Evolve Private Wealth LLC Purchases Shares of 36,452 QXO, Inc. $QXO

Evolve Private Wealth LLC acquired a new position in QXO, Inc. (NYSE:QXO) during the first quarter, HoldingsChannel reports. The institutional investor acquired 36,452 shares of the company’s stock, valued at approximately $708,000.

Several other hedge funds have also recently made changes to their positions in the business. Arax Advisory Partners bought a new stake in QXO in the fourth quarter valued at $25,000. Russell Investments Group Ltd. purchased a new stake in shares of QXO in the 2nd quarter worth about $30,000. LRI Investments LLC lifted 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 worth $29,000 after purchasing an additional 835 shares during the period. Newbridge Financial Services Group Inc. lifted its position in shares of 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 during the period. Finally, NewEdge Advisors LLC boosted its stake in shares of QXO by 42.4% during the 4th quarter. NewEdge Advisors LLC now owns 1,680 shares of the company’s stock valued at $32,000 after purchasing an additional 500 shares in the last quarter. 58.68% of the stock is owned by hedge funds and other institutional investors.

QXO Price Performance

Shares of NYSE QXO opened at $16.91 on Thursday. QXO, Inc. has a fifty-two week low of $14.75 and a fifty-two week high of $27.61. The company has a 50 day simple moving average of $18.33 and a two-hundred day simple moving average of $20.90. The company has a market capitalization of $12.26 billion, a price-to-earnings ratio of -18.58, a P/E/G ratio of 4.16 and a beta of 2.30. The company has a debt-to-equity ratio of 0.35, a quick ratio of 2.47 and a current ratio of 3.33.

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

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on QXO shares. Stephens reduced their price target on shares of QXO from $29.00 to $26.00 and set an “overweight” rating on the stock in a research report on Thursday, May 14th. Zacks Research upgraded shares of QXO from a “strong sell” rating to a “hold” rating in a report on Wednesday, June 10th. Royal Bank Of Canada cut their price objective on QXO from $30.00 to $28.00 and set an “outperform” rating on the stock in a research report on Monday, April 6th. Robert W. Baird reduced their target price on QXO from $35.00 to $30.00 and set an “outperform” rating on the stock in a report on Wednesday, May 13th. Finally, KeyCorp increased their target price on QXO from $30.00 to $32.00 and gave the stock an “overweight” rating in a research report on Monday, April 20th. Fifteen analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, QXO currently has a consensus rating of “Moderate Buy” and an average price target of $31.14.

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.