Bessemer Group Inc. Has $31.50 Million Position in QXO, Inc. $QXO

Bessemer Group Inc. raised its holdings in QXO, Inc. (NYSE:QXO) by 2.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,622,347 shares of the company’s stock after buying an additional 34,804 shares during the quarter. Bessemer Group Inc. owned 0.22% of QXO worth $31,505,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in QXO. Independent Financial Group LLC bought a new position in shares of QXO during the 1st quarter worth about $470,000. NFSG Corp raised its position in QXO by 39.6% in the first quarter. NFSG Corp now owns 2,198 shares of the company’s stock worth $43,000 after purchasing an additional 623 shares in the last quarter. Zweig DiMenna Associates LLC acquired a new position in QXO in the first quarter worth about $11,312,000. Sanctuary Advisors LLC lifted its stake in QXO by 42.4% during the first quarter. Sanctuary Advisors LLC now owns 45,727 shares of the company’s stock worth $888,000 after purchasing an additional 13,611 shares during the period. Finally, Sigma Planning Corp lifted its stake in QXO by 28.3% during the first quarter. Sigma Planning Corp now owns 46,772 shares of the company’s stock worth $908,000 after purchasing an additional 10,304 shares during the period. Institutional investors and hedge funds own 58.68% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. Wall Street Zen upgraded QXO from a “strong sell” rating to a “sell” rating in a research note on Sunday, May 17th. Robert W. Baird cut their target price on QXO from $35.00 to $30.00 and set an “outperform” rating for the company in a research report on Wednesday, May 13th. Zacks Research lowered QXO from a “hold” rating to a “strong sell” rating in a research note on Thursday, July 9th. Citigroup lowered their price target on QXO from $28.00 to $25.00 and set a “buy” rating on the stock in a research report on Monday, July 13th. Finally, Royal Bank Of Canada reiterated an “outperform” rating and set a $27.00 price objective on shares of QXO in a research note on Friday, July 10th. Fifteen research analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $30.57.

QXO Stock Performance

NYSE QXO opened at $14.43 on Friday. QXO, Inc. has a 1-year low of $13.82 and a 1-year high of $27.61. The company has a 50 day moving average of $16.45 and a 200-day moving average of $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. The firm has a market cap of $10.46 billion, a price-to-earnings ratio of -15.85, a PEG ratio of 3.69 and a beta of 2.23.

QXO (NYSE:QXO) last released its quarterly earnings results on Tuesday, May 12th. The company reported ($0.12) EPS for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.03). QXO had a positive return on equity of 1.91% and a negative net margin of 6.02%.The business had revenue of $1.73 billion for the quarter, compared to the consensus estimate of $1.73 billion. The business’s revenue was up 12716.3% on a year-over-year basis. On average, equities analysts forecast that QXO, Inc. will post 0.2 earnings per share for the current fiscal year.

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.