TTRF Capital Ltd Purchases New Position in QXO, Inc. $QXO

TTRF Capital Ltd acquired a new stake in QXO, Inc. (NYSE:QXO) during the 2nd quarter, HoldingsChannel.com reports. The institutional investor acquired 138,370 shares of the company’s stock, valued at approximately $2,391,000. QXO accounts for 1.6% of TTRF Capital Ltd’s holdings, making the stock its 9th biggest position.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Baillie Gifford & Co. raised 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 acquiring an additional 14,644,305 shares during the last quarter. Schf GPE LLC grew its position in QXO by 204.3% in the second quarter. Schf GPE LLC now owns 13,319,457 shares of the company’s stock worth $286,901,000 after acquiring an additional 8,943,089 shares during the period. Norges Bank purchased a new position in QXO during the fourth quarter worth about $140,421,000. Fred Alger Management LLC raised its position in QXO by 75.4% in the fourth quarter. Fred Alger Management LLC now owns 15,923,937 shares of the company’s stock valued at $307,173,000 after purchasing an additional 6,844,574 shares during the period. Finally, Sound Shore Management Inc. CT acquired a new position in QXO during the 4th quarter worth about $77,199,000. Hedge funds and other institutional investors own 58.68% of the company’s stock.

QXO Stock Up 9.0%

Shares of QXO stock opened at $15.37 on Wednesday. The company has a quick ratio of 2.47, a current ratio of 3.33 and a debt-to-equity ratio of 0.35. QXO, Inc. has a 52-week low of $13.18 and a 52-week high of $27.61. The company has a market capitalization of $15.94 billion, a P/E ratio of -16.88, a P/E/G ratio of 2.52 and a beta of 2.28. The company has a 50 day moving average of $15.70 and a 200 day moving average of $19.46.

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 the consensus estimate of ($0.09) by ($0.03). The firm had revenue of $1.73 billion for the quarter, compared to analysts’ expectations of $1.73 billion. QXO had a positive return on equity of 1.91% and a negative net margin of 6.02%.The firm’s quarterly revenue was up 12716.3% on a year-over-year basis. As a group, research analysts forecast that QXO, Inc. will post 0.28 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on QXO shares. Robert W. Baird cut 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. Wells Fargo & Company set a $18.00 price target on shares of QXO in a research report on Tuesday, July 28th. Zacks Research raised QXO from a “strong sell” rating to a “hold” rating in a research report on Monday, July 27th. Morgan Stanley assumed coverage on QXO in a research note on Tuesday. They issued an “overweight” rating and a $35.00 price objective on the stock. Finally, Wall Street Zen upgraded QXO from a “strong sell” rating to a “sell” rating in a report on Saturday, July 25th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $29.71.

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.