Geode Capital Management LLC Purchases 61,120 Shares of QXO, Inc. $QXO

Geode Capital Management LLC boosted its position in shares of QXO, Inc. (NYSE:QXO) by 0.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,777,960 shares of the company’s stock after purchasing an additional 61,120 shares during the period. Geode Capital Management LLC’s holdings in QXO were worth $169,359,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. LRI Investments LLC increased its holdings in QXO by 129.1% during the 4th quarter. LRI Investments LLC now owns 1,482 shares of the company’s stock worth $29,000 after purchasing an additional 835 shares in the last quarter. Newbridge Financial Services Group Inc. increased its holdings in QXO by 57.5% during the 4th quarter. Newbridge Financial Services Group Inc. now owns 1,575 shares of the company’s stock worth $30,000 after purchasing an additional 575 shares in the last quarter. Russell Investments Group Ltd. bought a new position in QXO during the 2nd quarter worth about $30,000. Allworth Financial LP increased its holdings in QXO by 66.9% during the 3rd quarter. Allworth Financial LP now owns 2,028 shares of the company’s stock worth $39,000 after purchasing an additional 813 shares in the last quarter. Finally, Sentry Investment Management LLC bought a new position in QXO during the 3rd quarter worth about $40,000. Institutional investors own 58.68% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have issued reports on QXO. Robert W. Baird lowered their target price on QXO from $35.00 to $30.00 and set an “outperform” rating for the company in a report on Wednesday, May 13th. BNP Paribas Exane began coverage on QXO in a report on Monday, March 16th. They set an “outperform” rating and a $30.00 target price for the company. Oppenheimer increased their target price on QXO from $30.00 to $32.00 and gave the stock an “outperform” rating in a report on Monday, April 27th. Zacks Research cut QXO from a “hold” rating to a “strong sell” rating in a report on Tuesday, May 12th. Finally, Royal Bank Of Canada decreased their price objective on QXO from $30.00 to $28.00 and set an “outperform” rating for the company in a report on Monday, April 6th. Sixteen research analysts have rated the stock with a Buy rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $32.00.

QXO Price Performance

Shares of NYSE QXO opened at $16.52 on Thursday. The stock has a market capitalization of $11.98 billion, a price-to-earnings ratio of -18.15, a PEG ratio of 4.18 and a beta of 2.30. The business has a 50-day moving average of $19.33 and a 200-day moving average of $21.05. The company has a debt-to-equity ratio of 0.35, a current ratio of 3.33 and a quick ratio of 2.47. QXO, Inc. has a fifty-two week low of $15.50 and a fifty-two week high of $27.61.

QXO (NYSE:QXO) last announced its quarterly earnings data 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 company had revenue of $1.73 billion during 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 business’s revenue for the quarter was up 12716.3% on a year-over-year basis. As a group, sell-side analysts predict that QXO, Inc. will post 0.2 earnings per share for the current fiscal year.

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.