Mirae Asset Global Investments Co. Ltd. Invests $2.26 Million in QXO, Inc. $QXO

Mirae Asset Global Investments Co. Ltd. bought a new position in QXO, Inc. (NYSE:QXO) during the third quarter, according to its most recent filing with the SEC. The firm bought 118,700 shares of the company’s stock, valued at approximately $2,262,000.

Several other institutional investors have also recently bought and sold shares of the business. Retirement Planning Co of New England Inc. acquired a new position in shares of QXO during the third quarter valued at about $391,000. Valeo Financial Advisors LLC boosted its position in shares of QXO by 15.9% during the third quarter. Valeo Financial Advisors LLC now owns 14,296 shares of the company’s stock valued at $272,000 after buying an additional 1,956 shares during the last quarter. Truist Financial Corp grew its holdings in QXO by 19.7% during the third quarter. Truist Financial Corp now owns 152,193 shares of the company’s stock worth $2,901,000 after buying an additional 25,042 shares in the last quarter. Novare Capital Management LLC purchased a new stake in QXO in the 3rd quarter valued at $297,000. Finally, CFM Wealth Partners LLC bought a new position in QXO during the 3rd quarter valued at $628,000. Institutional investors and hedge funds own 58.68% of the company’s stock.

QXO Stock Performance

QXO stock opened at $22.80 on Wednesday. The firm’s 50 day simple moving average is $22.03 and its 200 day simple moving average is $20.40. The company has a current ratio of 3.06, a quick ratio of 2.24 and a debt-to-equity ratio of 0.37. QXO, Inc. has a 1-year low of $11.85 and a 1-year high of $26.24. The firm has a market capitalization of $15.38 billion, a PE ratio of -51.83, a price-to-earnings-growth ratio of 2.71 and a beta of 2.55.

QXO (NYSE:QXO) last released its quarterly earnings results on Thursday, November 6th. The company reported $0.14 EPS for the quarter, beating analysts’ consensus estimates of $0.12 by $0.02. QXO had a negative net margin of 3.81% and a positive return on equity of 3.70%. The firm had revenue of $2.73 billion during the quarter, compared to analyst estimates of $2.78 billion. QXO’s revenue for the quarter was up 20726.7% compared to the same quarter last year. As a group, analysts expect that QXO, Inc. will post -0.13 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. Citigroup lowered their target price on shares of QXO from $33.00 to $31.00 and set a “buy” rating for the company in a report on Thursday, January 8th. Royal Bank Of Canada set a $30.00 target price on QXO in a report on Friday, January 9th. Loop Capital started coverage on QXO in a report on Thursday, December 11th. They set a “buy” rating and a $31.00 price target on the stock. Oppenheimer upped their price objective on QXO from $27.00 to $30.00 and gave the company an “outperform” rating in a research note on Friday, January 16th. Finally, Vertical Research started coverage on QXO in a research note on Tuesday, October 21st. They set a “buy” rating and a $30.00 target price on the stock. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $32.43.

QXO 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.