Fred Alger Management LLC Invests $173.05 Million in QXO, Inc. $QXO

Fred Alger Management LLC acquired a new stake in QXO, Inc. (NYSE:QXO) in the third quarter, Holdings Channel.com reports. The firm acquired 9,079,363 shares of the company’s stock, valued at approximately $173,053,000. QXO comprises 0.7% of Fred Alger Management LLC’s portfolio, making the stock its 25th biggest position.

Several other hedge funds also recently bought and sold shares of QXO. Alpha Wave Global LP bought a new stake in QXO during the 2nd quarter worth approximately $525,366,000. Vanguard Group Inc. boosted its holdings in QXO by 91.0% in the 2nd quarter. Vanguard Group Inc. now owns 47,192,412 shares of the company’s stock valued at $1,016,525,000 after purchasing an additional 22,484,977 shares during the period. Affinity Partners GP LP grew its position in shares of QXO by 99.1% during the 2nd quarter. Affinity Partners GP LP now owns 32,671,542 shares of the company’s stock valued at $703,745,000 after purchasing an additional 16,260,163 shares in the last quarter. Schf GPE LLC grew its position in shares of QXO by 204.3% during the 2nd quarter. Schf GPE LLC now owns 13,319,457 shares of the company’s stock valued at $286,901,000 after purchasing an additional 8,943,089 shares in the last quarter. Finally, Hood River Capital Management LLC bought a new position in shares of QXO in the second quarter worth $178,836,000. Hedge funds and other institutional investors own 58.68% of the company’s stock.

QXO Stock Performance

QXO stock opened at $20.18 on Monday. The firm’s fifty day moving average price is $23.78 and its 200-day moving average price is $21.04. The company has a debt-to-equity ratio of 0.37, a quick ratio of 2.61 and a current ratio of 3.58. The stock has a market cap of $14.30 billion, a P/E ratio of -34.20, a price-to-earnings-growth ratio of 3.22 and a beta of 2.51. QXO, Inc. has a fifty-two week low of $11.97 and a fifty-two week high of $27.61.

QXO (NYSE:QXO) last posted its quarterly earnings data on Wednesday, February 25th. The company reported $0.02 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.01). QXO had a positive return on equity of 3.45% and a negative net margin of 4.08%.The company had revenue of $2.19 billion for the quarter, compared to the consensus estimate of $2.19 billion. The firm’s quarterly revenue was up 14725.0% on a year-over-year basis. On average, equities research analysts expect that QXO, Inc. will post -0.13 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

QXO has been the topic of a number of recent analyst reports. Weiss Ratings reiterated a “sell (d+)” rating on shares of QXO in a research report on Monday, December 29th. Loop Capital initiated coverage on QXO in a research report on Thursday, December 11th. They set a “buy” rating and a $31.00 target price for the company. William Blair restated an “outperform” rating on shares of QXO in a research note on Wednesday, December 31st. Truist Financial lowered their price target on QXO from $28.00 to $26.00 and set a “buy” rating on the stock in a report on Friday, December 19th. Finally, Oppenheimer lifted their price target on QXO from $27.00 to $30.00 and gave the company an “outperform” rating in a research report on Friday, January 16th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, QXO has an average rating of “Moderate Buy” and a consensus target price of $32.43.

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.