QXO, Inc. $QXO Stake Lowered by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA cut its stake in QXO, Inc. (NYSE:QXO) by 19.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,039,849 shares of the company’s stock after selling 252,839 shares during the quarter. Pictet Asset Management Holding SA’s holdings in QXO were worth $20,194,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Finepoint Capital LP boosted its position in QXO by 5.4% during the third quarter. Finepoint Capital LP now owns 22,295,615 shares of the company’s stock valued at $424,954,000 after purchasing an additional 1,142,747 shares during the last quarter. Fred Alger Management LLC raised its stake in shares of QXO by 75.4% during the 4th quarter. Fred Alger Management LLC now owns 15,923,937 shares of the company’s stock worth $307,173,000 after purchasing an additional 6,844,574 shares in the last quarter. Baillie Gifford & Co. raised its stake in shares of QXO by 16,117.6% during the 4th quarter. Baillie Gifford & Co. now owns 14,735,164 shares of the company’s stock worth $284,241,000 after purchasing an additional 14,644,305 shares in the last quarter. Schf GPE LLC lifted its holdings 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 buying an additional 8,943,089 shares during the last quarter. Finally, MTCO Ltd. acquired a new stake in shares of QXO during the 3rd quarter valued at about $208,534,000. 58.68% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms recently commented on QXO. Royal Bank Of Canada dropped their price objective on QXO from $30.00 to $28.00 and set an “outperform” rating on the stock in a report on Monday, April 6th. BNP Paribas Exane started coverage on shares of QXO in a research note on Monday, March 16th. They issued an “outperform” rating and a $30.00 target price for the company. Stephens decreased their target price 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. Weiss Ratings restated a “sell (d)” rating on shares of QXO in a research note on Friday, May 29th. Finally, Oppenheimer raised their price target on shares of QXO from $30.00 to $32.00 and gave the company an “outperform” rating in a report on Monday, April 27th. Fifteen research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $30.86.

QXO Stock Performance

Shares of NYSE:QXO opened at $16.51 on Thursday. The business’s fifty day moving average price is $17.67 and its two-hundred day moving average price is $20.77. QXO, Inc. has a fifty-two week low of $14.75 and a fifty-two week high of $27.61. The stock has a market capitalization of $11.97 billion, a price-to-earnings ratio of -18.14, a price-to-earnings-growth ratio of 4.43 and a beta of 2.23. The company has a debt-to-equity ratio of 0.35, a current ratio of 3.33 and a quick ratio of 2.47.

QXO (NYSE:QXO) last issued its quarterly earnings data 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). QXO had a negative net margin of 6.02% and a positive return on equity of 1.91%. The company had revenue of $1.73 billion for the quarter, compared to the consensus estimate of $1.73 billion. QXO’s revenue was up 12716.3% compared to the same quarter last year. As a group, analysts predict that QXO, Inc. will post 0.2 EPS for the current fiscal year.

QXO Company 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.