QXO, Inc. $QXO Stock Holdings Lessened by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA lessened its stake in shares of QXO, Inc. (NYSE:QXO) by 19.6% in the first quarter, according to its most recent filing with the SEC. The fund owned 1,039,849 shares of the company’s stock after selling 252,839 shares during the period. Pictet Asset Management Holding SA owned about 0.15% of QXO worth $20,194,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Arax Advisory Partners acquired a new position in shares of QXO in the 4th quarter worth $25,000. Russell Investments Group Ltd. purchased a new stake in shares of QXO during the second quarter valued at $30,000. LRI Investments LLC boosted its position in shares of QXO by 129.1% in the 4th quarter. LRI Investments LLC now owns 1,482 shares of the company’s stock valued at $29,000 after purchasing an additional 835 shares during the period. Newbridge Financial Services Group Inc. increased its stake in QXO by 57.5% in 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. Finally, NewEdge Advisors LLC increased its stake in QXO by 42.4% in the 4th quarter. NewEdge Advisors LLC now owns 1,680 shares of the company’s stock worth $32,000 after purchasing an additional 500 shares in the last quarter. 58.68% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research firms have commented on QXO. Wall Street Zen raised shares of QXO from a “strong sell” rating to a “sell” rating in a research note on Sunday, May 17th. Royal Bank Of Canada dropped their target price on shares of QXO from $30.00 to $28.00 and set an “outperform” rating on the stock in a research report on Monday, April 6th. Stephens cut their price target on shares of QXO from $29.00 to $26.00 and set an “overweight” rating on the stock in a report on Thursday, May 14th. Weiss Ratings restated a “sell (d)” rating on shares of QXO in a research report on Friday, May 29th. Finally, BNP Paribas Exane started coverage on shares of QXO in a research note on Monday, March 16th. They issued an “outperform” rating and a $30.00 price objective for the company. Fifteen research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $30.86.

QXO Trading Down 4.5%

Shares of NYSE QXO opened at $16.51 on Thursday. QXO, Inc. has a one year low of $14.75 and a one year high of $27.61. The firm has a market capitalization of $11.97 billion, a PE ratio of -18.14, a PEG ratio of 4.43 and a beta of 2.23. The company has a current ratio of 3.33, a quick ratio of 2.47 and a debt-to-equity ratio of 0.35. The business has a 50-day moving average price of $17.67 and a two-hundred day moving average price of $20.77.

QXO (NYSE:QXO) last released 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 business had revenue of $1.73 billion for the quarter, compared to analysts’ expectations 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 revenue was up 12716.3% on a year-over-year basis. As a group, analysts predict that QXO, Inc. will post 0.2 earnings per share for the current fiscal year.

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.