Sound Shore Management Inc. CT Sells 72,218 Shares of QXO, Inc. $QXO

Sound Shore Management Inc. CT trimmed its position in QXO, Inc. (NYSE:QXO) by 1.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,929,810 shares of the company’s stock after selling 72,218 shares during the period. QXO accounts for 2.6% of Sound Shore Management Inc. CT’s portfolio, making the stock its 18th biggest position. Sound Shore Management Inc. CT’s holdings in QXO were worth $76,317,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. AlphaCentric Advisors LLC purchased a new stake in shares of QXO in the first quarter worth $78,000. KBC Group NV boosted its position in QXO by 9.0% in the first quarter. KBC Group NV now owns 19,182 shares of the company’s stock worth $373,000 after purchasing an additional 1,590 shares during the last quarter. Swiss National Bank boosted its stake in shares of QXO by 0.5% during the 1st quarter. Swiss National Bank now owns 1,201,200 shares of the company’s stock worth $23,327,000 after acquiring an additional 5,900 shares during the last quarter. Mediolanum International Funds Ltd bought a new position in shares of QXO in the first quarter worth about $11,210,000. Finally, Laidlaw Wealth Management LLC bought a new position in shares of QXO in the first quarter worth about $291,000. Hedge funds and other institutional investors own 58.68% of the company’s stock.

QXO Trading Up 0.2%

Shares of QXO stock opened at $14.43 on Monday. The stock has a market capitalization of $10.46 billion, a price-to-earnings ratio of -15.85, a price-to-earnings-growth ratio of 3.69 and a beta of 2.23. The stock’s 50-day moving average price is $16.45 and its 200-day moving average price is $20.23. 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 12-month low of $13.82 and a 12-month high of $27.61.

QXO (NYSE:QXO) last issued its quarterly earnings data on Tuesday, May 12th. The company reported ($0.12) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.03). The firm 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 firm’s revenue for the quarter was up 12716.3% on a year-over-year basis. Equities research analysts predict that QXO, Inc. will post 0.2 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. Robert W. Baird reduced their target price on shares of QXO from $35.00 to $30.00 and set an “outperform” rating for the company in a report on Wednesday, May 13th. KeyCorp dropped their target price on shares of QXO from $32.00 to $28.00 and set an “overweight” rating for the company in a report on Wednesday, July 1st. Wall Street Zen upgraded QXO from a “strong sell” rating to a “sell” rating in a research note on Sunday, May 17th. Oppenheimer raised their price target on QXO from $30.00 to $32.00 and gave the company an “outperform” rating in a report on Monday, April 27th. Finally, Stephens dropped their price objective on QXO from $29.00 to $26.00 and set an “overweight” rating for the company in a research note on Thursday, May 14th. Fifteen equities research analysts have rated the stock with a Buy rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $30.57.

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.