Renaissance Technologies LLC Has $1.92 Million Stock Holdings in QXO, Inc. $QXO

Renaissance Technologies LLC reduced its stake in QXO, Inc. (NYSE:QXO) by 93.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 98,800 shares of the company’s stock after selling 1,379,400 shares during the period. Renaissance Technologies LLC’s holdings in QXO were worth $1,919,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the stock. Carnegie Investment Counsel raised its stake in QXO by 38.6% during the 1st quarter. Carnegie Investment Counsel now owns 309,644 shares of the company’s stock worth $6,013,000 after buying an additional 86,265 shares during the period. CI Investments Inc. grew its stake in QXO by 4.1% in the first quarter. CI Investments Inc. now owns 2,598,840 shares of the company’s stock valued at $50,469,000 after acquiring an additional 102,838 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in QXO by 748.7% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 877,538 shares of the company’s stock valued at $16,928,000 after acquiring an additional 774,138 shares during the period. JNBA Financial Advisors bought a new stake in shares of QXO during the fourth quarter valued at approximately $992,000. Finally, Griffin Asset Management Inc. acquired a new position in shares of QXO during the first quarter worth approximately $2,057,000. Institutional investors and hedge funds own 58.68% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the stock. Stephens reduced their price target on shares of QXO from $29.00 to $26.00 and set an “overweight” rating for the company in a research report on Thursday, May 14th. Morgan Stanley started coverage on shares of QXO in a report on Tuesday, August 4th. They set an “overweight” rating and a $35.00 price objective on the stock. Zacks Research raised shares of QXO from a “strong sell” rating to a “hold” rating in a research note on Monday, July 27th. Wall Street Zen upgraded shares of QXO from a “strong sell” rating to a “sell” rating in a report on Saturday, July 25th. Finally, Wells Fargo & Company set a $18.00 target price on shares of QXO in a report on Tuesday, July 28th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $29.71.

QXO Stock Up 1.0%

Shares of NYSE:QXO opened at $15.54 on Wednesday. The business’s 50 day moving average is $15.56 and its 200 day moving average is $19.17. QXO, Inc. has a 12-month low of $13.18 and a 12-month high of $27.61. The stock has a market cap of $16.12 billion, a price-to-earnings ratio of -17.08, a PEG ratio of 2.59 and a beta of 2.28. 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 (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). The company had revenue of $1.73 billion during the quarter, compared to analysts’ expectations of $1.73 billion. QXO had a negative net margin of 6.02% and a positive return on equity of 1.91%. QXO’s quarterly revenue was up 12716.3% on a year-over-year basis. On average, sell-side analysts forecast that QXO, Inc. will post 0.3 earnings per share for the current fiscal 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.