Gainplan LLC Lowers Stake in QXO, Inc. $QXO

Key Points

• Gainplan LLC cut its QXO stake by 59.4% in the second quarter, selling 150,129 shares and retaining 102,420 shares worth approximately $1.77 million. Institutional investors collectively own 58.68% of QXO.
• QXO shares opened at $15.95, near the lower end of their 52-week range of $13.18 to $27.61. The company recently reported a quarterly loss of $0.12 per share, missing estimates by $0.03, despite revenue rising 12,716.3% year over year to $1.73 billion.
• Analysts remain broadly positive, with a consensus rating of “Moderate Buy” and an average price target of $29.71; however, target prices range from $27 to $35 and one analyst maintains a sell rating.

Gainplan LLC reduced its holdings in QXO, Inc. (NYSE:QXO - Free Report) by 59.4% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 102,420 shares of the company's stock after selling 150,129 shares during the quarter. QXO makes up 0.7% of Gainplan LLC's portfolio, making the stock its 21st biggest holding. Gainplan LLC's holdings in QXO were worth $1,770,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in QXO. Arax Advisory Partners acquired a new stake in shares of QXO in the fourth quarter valued at about $25,000. LRI Investments LLC boosted its stake in QXO by 129.1% during the 4th quarter. LRI Investments LLC now owns 1,482 shares of the company's stock valued at $29,000 after acquiring an additional 835 shares during the last quarter. Root Financial Partners LLC increased its holdings in QXO by 73,350.0% in the first quarter. Root Financial Partners LLC now owns 1,469 shares of the company's stock valued at $29,000 after buying an additional 1,467 shares during the last quarter. Newbridge Financial Services Group Inc. increased its holdings in shares of 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 during the second quarter valued at $30,000. Hedge funds and other institutional investors own 58.68% of the company's stock.

QXO Stock Up 4.0%

NYSE QXO opened at $15.95 on Thursday. The company has a current ratio of 3.33, a quick ratio of 2.47 and a debt-to-equity ratio of 0.35. The stock's 50 day moving average is $15.67 and its two-hundred day moving average is $19.40. QXO, Inc. has a 1-year low of $13.18 and a 1-year high of $27.61. The company has a market capitalization of $16.55 billion, a price-to-earnings ratio of -17.53, a PEG ratio of 2.32 and a beta of 2.28.

QXO (NYSE:QXO - Get Free Report) last announced its earnings results on Tuesday, May 12th. The company reported ($0.12) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.09) by ($0.03). The firm had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.73 billion. QXO had a positive return on equity of 1.91% and a negative net margin of 6.02%.The company's quarterly revenue was up 12716.3% on a year-over-year basis. Equities analysts forecast that QXO, Inc. will post 0.33 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts have weighed in on the company. KeyCorp dropped their target price on QXO from $32.00 to $28.00 and set an "overweight" rating on the stock in a research report on Wednesday, July 1st. Morgan Stanley initiated coverage on shares of QXO in a research report on Tuesday. They set an "overweight" rating and a $35.00 price objective for the company. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $27.00 target price on shares of QXO in a research report on Friday, July 10th. Oppenheimer upped their price target on shares of QXO from $30.00 to $32.00 and gave the company an "outperform" rating in a research report on Monday, April 27th. Finally, Weiss Ratings restated a "sell (d)" rating on shares of QXO in a research report on Friday, May 29th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, QXO presently has a consensus rating of "Moderate Buy" and a consensus target price of $29.71.

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.

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