HighTower Advisors LLC Sells 636,713 Shares of QXO, Inc. $QXO

HighTower Advisors LLC decreased its holdings in QXO, Inc. (NYSE:QXO) by 59.6% during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 431,857 shares of the company’s stock after selling 636,713 shares during the quarter. HighTower Advisors LLC’s holdings in QXO were worth $8,331,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Intact Investment Management Inc. purchased a new stake in QXO in the 3rd quarter valued at about $982,000. Fishman Jay A Ltd. MI purchased a new stake in QXO in the 3rd quarter valued at about $10,444,000. Fred Alger Management LLC purchased a new stake in QXO in the 3rd quarter valued at about $173,053,000. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in QXO by 748.7% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 877,538 shares of the company’s stock valued at $16,928,000 after buying an additional 774,138 shares during the last quarter. Finally, Baillie Gifford & Co. increased its stake in QXO by 16,117.6% in the 4th quarter. Baillie Gifford & Co. now owns 14,735,164 shares of the company’s stock valued at $284,241,000 after buying an additional 14,644,305 shares during the last quarter. Institutional investors own 58.68% of the company’s stock.

QXO Stock Up 3.2%

QXO opened at $17.21 on Wednesday. The company has a 50 day moving average of $19.71 and a 200 day moving average of $21.09. The company has a market cap of $12.48 billion, a PE ratio of -18.91, a price-to-earnings-growth ratio of 4.27 and a beta of 2.40. QXO, Inc. has a 12 month low of $15.50 and a 12 month high of $27.61. The company has a current ratio of 3.33, a quick ratio of 2.47 and a debt-to-equity ratio of 0.35.

QXO (NYSE:QXO) last released its quarterly earnings data on Tuesday, May 12th. The company reported ($0.12) EPS for the quarter, missing the consensus estimate of ($0.09) by ($0.03). The business 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 firm’s revenue was up 12716.3% on a year-over-year basis. On average, sell-side analysts expect that QXO, Inc. will post 0.2 EPS for the current year.

Analysts Set New Price Targets

Several equities research analysts have commented on QXO shares. KeyCorp increased their price objective on shares of QXO from $30.00 to $32.00 and gave the company an “overweight” rating in a research note on Monday, April 20th. Robert W. Baird decreased their price objective on shares of QXO from $35.00 to $30.00 and set an “outperform” rating for the company in a research note on Wednesday, May 13th. Oppenheimer increased their price objective on shares of QXO from $30.00 to $32.00 and gave the company an “outperform” rating in a research note on Monday, April 27th. Citigroup decreased their price objective on shares of QXO from $30.00 to $28.00 and set a “buy” rating for the company in a research note on Friday, May 15th. Finally, Wall Street Zen upgraded shares of QXO from a “strong sell” rating to a “sell” rating in a research note on Sunday, May 17th. Sixteen analysts have rated the stock with a Buy rating and two have given a Sell rating to the company’s stock. According to MarketBeat, QXO presently has an average rating of “Moderate Buy” and an average target price of $32.00.

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.