615,571 Shares in QXO, Inc. $QXO Purchased by Mediolanum International Funds Ltd

Key Points

• Mediolanum International Funds Ltd disclosed a new QXO position in the first quarter, buying 615,571 shares valued at about $11.21 million. The stake represented roughly 0.08% of QXO.
• Other institutional investors were also active in QXO, and hedge funds and institutions now own 58.68% of the company’s stock.
• QXO reported a quarterly loss of $0.12 per share, wider than analysts expected, even as revenue came in at $1.73 billion. Analysts currently maintain a Moderate Buy consensus with a target price of about $30.57.

Mediolanum International Funds Ltd bought a new stake in QXO, Inc. (NYSE:QXO - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 615,571 shares of the company's stock, valued at approximately $11,210,000. Mediolanum International Funds Ltd owned about 0.08% of QXO at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the stock. Laidlaw Wealth Management LLC purchased a new stake in shares of QXO in the 1st quarter valued at approximately $291,000. Bessemer Group Inc. boosted its position in shares of QXO by 2.2% during the 1st quarter. Bessemer Group Inc. now owns 1,622,347 shares of the company's stock worth $31,505,000 after purchasing an additional 34,804 shares during the period. Independent Financial Group LLC purchased a new position in shares of QXO during the 1st quarter worth approximately $470,000. NFSG Corp boosted its position in shares of QXO by 39.6% during the 1st quarter. NFSG Corp now owns 2,198 shares of the company's stock worth $43,000 after purchasing an additional 623 shares during the period. Finally, Zweig DiMenna Associates LLC acquired a new stake in QXO in the 1st quarter valued at approximately $11,312,000. Hedge funds and other institutional investors own 58.68% of the company's stock.

QXO Trading Up 0.2%

NYSE QXO opened at $14.43 on Monday. QXO, Inc. has a 52 week low of $13.82 and a 52 week high of $27.61. The firm has a 50 day moving average of $16.45 and a two-hundred day moving average of $20.23. The company has a quick ratio of 2.47, a current ratio of 3.33 and a debt-to-equity ratio of 0.35. The stock has a market capitalization of $10.46 billion, a PE ratio of -15.85, a price-to-earnings-growth ratio of 3.69 and a beta of 2.23.

QXO (NYSE:QXO - Get Free Report) last announced its quarterly earnings data 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). The firm had revenue of $1.73 billion during the quarter, compared to analyst estimates of $1.73 billion. QXO had a negative net margin of 6.02% and a positive return on equity of 1.91%. The business's revenue for the quarter was up 12716.3% on a year-over-year basis. As a group, research analysts expect that QXO, Inc. will post 0.2 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have issued reports on QXO. Oppenheimer boosted their target price on QXO from $30.00 to $32.00 and gave the company an "outperform" rating in a research report on Monday, April 27th. Stephens lowered their price target on QXO from $29.00 to $26.00 and set an "overweight" rating for the company in a research report on Thursday, May 14th. Weiss Ratings reaffirmed a "sell (d)" rating on shares of QXO in a research note on Friday, May 29th. 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 report on Wednesday, May 13th. Finally, Wall Street Zen raised QXO from a "strong sell" rating to a "sell" rating in a research note on Sunday, May 17th. Fifteen equities research analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $30.57.

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.

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