight” rating in a report on Monday, April 20th. Oppenheimer boosted their price objective on shares of QXO from $30.00 to $32.00 and gave the company an “outperform” rating in a research report on Monday, April 27th. Stephens lowered their price objective on shares of QXO from $29.00 to $26.00 and set an “overweight” rating for the company in a research report on Thursday, May 14th. Finally, Robert W. Baird lowered their price objective on shares of QXO from $35.00 to $30.00 and set an “outperform” rating for the company in a research report on Wednesday, May 13th. Fifteen investment 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, QXO currently has an average rating of “Moderate Buy” and an average price target of $31.14.

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.