ARS Investment Partners LLC Takes Position in QXO, Inc. $QXO

ARS Investment Partners LLC bought a new position in QXO, Inc. (NYSE:QXO) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 225,109 shares of the company’s stock, valued at approximately $4,849,000.

Several other hedge funds and other institutional investors have also bought and sold shares of QXO. Cherry Creek Investment Advisors Inc. raised its holdings in shares of QXO by 48.5% during the second quarter. Cherry Creek Investment Advisors Inc. now owns 69,780 shares of the company’s stock valued at $1,503,000 after purchasing an additional 22,800 shares during the last quarter. Amundi boosted its holdings in QXO by 26.4% in the first quarter. Amundi now owns 715,087 shares of the company’s stock worth $9,861,000 after purchasing an additional 149,504 shares during the last quarter. Brown Miller Wealth Management LLC bought a new stake in QXO in the 2nd quarter worth approximately $592,000. Y Intercept Hong Kong Ltd grew its position in QXO by 530.3% in the 2nd quarter. Y Intercept Hong Kong Ltd now owns 376,483 shares of the company’s stock worth $8,109,000 after purchasing an additional 316,754 shares during the period. Finally, Deltec Asset Management LLC raised its stake in QXO by 250.0% during the 2nd quarter. Deltec Asset Management LLC now owns 35,000 shares of the company’s stock valued at $754,000 after buying an additional 25,000 shares during the last quarter. Institutional investors own 58.68% of the company’s stock.

QXO Price Performance

Shares of NYSE:QXO opened at $16.68 on Wednesday. The company has a market capitalization of $11.25 billion, a P/E ratio of -79.40, a P/E/G ratio of 2.58 and a beta of 2.26. QXO, Inc. has a 1-year low of $11.85 and a 1-year high of $24.69. The firm’s 50 day simple moving average is $18.95 and its two-hundred day simple moving average is $19.43. The company has a debt-to-equity ratio of 0.38, a current ratio of 3.00 and a quick ratio of 2.15.

QXO (NYSE:QXO) last announced its quarterly earnings data on Thursday, November 6th. The company reported $0.14 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.12 by $0.02. QXO had a negative net margin of 1.09% and a positive return on equity of 2.15%. The firm had revenue of $2.73 billion during the quarter, compared to analysts’ expectations of $2.78 billion. QXO’s revenue for the quarter was up 20726.7% on a year-over-year basis. Research analysts expect that QXO, Inc. will post -0.13 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on QXO shares. Raymond James Financial began coverage on QXO in a research note on Friday, September 5th. They issued an “outperform” rating and a $28.00 price target on the stock. Vertical Research initiated coverage on QXO in a report on Tuesday, October 21st. They issued a “buy” rating and a $30.00 target price on the stock. Wells Fargo & Company began coverage on QXO in a research note on Tuesday, August 5th. They set an “overweight” rating and a $30.00 price target for the company. Zacks Research lowered shares of QXO from a “strong-buy” rating to a “hold” rating in a research report on Friday, September 12th. Finally, Stephens assumed coverage on shares of QXO in a report on Wednesday, August 13th. They issued an “overweight” rating and a $29.00 price objective on the stock. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $32.85.

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.