Lewis Asset Management LLC Grows Position in QXO, Inc. $QXO

Lewis Asset Management LLC raised its position in QXO, Inc. (NYSE:QXO) by 18.6% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 216,800 shares of the company’s stock after acquiring an additional 34,020 shares during the quarter. QXO makes up about 1.7% of Lewis Asset Management LLC’s holdings, making the stock its 12th biggest holding. Lewis Asset Management LLC’s holdings in QXO were worth $4,210,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Maridea Wealth Management LLC increased its position in shares of QXO by 11.5% in the 1st quarter. Maridea Wealth Management LLC now owns 127,530 shares of the company’s stock valued at $2,477,000 after purchasing an additional 13,103 shares during the last quarter. Barton Investment Management purchased a new position in QXO in the first quarter valued at $433,000. Triangle Securities Wealth Management increased its holdings in QXO by 12.3% in the first quarter. Triangle Securities Wealth Management now owns 29,315 shares of the company’s stock valued at $569,000 after buying an additional 3,215 shares during the last quarter. Fiduciary Alliance LLC raised its stake in QXO by 53.1% in the first quarter. Fiduciary Alliance LLC now owns 179,563 shares of the company’s stock valued at $3,487,000 after buying an additional 62,290 shares in the last quarter. Finally, Cardinal Point Capital Management ULC raised its stake in QXO by 72.5% in the first quarter. Cardinal Point Capital Management ULC now owns 23,580 shares of the company’s stock valued at $458,000 after buying an additional 9,910 shares in the last quarter. Institutional investors and hedge funds own 58.68% of the company’s stock.

Analyst Ratings Changes

A number of analysts have issued reports on the company. KeyCorp lifted their price target on QXO from $30.00 to $32.00 and gave the stock an “overweight” rating in a report on Monday, April 20th. BNP Paribas Exane started coverage on QXO in a research report on Monday, March 16th. They set an “outperform” rating and a $30.00 target price on the stock. Zacks Research upgraded QXO from a “strong sell” rating to a “hold” rating in a research note on Wednesday, June 10th. Robert W. Baird lowered their price target on QXO from $35.00 to $30.00 and set an “outperform” rating for the company in a report on Wednesday, May 13th. Finally, Weiss Ratings reiterated a “sell (d)” rating on shares of QXO in a research note on Friday, May 29th. Fifteen analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, QXO has an average rating of “Moderate Buy” and an average price target of $31.14.

QXO Price Performance

Shares of NYSE QXO opened at $17.73 on Friday. The stock has a fifty day moving average price of $18.11 and a 200 day moving average price of $20.86. QXO, Inc. has a 1-year low of $14.75 and a 1-year high of $27.61. The company has a debt-to-equity ratio of 0.35, a current ratio of 3.33 and a quick ratio of 2.47. The company has a market cap of $12.86 billion, a PE ratio of -19.49, a P/E/G ratio of 4.62 and a beta of 2.30.

QXO (NYSE:QXO) last released 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). The firm had revenue of $1.73 billion during the quarter, compared to analyst estimates of $1.73 billion. QXO had a positive return on equity of 1.91% and a negative net margin of 6.02%.The business’s revenue was up 12716.3% on a year-over-year basis. Sell-side analysts forecast that QXO, Inc. will post 0.2 EPS for the current year.

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.