Fred Alger Management LLC Acquires 6,844,574 Shares of QXO, Inc. $QXO

Fred Alger Management LLC boosted its holdings in QXO, Inc. (NYSE:QXO) by 75.4% in the fourth quarter, Holdings Channel reports. The institutional investor owned 15,923,937 shares of the company’s stock after buying an additional 6,844,574 shares during the period. QXO accounts for approximately 1.2% of Fred Alger Management LLC’s holdings, making the stock its 16th largest position. Fred Alger Management LLC’s holdings in QXO were worth $307,173,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in QXO. Arax Advisory Partners bought a new position in QXO during the 4th quarter worth approximately $25,000. Russell Investments Group Ltd. bought a new position in QXO during the 2nd quarter worth approximately $30,000. LRI Investments LLC raised its holdings in QXO by 129.1% during the 4th quarter. LRI Investments LLC now owns 1,482 shares of the company’s stock worth $29,000 after purchasing an additional 835 shares during the last quarter. Newbridge Financial Services Group Inc. raised its holdings in QXO by 57.5% during the 4th quarter. Newbridge Financial Services Group Inc. now owns 1,575 shares of the company’s stock worth $30,000 after purchasing an additional 575 shares during the last quarter. Finally, Allworth Financial LP raised its holdings in QXO by 66.9% during the 3rd quarter. Allworth Financial LP now owns 2,028 shares of the company’s stock worth $39,000 after purchasing an additional 813 shares during the last quarter. Institutional investors own 58.68% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on QXO shares. Zacks Research upgraded shares of QXO from a “strong sell” rating to a “hold” rating in a report on Wednesday, June 10th. Royal Bank Of Canada lowered their price target on shares of QXO from $30.00 to $28.00 and set an “outperform” rating for the company in a report on Monday, April 6th. BNP Paribas Exane started coverage on shares of QXO in a report on Monday, March 16th. They set an “outperform” rating and a $30.00 price target for the company. Stephens lowered their price target on shares of QXO from $29.00 to $26.00 and set an “overweight” rating for the company in a report on Thursday, May 14th. Finally, Wall Street Zen upgraded shares of QXO from a “strong sell” rating to a “sell” rating in a report on Sunday, May 17th. Fifteen research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, QXO has a consensus rating of “Moderate Buy” and a consensus price target of $31.14.

QXO Stock Performance

NYSE:QXO opened at $16.96 on Wednesday. The company has a fifty day moving average of $18.76 and a 200-day moving average of $21.00. The firm has a market capitalization of $12.30 billion, a P/E ratio of -18.64, a P/E/G ratio of 4.28 and a beta of 2.30. The company has a quick ratio of 2.47, a current ratio of 3.33 and a debt-to-equity ratio of 0.35. QXO, Inc. has a twelve month low of $14.75 and a twelve month high of $27.61.

QXO (NYSE:QXO) last released its quarterly earnings data on Tuesday, May 12th. The company reported ($0.12) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.03). The company had revenue of $1.73 billion during the quarter, compared to the consensus estimate of $1.73 billion. QXO had a negative net margin of 6.02% and a positive return on equity of 1.91%. The company’s quarterly revenue was up 12716.3% on a year-over-year basis. As a group, sell-side analysts anticipate that QXO, Inc. will post 0.2 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. 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.