Finepoint Capital LP boosted its position in shares of QXO, Inc. (NYSE:QXO – Free Report) by 30.7% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 18,113,850 shares of the company’s stock after buying an additional 4,255,435 shares during the quarter. QXO accounts for approximately 11.2% of Finepoint Capital LP’s investment portfolio, making the stock its 2nd largest position. Finepoint Capital LP’s holdings in QXO were worth $313,007,000 at the end of the most recent reporting period.
A number of other hedge funds have also bought and sold shares of the company. California State Teachers Retirement System raised its stake in shares of QXO by 1,744.6% in the second quarter. California State Teachers Retirement System now owns 12,995,649 shares of the company’s stock valued at $224,565,000 after acquiring an additional 12,291,119 shares during the period. Schf GPE LLC boosted its stake 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 worth $286,901,000 after purchasing an additional 8,943,089 shares during the period. Norges Bank bought a new position in QXO during the 4th quarter valued at about $140,421,000. Fred Alger Management LLC grew its holdings in QXO by 75.4% during the 4th quarter. Fred Alger Management LLC now owns 15,923,937 shares of the company’s stock valued at $307,173,000 after purchasing an additional 6,844,574 shares during the last quarter. Finally, Sound Shore Management Inc. CT purchased a new stake in QXO in the 4th quarter worth about $77,199,000. Institutional investors own 58.68% of the company’s stock.
QXO Price Performance
QXO stock opened at $12.72 on Thursday. The company has a debt-to-equity ratio of 0.66, a current ratio of 4.11 and a quick ratio of 3.29. The stock has a market cap of $13.20 billion, a price-to-earnings ratio of -14.14, a price-to-earnings-growth ratio of 2.28 and a beta of 2.32. The firm has a 50-day moving average of $14.28 and a two-hundred day moving average of $17.61. QXO, Inc. has a 1 year low of $12.67 and a 1 year high of $27.61.
Analyst Upgrades and Downgrades
Several brokerages have issued reports on QXO. Wells Fargo & Company set a $18.00 price objective on shares of QXO in a research note on Tuesday, July 28th. Citigroup reduced their price target on QXO from $28.00 to $25.00 and set a “buy” rating on the stock in a report on Monday, July 13th. Royal Bank Of Canada reissued an “outperform” rating and set a $27.00 price target on shares of QXO in a research note on Friday, July 10th. Stephens dropped their price objective on QXO from $29.00 to $26.00 and set an “overweight” rating for the company in a report on Thursday, May 14th. Finally, Robert W. Baird cut their price objective on QXO from $35.00 to $30.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 13th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $28.00.
View Our Latest Analysis on QXO
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.
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