Allspring Global Investments Holdings LLC Boosts Stock Holdings in QXO, Inc. $QXO

Key Points

• Allspring Global Investments raised its stake in QXO by 4.8% to 2,560,169 shares—worth about $50.49 million—representing roughly 0.38% of the company at the end of the quarter.
• Institutional ownership is high at 58.68%, with several firms initiating or adding positions recently (notably Fred Alger Management’s new ~$173 million stake), signaling strong institutional interest.
• Analysts are mostly positive—QXO has a consensus rating of "Moderate Buy" and an average price target of $32.27, versus the stock trading near $19.33, though opinions are mixed (one notable sell rating from Weiss).

Allspring Global Investments Holdings LLC increased its stake in QXO, Inc. (NYSE:QXO - Free Report) by 4.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,560,169 shares of the company's stock after acquiring an additional 117,575 shares during the period. Allspring Global Investments Holdings LLC owned approximately 0.38% of QXO worth $50,487,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of QXO. Intact Investment Management Inc. purchased a new position in QXO in the third quarter worth approximately $982,000. Campbell & CO Investment Adviser LLC purchased a new stake in shares of QXO in the 3rd quarter valued at approximately $1,006,000. Fishman Jay A Ltd. MI acquired a new stake in shares of QXO in the 3rd quarter valued at $10,444,000. Fred Alger Management LLC acquired a new stake in shares of QXO in the 3rd quarter valued at $173,053,000. Finally, Tritonpoint Wealth LLC purchased a new stake in shares of QXO during the 3rd quarter worth $5,449,000. 58.68% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on QXO shares. Oppenheimer boosted their target price on shares of QXO from $27.00 to $30.00 and gave the stock an "outperform" rating in a research note on Friday, January 16th. BNP Paribas Exane initiated coverage on QXO in a report on Monday, March 16th. They set an "outperform" rating and a $30.00 price target for the company. Benchmark reaffirmed a "buy" rating on shares of QXO in a research report on Friday, February 20th. Weiss Ratings reiterated a "sell (d+)" rating on shares of QXO in a report on Monday, December 29th. Finally, William Blair reissued an "outperform" rating on shares of QXO in a research report on Wednesday, December 31st. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $32.27.

QXO Trading Down 0.5%

QXO opened at $19.33 on Thursday. The company has a quick ratio of 2.61, a current ratio of 3.58 and a debt-to-equity ratio of 0.37. QXO, Inc. has a 52 week low of $11.97 and a 52 week high of $27.61. The business's 50 day moving average is $22.62 and its two-hundred day moving average is $20.92. The firm has a market cap of $13.72 billion, a price-to-earnings ratio of -32.75, a price-to-earnings-growth ratio of 3.10 and a beta of 2.50.

QXO (NYSE:QXO - Get Free Report) last posted its quarterly earnings data on Wednesday, February 25th. The company reported $0.02 earnings per share for the quarter, missing the consensus estimate of $0.03 by ($0.01). QXO had a negative net margin of 4.08% and a positive return on equity of 3.45%. QXO's revenue for the quarter was up 14725.0% compared to the same quarter last year. On average, research analysts predict that QXO, Inc. will post -0.13 EPS for the current year.

QXO 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.