Swedbank AB Lowers Holdings in QXO, Inc. $QXO

Swedbank AB trimmed its holdings in QXO, Inc. (NYSE:QXO) by 24.4% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 379,000 shares of the company’s stock after selling 122,000 shares during the quarter. Swedbank AB owned approximately 0.05% of QXO worth $7,360,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in QXO. Arax Advisory Partners purchased a new position in shares of QXO in the fourth quarter worth $25,000. LRI Investments LLC grew its stake in QXO by 129.1% during 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 grew its stake in 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 in the last quarter. 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 acquiring an additional 575 shares during the last quarter. 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 owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. Robert W. Baird dropped their price objective on shares of QXO from $35.00 to $30.00 and set an “outperform” rating for the company in a report on Wednesday, May 13th. Zacks Research cut QXO from a “hold” rating to a “strong sell” rating in a report on Thursday. Oppenheimer boosted their target price on QXO from $30.00 to $32.00 and gave the stock an “outperform” rating in a research report on Monday, April 27th. Weiss Ratings reiterated a “sell (d)” rating on shares of QXO in a research report on Friday, May 29th. Finally, BNP Paribas Exane started coverage on QXO in a research note on Monday, March 16th. They set an “outperform” rating and a $30.00 price target for the company. Fifteen analysts have rated the stock with a Buy rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, QXO has an average rating of “Moderate Buy” and an average price target of $30.79.

QXO Price Performance

Shares of NYSE:QXO traded up $0.43 on Friday, reaching $15.02. The company’s stock had a trading volume of 37,792,134 shares, compared to its average volume of 26,290,496. The company has a 50-day simple moving average of $16.91 and a 200 day simple moving average of $20.47. QXO, Inc. has a 52-week low of $13.82 and a 52-week high of $27.61. The company has a debt-to-equity ratio of 0.35, a quick ratio of 2.47 and a current ratio of 3.33. The company has a market cap of $10.89 billion, a P/E ratio of -16.50, a PEG ratio of 3.74 and a beta of 2.23.

QXO (NYSE:QXO) last announced its quarterly earnings results on Tuesday, May 12th. The company reported ($0.12) EPS 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 business had revenue of $1.73 billion during the quarter, compared to the consensus estimate of $1.73 billion. The firm’s revenue for the quarter was up 12716.3% on a year-over-year basis. As a group, equities research analysts anticipate that QXO, Inc. will post 0.2 EPS for the current fiscal 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.