Cherry Creek Investment Advisors Inc. Raises Position in QXO, Inc. $QXO

Cherry Creek Investment Advisors Inc. boosted its stake in QXO, Inc. (NYSE:QXO) by 43.2% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 121,190 shares of the company’s stock after buying an additional 36,554 shares during the period. QXO accounts for approximately 1.0% of Cherry Creek Investment Advisors Inc.’s portfolio, making the stock its 27th largest position. Cherry Creek Investment Advisors Inc.’s holdings in QXO were worth $2,354,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. 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 acquiring an additional 48,248 shares during the period. AQR Capital Management LLC purchased a new position in shares of QXO in the 1st quarter valued at approximately $615,000. Millennium Management LLC lifted its stake in shares of QXO by 6.6% in the 1st quarter. Millennium Management LLC now owns 322,115 shares of the company’s stock valued at $4,361,000 after purchasing an additional 20,067 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of 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 purchasing an additional 81,758 shares in the last quarter. Finally, American Century Companies Inc. bought a new stake in shares of QXO during the second quarter valued at approximately $837,000. 58.68% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the company. Royal Bank Of Canada reduced their price target on QXO from $30.00 to $28.00 and set an “outperform” rating on the stock in a research note on Monday, April 6th. BNP Paribas Exane began coverage on QXO in a research report on Monday, March 16th. They set an “outperform” rating and a $30.00 price objective for the company. Oppenheimer boosted their target price on shares of QXO from $30.00 to $32.00 and gave the company an “outperform” rating in a report on Monday, April 27th. KeyCorp reduced their target price 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. Finally, Robert W. Baird reduced their target price on shares of QXO from $35.00 to $30.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 13th. Fifteen investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $30.86.

QXO Stock Down 0.3%

QXO stock opened at $14.62 on Friday. The business has a 50 day moving average of $17.00 and a 200 day moving average of $20.51. The firm has a market cap of $10.60 billion, a PE ratio of -16.07, a price-to-earnings-growth ratio of 3.76 and a beta of 2.23. QXO, Inc. has a twelve month low of $13.82 and a twelve month high of $27.61. 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 (NYSE:QXO) last released its earnings results on Tuesday, May 12th. The company reported ($0.12) EPS for the quarter, missing the consensus estimate 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 revenue for the quarter was up 12716.3% compared to the same quarter last year. On average, research analysts forecast that QXO, Inc. will post 0.2 EPS for the current fiscal year.

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.