Swedbank AB Trims Stake in QXO, Inc. $QXO

Swedbank AB lessened its position in QXO, Inc. (NYSE:QXO) by 24.4% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 379,000 shares of the company’s stock after selling 122,000 shares during the quarter. Swedbank AB’s holdings in QXO were worth $7,360,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in QXO. Appleton Partners Inc. MA raised its position in QXO by 5.8% in the 1st quarter. Appleton Partners Inc. MA now owns 649,265 shares of the company’s stock worth $12,609,000 after purchasing an additional 35,354 shares during the period. Ascentis Independent Advisors purchased a new stake in shares of QXO in the first quarter worth approximately $102,000. Stephens Inc. AR bought a new stake in shares of QXO during the 1st quarter worth approximately $252,000. QRG Capital Management Inc. lifted its stake in shares of QXO by 43.9% during the 1st quarter. QRG Capital Management Inc. now owns 15,673 shares of the company’s stock worth $304,000 after acquiring an additional 4,783 shares during the last quarter. Finally, World Investment Advisors lifted its stake in shares of QXO by 32.2% during the 1st quarter. World Investment Advisors now owns 43,218 shares of the company’s stock worth $839,000 after acquiring an additional 10,525 shares during the last quarter. 58.68% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on QXO shares. Weiss Ratings restated a “sell (d)” rating on shares of QXO in a report on Friday, May 29th. Stephens dropped their price objective on QXO from $29.00 to $26.00 and set an “overweight” rating on the stock in a research note on Thursday, May 14th. KeyCorp reduced their price objective on QXO from $32.00 to $28.00 and set an “overweight” rating on the stock in a report on Wednesday, July 1st. Citigroup decreased their target price on QXO from $30.00 to $28.00 and set a “buy” rating for the company in a research report on Friday, May 15th. Finally, Zacks Research cut QXO from a “hold” rating to a “strong sell” rating in a report on Thursday. Fifteen investment analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company. According to data from MarketBeat, QXO presently has a consensus rating of “Moderate Buy” and a consensus target price of $30.79.

QXO Stock Up 3.0%

Shares of NYSE:QXO traded up $0.43 during trading hours on Friday, hitting $15.02. The company’s stock had a trading volume of 37,792,134 shares, compared to its average volume of 26,290,496. The firm’s fifty day moving average price is $16.91 and its 200 day moving average price is $20.47. QXO, Inc. has a 52 week low of $13.82 and a 52 week high of $27.61. The company has a market capitalization of $10.89 billion, a price-to-earnings ratio of -16.50, a P/E/G ratio of 3.74 and a beta of 2.23. 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 (NYSE:QXO) last released its quarterly earnings data on Tuesday, May 12th. The company reported ($0.12) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.03). The business 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 company’s revenue was up 12716.3% compared to the same quarter last year. As a group, research analysts expect that QXO, Inc. will post 0.2 EPS for the current 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.