Madrone Advisors LLC Sells 900,000 Shares of QXO, Inc. $QXO

Madrone Advisors LLC cut its position in shares of QXO, Inc. (NYSE:QXO) by 17.6% during the first quarter, HoldingsChannel.com reports. The firm owned 4,215,198 shares of the company’s stock after selling 900,000 shares during the period. QXO accounts for about 8.0% of Madrone Advisors LLC’s investment portfolio, making the stock its 4th largest holding. Madrone Advisors LLC’s holdings in QXO were worth $81,859,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Arax Advisory Partners bought a new position in QXO in the fourth quarter worth $25,000. LRI Investments LLC boosted its stake in QXO by 129.1% during the fourth quarter. LRI Investments LLC now owns 1,482 shares of the company’s stock worth $29,000 after buying an additional 835 shares in the last quarter. Root Financial Partners LLC increased its holdings in QXO by 73,350.0% in the 1st quarter. Root Financial Partners LLC now owns 1,469 shares of the company’s stock valued at $29,000 after buying an additional 1,467 shares during the period. Newbridge Financial Services Group Inc. increased its holdings in QXO by 57.5% in the 4th quarter. Newbridge Financial Services Group Inc. now owns 1,575 shares of the company’s stock valued at $30,000 after buying an additional 575 shares during the period. Finally, Russell Investments Group Ltd. bought a new stake in QXO in the 2nd quarter valued at $30,000. 58.68% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on QXO shares. Royal Bank Of Canada reiterated an “outperform” rating and set a $27.00 target price on shares of QXO in a research report on Friday, July 10th. Stephens cut their price target on shares of QXO from $29.00 to $26.00 and set an “overweight” rating for the company in a research note on Thursday, May 14th. Oppenheimer lifted their price objective on QXO from $30.00 to $32.00 and gave the company an “outperform” rating in a report on Monday, April 27th. Wall Street Zen upgraded QXO from a “strong sell” rating to a “sell” rating in a research note on Saturday. Finally, KeyCorp lowered their price objective on QXO from $32.00 to $28.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 1st. Fifteen research analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $30.57.

QXO Price Performance

Shares of QXO stock opened at $13.71 on Friday. QXO, Inc. has a 1 year low of $13.32 and a 1 year high of $27.61. The firm’s 50 day moving average is $16.09 and its 200-day moving average is $20.01. The firm has a market capitalization of $9.94 billion, a price-to-earnings ratio of -15.06, a PEG ratio of 3.55 and a beta of 2.23. The company has a current ratio of 3.33, a quick ratio of 2.47 and a debt-to-equity ratio of 0.35.

QXO (NYSE:QXO) last issued its quarterly earnings results on Tuesday, May 12th. The company reported ($0.12) earnings per share 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 during the quarter, compared to analyst estimates of $1.73 billion. QXO’s quarterly revenue was up 12716.3% compared to the same quarter last year. Sell-side analysts forecast that QXO, Inc. will post 0.2 EPS 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.