Janney Montgomery Scott LLC Acquires 102,666 Shares of QXO, Inc. $QXO

Janney Montgomery Scott LLC increased its holdings in QXO, Inc. (NYSE:QXO) by 127.8% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 183,007 shares of the company’s stock after acquiring an additional 102,666 shares during the period. Janney Montgomery Scott LLC’s holdings in QXO were worth $3,554,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the stock. Sunbelt Securities Inc. increased its holdings in QXO by 6.8% during the 4th quarter. Sunbelt Securities Inc. now owns 6,300 shares of the company’s stock worth $122,000 after purchasing an additional 400 shares in the last quarter. Cherry Creek Investment Advisors Inc. lifted its holdings in shares of QXO by 0.6% in the fourth quarter. Cherry Creek Investment Advisors Inc. now owns 84,636 shares of the company’s stock valued at $1,633,000 after purchasing an additional 474 shares in the last quarter. NewEdge Advisors LLC boosted its position in shares of QXO by 42.4% during the fourth quarter. NewEdge Advisors LLC now owns 1,680 shares of the company’s stock valued at $32,000 after buying an additional 500 shares during the last quarter. Maple Capital Management Inc. boosted its position in shares of QXO by 4.7% during the fourth quarter. Maple Capital Management Inc. now owns 11,988 shares of the company’s stock valued at $231,000 after buying an additional 543 shares during the last quarter. Finally, Allworth Financial LP grew its holdings in QXO by 27.2% during the fourth quarter. Allworth Financial LP now owns 2,580 shares of the company’s stock worth $50,000 after buying an additional 552 shares in the last quarter. Institutional investors and hedge funds own 58.68% of the company’s stock.

QXO Stock Performance

Shares of NYSE:QXO traded down $0.46 during midday trading on Tuesday, reaching $15.36. The company had a trading volume of 1,795,228 shares, compared to its average volume of 13,342,792. The stock has a market cap of $11.14 billion, a P/E ratio of -16.90, a P/E/G ratio of 4.16 and a beta of 2.23. The company’s 50 day moving average price is $17.33 and its 200 day moving average price is $20.65. The company has a current ratio of 3.33, a quick ratio of 2.47 and a debt-to-equity ratio of 0.35. QXO, Inc. has a 52-week low of $14.75 and a 52-week high of $27.61.

QXO (NYSE:QXO) last posted its quarterly earnings data on Tuesday, May 12th. The company reported ($0.12) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.03). The company 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 business’s revenue was up 12716.3% compared to the same quarter last year. As a group, sell-side analysts anticipate that QXO, Inc. will post 0.2 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. BNP Paribas Exane began coverage on QXO in a research report on Monday, March 16th. They issued an “outperform” rating and a $30.00 price target for the company. Robert W. Baird cut their price objective on shares of QXO from $35.00 to $30.00 and set an “outperform” rating on the stock in a report on Wednesday, May 13th. Royal Bank Of Canada reduced their target price on shares of QXO from $30.00 to $28.00 and set an “outperform” rating for the company in a research note on Monday, April 6th. Wall Street Zen upgraded shares of QXO from a “strong sell” rating to a “sell” rating in a report on Sunday, May 17th. Finally, KeyCorp dropped their price target on shares of QXO from $32.00 to $28.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 1st. 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. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $30.86.

QXO 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.