Contrarius Group Holdings Ltd Reduces Stock Position in QXO, Inc. $QXO

Contrarius Group Holdings Ltd cut its holdings in QXO, Inc. (NYSE:QXO) by 11.9% during the 3rd quarter, Holdings Channel reports. The firm owned 462,237 shares of the company’s stock after selling 62,493 shares during the period. Contrarius Group Holdings Ltd’s holdings in QXO were worth $8,810,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. grew its position in shares of QXO by 17.2% in the 3rd quarter. Vanguard Group Inc. now owns 55,323,743 shares of the company’s stock worth $1,054,471,000 after buying an additional 8,131,331 shares during the last quarter. Affinity Partners GP LP lifted its stake in QXO by 99.1% in the second quarter. Affinity Partners GP LP now owns 32,671,542 shares of the company’s stock worth $703,745,000 after acquiring an additional 16,260,163 shares during the period. Alpha Wave Global LP purchased a new stake in QXO in the second quarter worth $525,366,000. Schf GPE LLC boosted its holdings in QXO by 204.3% in the second quarter. Schf GPE LLC now owns 13,319,457 shares of the company’s stock valued at $286,901,000 after acquiring an additional 8,943,089 shares in the last quarter. Finally, Hood River Capital Management LLC purchased a new position in QXO during the 2nd quarter valued at $178,836,000. Institutional investors own 58.68% of the company’s stock.

QXO Stock Performance

QXO stock opened at $22.93 on Tuesday. The company has a debt-to-equity ratio of 0.37, a quick ratio of 2.24 and a current ratio of 3.06. The company has a market capitalization of $15.47 billion, a PE ratio of -38.86, a P/E/G ratio of 3.24 and a beta of 2.55. The company has a 50 day moving average price of $23.63 and a 200-day moving average price of $20.96. QXO, Inc. has a fifty-two week low of $11.97 and a fifty-two week high of $27.61.

QXO (NYSE:QXO) last released its quarterly earnings data on Wednesday, February 25th. The company reported $0.02 EPS for the quarter, missing the consensus estimate of $0.03 by ($0.01). QXO had a positive return on equity of 3.59% and a negative net margin of 4.08%.The firm had revenue of $2.19 billion for the quarter, compared to analysts’ expectations of $2.19 billion. The business’s quarterly revenue was up 14725.0% on a year-over-year basis. As a group, equities analysts forecast that QXO, Inc. will post -0.13 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. Oppenheimer upped their price target on QXO from $27.00 to $30.00 and gave the stock an “outperform” rating in a research note on Friday, January 16th. Loop Capital started coverage on shares of QXO in a research report on Thursday, December 11th. They issued a “buy” rating and a $31.00 price target on the stock. Citigroup dropped their target price on shares of QXO from $33.00 to $31.00 and set a “buy” rating for the company in a report on Thursday, January 8th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of QXO in a report on Monday, December 29th. Finally, Benchmark reiterated a “buy” rating on shares of QXO in a report on Friday, February 20th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $32.43.

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.