Edgewood Management LLC Buys 20,000 Shares of QXO, Inc. $QXO

Edgewood Management LLC increased its position in QXO, Inc. (NYSE:QXO) by 200.0% during the 2nd quarter, Holdings Channel reports. The firm owned 30,000 shares of the company’s stock after acquiring an additional 20,000 shares during the quarter. Edgewood Management LLC’s holdings in QXO were worth $646,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of QXO. Farther Finance Advisors LLC purchased a new stake in shares of QXO in the 2nd quarter worth $25,000. American Capital Advisory LLC lifted its stake in QXO by 258.0% in the second quarter. American Capital Advisory LLC now owns 1,167 shares of the company’s stock worth $25,000 after acquiring an additional 841 shares during the period. Allworth Financial LP grew its holdings in QXO by 1,740.9% during the 2nd quarter. Allworth Financial LP now owns 1,215 shares of the company’s stock worth $26,000 after acquiring an additional 1,149 shares in the last quarter. CWM LLC purchased a new position in QXO during the 1st quarter valued at about $27,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in shares of QXO in the 2nd quarter valued at about $28,000. 58.68% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the stock. Morgan Stanley initiated coverage on shares of QXO in a research note on Tuesday, September 2nd. They set an “overweight” rating and a $35.00 price objective on the stock. KeyCorp set a $28.00 price target on QXO in a report on Wednesday, October 1st. Raymond James Financial began coverage on QXO in a research report on Friday, September 5th. They issued an “outperform” rating and a $28.00 price target for the company. Wells Fargo & Company began coverage on QXO in a research report on Tuesday, August 5th. They set an “overweight” rating and a $30.00 price objective on the stock. Finally, Vertical Research assumed coverage on QXO in a research note on Tuesday, October 21st. They issued a “buy” rating and a $30.00 target price on the stock. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $32.85.

QXO Stock Up 2.5%

QXO stock opened at $18.72 on Friday. QXO, Inc. has a 1-year low of $11.85 and a 1-year high of $24.69. The business has a fifty day moving average price of $18.36 and a 200-day moving average price of $19.55. The company has a debt-to-equity ratio of 0.38, a current ratio of 3.00 and a quick ratio of 2.15. The stock has a market capitalization of $12.62 billion, a price-to-earnings ratio of -89.14, a PEG ratio of 2.58 and a beta of 2.26.

QXO (NYSE:QXO) last announced its earnings results on Thursday, November 6th. The company reported $0.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.12 by $0.02. QXO had a positive return on equity of 2.15% and a negative net margin of 1.09%.The company had revenue of $2.73 billion for the quarter, compared to analyst estimates of $2.78 billion. The firm’s quarterly revenue was up 20726.7% compared to the same quarter last year. Equities research analysts forecast that QXO, Inc. will post -0.13 EPS for the current fiscal year.

QXO Company 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.