World Investment Advisors Purchases Shares of 32,693 QXO, Inc. $QXO

World Investment Advisors purchased a new stake in shares of QXO, Inc. (NYSE:QXO) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 32,693 shares of the company’s stock, valued at approximately $631,000.

Several other hedge funds and other institutional investors have also made changes to their positions in QXO. Fred Alger Management LLC acquired a new position in QXO during the 3rd quarter worth $173,053,000. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of QXO by 748.7% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 877,538 shares of the company’s stock valued at $16,928,000 after purchasing an additional 774,138 shares during the period. Baillie Gifford & Co. increased its holdings in shares of QXO by 16,117.6% during the fourth quarter. Baillie Gifford & Co. now owns 14,735,164 shares of the company’s stock valued at $284,241,000 after purchasing an additional 14,644,305 shares during the period. JNBA Financial Advisors bought a new stake in shares of QXO during the fourth quarter valued at about $992,000. Finally, Neuberger Berman Group LLC raised its stake in shares of QXO by 36.0% during the third quarter. Neuberger Berman Group LLC now owns 1,108,631 shares of the company’s stock valued at $21,131,000 after purchasing an additional 293,351 shares in the last quarter. 58.68% of the stock is currently owned by institutional investors and hedge funds.

QXO Stock Down 3.0%

QXO opened at $16.24 on Wednesday. The company has a debt-to-equity ratio of 0.35, a quick ratio of 2.47 and a current ratio of 3.33. The company has a market capitalization of $11.78 billion, a PE ratio of -17.85, a P/E/G ratio of 4.29 and a beta of 2.30. The stock’s fifty day moving average is $18.43 and its 200-day moving average is $20.93. QXO, Inc. has a one year low of $14.75 and a one year high of $27.61.

QXO (NYSE:QXO) last announced its earnings results on Tuesday, May 12th. The company reported ($0.12) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.03). The firm had revenue of $1.73 billion for the quarter, compared to the consensus estimate of $1.73 billion. QXO had a negative net margin of 6.02% and a positive return on equity of 1.91%. The firm’s quarterly revenue was up 12716.3% compared to the same quarter last year. On average, equities analysts predict that QXO, Inc. will post 0.2 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. Citigroup reduced their price objective on shares of QXO from $30.00 to $28.00 and set a “buy” rating for the company in a report on Friday, May 15th. Robert W. Baird lowered their target price on shares of QXO from $35.00 to $30.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 13th. Zacks Research upgraded shares of QXO from a “strong sell” rating to a “hold” rating in a research report on Wednesday, June 10th. BNP Paribas Exane assumed coverage on shares of QXO in a research note on Monday, March 16th. They issued an “outperform” rating and a $30.00 price target for the company. Finally, Stephens decreased their price objective on shares of QXO from $29.00 to $26.00 and set an “overweight” rating for the company in a report on Thursday, May 14th. Fifteen analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently 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.