QXO, Inc. $QXO Shares Bought by CI Investments Inc.

CI Investments Inc. boosted its holdings in shares of QXO, Inc. (NYSE:QXO) by 4.1% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 2,598,840 shares of the company’s stock after purchasing an additional 102,838 shares during the quarter. CI Investments Inc.’s holdings in QXO were worth $50,469,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the business. First Trust Advisors LP boosted its holdings in shares of QXO by 608.6% in the 1st quarter. First Trust Advisors LP now owns 328,123 shares of the company’s stock valued at $6,372,000 after acquiring an additional 281,816 shares during the last quarter. PNC Financial Services Group Inc. increased its stake in shares of QXO by 113.4% in the first quarter. PNC Financial Services Group Inc. now owns 34,936 shares of the company’s stock worth $678,000 after acquiring an additional 18,562 shares during the period. Baader Bank Aktiengesellschaft raised its holdings in shares of QXO by 43.5% during the first quarter. Baader Bank Aktiengesellschaft now owns 330,000 shares of the company’s stock worth $6,409,000 after purchasing an additional 100,000 shares during the last quarter. WCM Investment Management LLC purchased a new position in shares of QXO during the first quarter worth $1,976,000. Finally, AlphaCentric Advisors LLC acquired a new position in QXO during the first quarter valued at $78,000. 58.68% of the stock is currently owned by institutional investors and hedge funds.

QXO Price Performance

NYSE:QXO opened at $13.92 on Wednesday. The company has a debt-to-equity ratio of 0.35, a current ratio of 3.33 and a quick ratio of 2.47. The company has a 50 day moving average price of $16.28 and a 200-day moving average price of $20.14. QXO, Inc. has a 1-year low of $13.37 and a 1-year high of $27.61. The firm has a market cap of $10.10 billion, a price-to-earnings ratio of -15.30, a price-to-earnings-growth ratio of 3.47 and a beta of 2.23.

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

Analyst Ratings Changes

Several equities research analysts have commented on the stock. Robert W. Baird lowered their price target on shares of QXO from $35.00 to $30.00 and set an “outperform” rating on the stock in a report on Wednesday, May 13th. KeyCorp reduced their price objective on QXO from $32.00 to $28.00 and set an “overweight” rating for the company in a research note on Wednesday, July 1st. Zacks Research cut QXO from a “hold” rating to a “strong sell” rating in a report on Thursday, July 9th. Wall Street Zen upgraded QXO from a “strong sell” rating to a “sell” rating in a research note on Sunday, May 17th. Finally, Stephens lowered their target price on QXO from $29.00 to $26.00 and set an “overweight” rating on the stock in a research note on Thursday, May 14th. Fifteen investment analysts have rated the stock with a Buy rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $30.57.

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.