QXO, Inc. $QXO Shares Bought by MFG Wealth Management Inc.

MFG Wealth Management Inc. raised its position in QXO, Inc. (NYSE:QXO) by 65.1% during the second quarter, HoldingsChannel.com reports. The firm owned 89,728 shares of the company’s stock after buying an additional 35,374 shares during the quarter. MFG Wealth Management Inc.’s holdings in QXO were worth $1,550,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of QXO. Royal Bank of Canada grew its holdings in shares of QXO by 67.5% during the 1st quarter. Royal Bank of Canada now owns 119,688 shares of the company’s stock worth $1,620,000 after purchasing an additional 48,248 shares during the period. AQR Capital Management LLC purchased a new position in QXO in the first quarter valued at approximately $615,000. Millennium Management LLC lifted its position in QXO by 6.6% during the first quarter. Millennium Management LLC now owns 322,115 shares of the company’s stock valued at $4,361,000 after buying an additional 20,067 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in QXO by 13.3% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 697,889 shares of the company’s stock valued at $9,449,000 after buying an additional 81,758 shares in the last quarter. Finally, American Century Companies Inc. acquired a new position in QXO during the second quarter valued at approximately $837,000. 58.68% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on QXO. Zacks Research raised shares of QXO from a “strong sell” rating to a “hold” rating in a research report on Monday, July 27th. Oppenheimer raised their target price on shares of QXO from $30.00 to $32.00 and gave the company an “outperform” rating in a research note on Monday, April 27th. Wall Street Zen upgraded shares of QXO from a “strong sell” rating to a “sell” rating in a report on Saturday, July 25th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of QXO in a research report on Friday, May 29th. Finally, KeyCorp lowered their price target on QXO from $32.00 to $28.00 and set an “overweight” rating for the company in a report on Wednesday, July 1st. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $29.71.

QXO Stock Performance

QXO stock opened at $16.16 on Friday. The stock’s 50 day moving average price is $15.60 and its 200 day moving average price is $19.32. The firm has a market capitalization of $16.77 billion, a PE ratio of -17.76, a price-to-earnings-growth ratio of 2.56 and a beta of 2.28. 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, Inc. has a one year low of $13.18 and a one year high of $27.61.

QXO (NYSE:QXO) last released its quarterly earnings results on Tuesday, May 12th. The company reported ($0.12) earnings per share 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 analysts’ expectations of $1.73 billion. The business’s revenue was up 12716.3% on a year-over-year basis. As a group, sell-side analysts expect that QXO, Inc. will post 0.3 EPS for the current fiscal year.

About QXO

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.