Cibc World Market Inc. Purchases 42,215 Shares of QXO, Inc. $QXO

Cibc World Market Inc. increased its position in QXO, Inc. (NYSE:QXO) by 65.8% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 106,368 shares of the company’s stock after buying an additional 42,215 shares during the period. Cibc World Market Inc.’s holdings in QXO were worth $2,052,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of QXO. Baillie Gifford & Co. boosted its holdings in QXO by 16,117.6% in the 4th quarter. Baillie Gifford & Co. now owns 14,735,164 shares of the company’s stock worth $284,241,000 after buying an additional 14,644,305 shares during the period. MTCO Ltd. bought a new position in QXO in the 3rd quarter worth $208,534,000. Fred Alger Management LLC bought a new position in QXO in the 3rd quarter worth $173,053,000. Schf GPE LLC boosted its holdings in QXO by 204.3% in the 2nd quarter. Schf GPE LLC now owns 13,319,457 shares of the company’s stock worth $286,901,000 after buying an additional 8,943,089 shares during the period. Finally, Vanguard Group Inc. boosted its holdings in 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 period. Institutional investors own 58.68% of the company’s stock.

QXO Stock Up 5.9%

QXO opened at $16.46 on Wednesday. The firm has a 50-day simple moving average of $19.03 and a two-hundred day simple moving average of $21.03. QXO, Inc. has a 52 week low of $15.32 and a 52 week high of $27.61. The company has a market capitalization of $11.93 billion, a PE ratio of -18.08, a price-to-earnings-growth ratio of 3.98 and a beta of 2.30. 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 quarterly earnings data 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 negative net margin of 6.02% and a positive return on equity of 1.91%. The company had revenue of $1.73 billion for the quarter, compared to the consensus estimate of $1.73 billion. QXO’s revenue was up 12716.3% on a year-over-year basis. Analysts forecast that QXO, Inc. will post 0.2 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. BNP Paribas Exane assumed coverage on shares of QXO in a report on Monday, March 16th. They issued an “outperform” rating and a $30.00 target price for the company. Benchmark reaffirmed a “buy” rating on shares of QXO in a report on Friday, February 20th. Zacks Research downgraded shares of QXO from a “hold” rating to a “strong sell” rating in a report on Tuesday, May 12th. Oppenheimer upped their target price on shares of QXO from $30.00 to $32.00 and gave the stock an “outperform” rating in a report on Monday, April 27th. Finally, Citigroup dropped their price objective on shares of QXO from $30.00 to $28.00 and set a “buy” rating for the company in a report on Friday, May 15th. Fifteen analysts have rated the stock with a Buy rating and two have given a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $31.14.

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.