Castleark Management LLC Purchases New Position in QXO, Inc. $QXO

Castleark Management LLC purchased a new stake in QXO, Inc. (NYSE:QXO) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 229,150 shares of the company’s stock, valued at approximately $4,936,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Farther Finance Advisors LLC bought a new stake in shares of QXO in the 2nd quarter worth about $25,000. American Capital Advisory LLC boosted its position in QXO by 258.0% in the second quarter. American Capital Advisory LLC now owns 1,167 shares of the company’s stock valued at $25,000 after buying an additional 841 shares in the last quarter. Allworth Financial LP boosted its position in QXO by 1,740.9% in the second quarter. Allworth Financial LP now owns 1,215 shares of the company’s stock valued at $26,000 after buying an additional 1,149 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in QXO during the second quarter worth about $28,000. Finally, Russell Investments Group Ltd. acquired a new stake in shares of QXO during the second quarter worth approximately $30,000. 58.68% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on QXO shares. KeyCorp set a $28.00 target price on QXO in a report on Wednesday, October 1st. Loop Capital initiated coverage on QXO in a research note on Thursday. They issued a “buy” rating and a $31.00 price objective on the stock. Truist Financial lowered their target price on QXO from $30.00 to $28.00 and set a “buy” rating for the company in a research note on Thursday, October 9th. Weiss Ratings reiterated a “sell (d)” rating on shares of QXO in a research report on Monday, December 8th. Finally, Benchmark upgraded shares of QXO to a “strong-buy” rating in a research report on Monday, August 25th. Two analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, QXO currently has a consensus rating of “Moderate Buy” and a consensus target price of $32.71.

QXO Price Performance

QXO stock opened at $21.34 on Monday. The business’s 50-day simple moving average is $18.63 and its 200 day simple moving average is $19.86. The company has a quick ratio of 2.24, a current ratio of 3.06 and a debt-to-equity ratio of 0.37. The stock has a market cap of $14.39 billion, a price-to-earnings ratio of -48.50, a P/E/G ratio of 3.26 and a beta of 2.42. QXO, Inc. has a 12-month low of $11.85 and a 12-month high of $24.69.

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