Alpha Wave Global LP Acquires New Shares in QXO, Inc. $QXO

Alpha Wave Global LP bought a new position in shares of QXO, Inc. (NYSE:QXO) during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor bought 24,390,244 shares of the company’s stock, valued at approximately $525,366,000. QXO makes up 56.6% of Alpha Wave Global LP’s portfolio, making the stock its largest position. Alpha Wave Global LP owned about 4.20% of QXO as of its most recent filing with the SEC.

Other institutional investors have also added to or reduced their stakes in the company. Farther Finance Advisors LLC purchased a new stake in shares of QXO in the 2nd quarter worth approximately $25,000. American Capital Advisory LLC raised its stake in QXO by 258.0% in the second quarter. American Capital Advisory LLC now owns 1,167 shares of the company’s stock worth $25,000 after buying an additional 841 shares in the last quarter. Allworth Financial LP lifted its holdings in QXO by 1,740.9% during the second quarter. Allworth Financial LP now owns 1,215 shares of the company’s stock worth $26,000 after buying an additional 1,149 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in QXO during the second quarter worth $28,000. Finally, Russell Investments Group Ltd. bought a new stake in QXO during the 2nd quarter valued at $30,000. Hedge funds and other institutional investors own 58.68% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently commented on QXO. Morgan Stanley began coverage on QXO in a research report on Tuesday, September 2nd. They issued an “overweight” rating and a $35.00 price target for the company. Weiss Ratings reiterated a “sell (d)” rating on shares of QXO in a research note on Monday. Benchmark raised shares of QXO to a “strong-buy” rating in a research report on Monday, August 25th. KeyCorp set a $28.00 price objective on shares of QXO in a research report on Wednesday, October 1st. Finally, Stephens began coverage on shares of QXO in a research note on Wednesday, August 13th. They set an “overweight” rating and a $29.00 price objective for the company. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $32.85.

QXO Stock Performance

Shares of QXO stock opened at $20.60 on Friday. The stock has a market cap of $13.89 billion, a PE ratio of -46.82, a price-to-earnings-growth ratio of 3.05 and a beta of 2.42. QXO, Inc. has a 52-week low of $11.85 and a 52-week high of $24.69. The business has a 50-day simple moving average of $18.37 and a 200-day simple moving average of $19.65. The company has a quick ratio of 2.24, a current ratio of 3.06 and a debt-to-equity ratio of 0.37.

QXO (NYSE:QXO) last posted its earnings results on Thursday, November 6th. The company reported $0.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.12 by $0.02. The firm had revenue of $2.73 billion during the quarter, compared to analysts’ expectations of $2.78 billion. QXO had a negative net margin of 3.81% and a positive return on equity of 3.70%. QXO’s quarterly revenue was up 20726.7% on a year-over-year basis. On average, equities analysts expect that QXO, Inc. will post -0.13 EPS for the current year.

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.