Renaissance Technologies LLC Sells 1,379,400 Shares of QXO, Inc. $QXO

Renaissance Technologies LLC decreased its position in QXO, Inc. (NYSE:QXO) by 93.3% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 98,800 shares of the company’s stock after selling 1,379,400 shares during the period. Renaissance Technologies LLC’s holdings in QXO were worth $1,919,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently modified their holdings of QXO. Arax Advisory Partners purchased a new position in shares of QXO in the 4th quarter worth approximately $25,000. LRI Investments LLC grew its holdings in shares of QXO by 129.1% in the fourth quarter. LRI Investments LLC now owns 1,482 shares of the company’s stock valued at $29,000 after acquiring an additional 835 shares in the last quarter. Root Financial Partners LLC increased its position in shares of QXO by 73,350.0% during the first quarter. Root Financial Partners LLC now owns 1,469 shares of the company’s stock valued at $29,000 after acquiring an additional 1,467 shares during the last quarter. Russell Investments Group Ltd. purchased a new stake in shares of QXO during the second quarter valued at approximately $30,000. Finally, NewEdge Advisors LLC lifted its holdings in QXO by 42.4% during the fourth quarter. NewEdge Advisors LLC now owns 1,680 shares of the company’s stock worth $32,000 after acquiring an additional 500 shares during the period. Institutional investors own 58.68% of the company’s stock.

Analysts Set New Price Targets

Several research firms have weighed in on QXO. Wall Street Zen raised QXO from a “strong sell” rating to a “sell” rating in a research report on Saturday, July 25th. Stephens decreased their target price on QXO from $29.00 to $26.00 and set an “overweight” rating for the company in a research report on Thursday, May 14th. KeyCorp lowered their target price on QXO from $32.00 to $28.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 1st. Robert W. Baird lowered their target price on QXO from $35.00 to $30.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 13th. Finally, Weiss Ratings reissued a “sell (d)” rating on shares of QXO in a report on Friday, May 29th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $29.71.

QXO Trading Up 1.0%

Shares of QXO stock opened at $15.54 on Wednesday. The company has a 50 day moving average of $15.56 and a 200-day moving average of $19.17. The company has a quick ratio of 2.47, a current ratio of 3.33 and a debt-to-equity ratio of 0.35. QXO, Inc. has a 12-month low of $13.18 and a 12-month high of $27.61. The firm has a market cap of $16.12 billion, a P/E ratio of -17.08, a PEG ratio of 2.59 and a beta of 2.28.

QXO (NYSE:QXO) last posted its quarterly earnings data 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 negative net margin of 6.02% and a positive return on equity of 1.91%. The firm had revenue of $1.73 billion during the quarter, compared to analysts’ expectations of $1.73 billion. The company’s revenue for the quarter was up 12716.3% compared to the same quarter last year. Sell-side analysts anticipate that QXO, Inc. will post 0.3 earnings per share 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.