Allspring Global Investments Holdings LLC Sells 185,878 Shares of QXO, Inc. $QXO

Key Points

• Allspring Global Investments Holdings LLC sold 185,878 shares of QXO, Inc., reducing its stake by 6.9%, leaving it with a total of 2,505,680 shares valued at approximately $53.97 million.
• Analysts have set new price targets for QXO, with KeyCorp and Truist Financial both targeting $28.00, and an average target price of $33.08 amid various ratings from buy to sell.
• QXO's shares recently opened at $19.50, reflecting a 5.4% increase, with the company reporting earnings per share of $0.11, exceeding analyst expectations.

Allspring Global Investments Holdings LLC lowered its stake in QXO, Inc. (NYSE:QXO - Free Report) by 6.9% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,505,680 shares of the company's stock after selling 185,878 shares during the period. Allspring Global Investments Holdings LLC owned 0.43% of QXO worth $53,972,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Farther Finance Advisors LLC acquired a new stake in shares of QXO in the second quarter valued at approximately $25,000. Larson Financial Group LLC acquired a new stake in shares of QXO in the first quarter valued at approximately $26,000. CWM LLC acquired a new stake in shares of QXO in the first quarter valued at approximately $27,000. Ridgewood Investments LLC acquired a new stake in shares of QXO in the first quarter valued at approximately $27,000. Finally, First Horizon Advisors Inc. increased its holdings in shares of QXO by 57.4% in the first quarter. First Horizon Advisors Inc. now owns 2,790 shares of the company's stock valued at $38,000 after purchasing an additional 1,017 shares in the last quarter. Institutional investors and hedge funds own 58.68% of the company's stock.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. KeyCorp set a $28.00 price target on shares of QXO in a report on Wednesday, October 1st. Truist Financial lowered their target price on shares of QXO from $30.00 to $28.00 and set a "buy" rating for the company in a report on Thursday, October 9th. William Blair assumed coverage on shares of QXO in a report on Wednesday, June 18th. They set an "outperform" rating for the company. Stephens assumed coverage on shares of QXO in a report on Wednesday, August 13th. They set an "overweight" rating and a $29.00 target price for the company. Finally, Weiss Ratings reaffirmed a "sell (d)" rating on shares of QXO in a report on Wednesday, October 8th. Two analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $33.08.

QXO Trading Up 5.4%

Shares of NYSE QXO opened at $19.50 on Wednesday. The company's fifty day moving average is $20.16 and its 200-day moving average is $18.56. The stock has a market cap of $13.13 billion, a price-to-earnings ratio of -92.83, a P/E/G ratio of 2.50 and a beta of 2.25. QXO, Inc. has a twelve month low of $11.85 and a twelve month high of $24.69. The company has a quick ratio of 2.15, a current ratio of 3.00 and a debt-to-equity ratio of 0.38.

QXO (NYSE:QXO - Get Free Report) last announced its quarterly earnings results on Thursday, August 14th. The company reported $0.11 earnings per share for the quarter, topping analysts' consensus estimates of $0.04 by $0.07. The company had revenue of $1.91 billion for the quarter, compared to analysts' expectations of $1.87 billion. QXO had a negative net margin of 1.09% and a positive return on equity of 2.15%. Equities 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.

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