Granahan Investment Management LLC Has $29.32 Million Position in QXO, Inc. $QXO

Granahan Investment Management LLC boosted its holdings in QXO, Inc. (NYSE:QXO) by 88.8% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,509,546 shares of the company’s stock after acquiring an additional 709,934 shares during the quarter. QXO accounts for about 1.4% of Granahan Investment Management LLC’s investment portfolio, making the stock its 19th biggest position. Granahan Investment Management LLC’s holdings in QXO were worth $29,315,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Baillie Gifford & Co. boosted its holdings in 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 in the last quarter. Schf GPE LLC raised its holdings in shares of QXO by 204.3% in the 2nd quarter. Schf GPE LLC now owns 13,319,457 shares of the company’s stock worth $286,901,000 after buying an additional 8,943,089 shares in the last quarter. Norges Bank acquired a new position in shares of QXO in the 4th quarter worth approximately $140,421,000. Fred Alger Management LLC lifted its position in shares of QXO by 75.4% during the 4th quarter. Fred Alger Management LLC now owns 15,923,937 shares of the company’s stock worth $307,173,000 after buying an additional 6,844,574 shares during the period. Finally, Sound Shore Management Inc. CT bought a new position in shares of QXO during the 4th quarter worth approximately $77,199,000. Institutional investors and hedge funds own 58.68% of the company’s stock.

QXO Stock Performance

NYSE:QXO opened at $13.71 on Friday. QXO, Inc. has a 1 year low of $13.32 and a 1 year high of $27.61. The firm has a 50 day moving average of $16.09 and a 200-day moving average of $20.01. 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 stock has a market capitalization of $9.94 billion, a P/E ratio of -15.06, a price-to-earnings-growth ratio of 3.55 and a beta of 2.23.

QXO (NYSE:QXO) last announced its earnings results on Tuesday, May 12th. The company reported ($0.12) EPS for the quarter, missing the consensus estimate of ($0.09) by ($0.03). The business had revenue of $1.73 billion during the quarter, compared to analyst estimates of $1.73 billion. QXO had a positive return on equity of 1.91% and a negative net margin of 6.02%.QXO’s quarterly revenue was up 12716.3% on a year-over-year basis. As a group, sell-side analysts anticipate that QXO, Inc. will post 0.2 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages recently commented on QXO. Robert W. Baird decreased their price target on QXO from $35.00 to $30.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 13th. Citigroup dropped their price objective on QXO from $28.00 to $25.00 and set a “buy” rating for the company in a research note on Monday, July 13th. Oppenheimer lifted their price objective on QXO from $30.00 to $32.00 and gave the company an “outperform” rating in a report on Monday, April 27th. Wall Street Zen upgraded shares of QXO from a “strong sell” rating to a “sell” rating in a research note on Saturday. Finally, Zacks Research lowered shares of QXO from a “hold” rating to a “strong sell” rating in a report on Thursday, July 9th. Fifteen investment analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, QXO has a consensus rating of “Moderate Buy” and an average price target of $30.57.

QXO Company 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.