Fred Alger Management LLC Makes New Investment in QXO, Inc. $QXO

Fred Alger Management LLC bought a new stake in QXO, Inc. (NYSE:QXO) during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 9,079,363 shares of the company’s stock, valued at approximately $173,053,000. QXO comprises approximately 0.7% of Fred Alger Management LLC’s portfolio, making the stock its 25th biggest position. Fred Alger Management LLC owned approximately 1.35% of QXO as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. SG Americas Securities LLC raised its holdings in shares of QXO by 5.0% in the 3rd quarter. SG Americas Securities LLC now owns 17,499 shares of the company’s stock worth $334,000 after purchasing an additional 832 shares during the period. Future Financial Wealth Managment LLC grew its holdings in QXO by 14.3% during the third quarter. Future Financial Wealth Managment LLC now owns 8,000 shares of the company’s stock valued at $152,000 after purchasing an additional 1,000 shares during the period. Allworth Financial LP grew its holdings in QXO by 1,740.9% during the second quarter. Allworth Financial LP now owns 1,215 shares of the company’s stock valued at $26,000 after purchasing an additional 1,149 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in QXO in the second quarter worth $28,000. Finally, Bogart Wealth LLC purchased a new stake in QXO in the third quarter worth $25,000. 58.68% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have recently commented on QXO. Wall Street Zen cut QXO from a “hold” rating to a “sell” rating in a research report on Saturday, February 28th. Oppenheimer lifted their price objective on QXO from $27.00 to $30.00 and gave the stock an “outperform” rating in a report on Friday, January 16th. Benchmark restated a “buy” rating on shares of QXO in a research note on Friday, February 20th. Loop Capital started coverage on shares of QXO in a report on Thursday, December 11th. They set a “buy” rating and a $31.00 price objective on the stock. Finally, Royal Bank Of Canada set a $30.00 target price on shares of QXO in a research report on Friday, January 9th. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, QXO currently has a consensus rating of “Moderate Buy” and a consensus price target of $32.43.

QXO Price Performance

QXO stock opened at $20.18 on Monday. QXO, Inc. has a one year low of $11.97 and a one year high of $27.61. The business has a fifty day moving average price of $23.78 and a 200-day moving average price of $21.04. The company has a debt-to-equity ratio of 0.37, a current ratio of 3.58 and a quick ratio of 2.61. The firm has a market capitalization of $14.30 billion, a P/E ratio of -34.20, a PEG ratio of 3.22 and a beta of 2.51.

QXO (NYSE:QXO) last released its quarterly earnings data on Wednesday, February 25th. The company reported $0.02 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.01). The company had revenue of $2.19 billion for the quarter, compared to the consensus estimate of $2.19 billion. QXO had a negative net margin of 4.08% and a positive return on equity of 3.45%. The company’s revenue for the quarter was up 14725.0% on a year-over-year basis. As a group, equities research analysts forecast that QXO, Inc. will post -0.13 EPS for the current 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. 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.