Elevation Point Wealth Partners LLC Invests $2.21 Million in QXO, Inc. $QXO

Elevation Point Wealth Partners LLC acquired a new position in shares of QXO, Inc. (NYSE:QXO) during the 1st quarter, Holdings Channel reports. The fund acquired 114,019 shares of the company’s stock, valued at approximately $2,214,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Sunbelt Securities Inc. raised its position in QXO by 6.8% in the 4th quarter. Sunbelt Securities Inc. now owns 6,300 shares of the company’s stock worth $122,000 after purchasing an additional 400 shares during the period. Cherry Creek Investment Advisors Inc. raised its position in QXO by 0.6% during the 4th quarter. Cherry Creek Investment Advisors Inc. now owns 84,636 shares of the company’s stock valued at $1,633,000 after purchasing an additional 474 shares in the last quarter. NewEdge Advisors LLC raised its holdings in shares of QXO by 42.4% in the fourth quarter. NewEdge Advisors LLC now owns 1,680 shares of the company’s stock valued at $32,000 after acquiring an additional 500 shares in the last quarter. Maple Capital Management Inc. raised its holdings in shares of QXO by 4.7% in the 4th quarter. Maple Capital Management Inc. now owns 11,988 shares of the company’s stock valued at $231,000 after purchasing an additional 543 shares in the last quarter. Finally, Allworth Financial LP lifted its holdings in QXO by 27.2% during the fourth quarter. Allworth Financial LP now owns 2,580 shares of the company’s stock worth $50,000 after buying an additional 552 shares during the period. Hedge funds and other institutional investors own 58.68% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have commented on QXO shares. Zacks Research raised shares of QXO from a “strong sell” rating to a “hold” rating in a research report on Wednesday, June 10th. Royal Bank Of Canada dropped their price target on QXO from $30.00 to $28.00 and set an “outperform” rating on the stock in a research note on Monday, April 6th. Robert W. Baird cut their price objective 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. BNP Paribas Exane assumed coverage on shares of QXO in a research report on Monday, March 16th. They issued an “outperform” rating and a $30.00 price objective for the company. Finally, KeyCorp lowered their target price on shares of QXO from $32.00 to $28.00 and set an “overweight” rating for the company in a research note on Wednesday. Fifteen 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. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $30.86.

QXO Stock Up 0.1%

NYSE:QXO opened at $16.23 on Friday. The firm has a market capitalization of $11.77 billion, a P/E ratio of -17.84, a PEG ratio of 4.16 and a beta of 2.23. The company’s fifty day moving average price is $17.45 and its 200-day moving average price is $20.70. 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, Inc. has a 1-year low of $14.75 and a 1-year high of $27.61.

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