Goodnow Investment Group LLC Invests $2.72 Million in QXO, Inc. $QXO

Key Points

• Goodnow Investment Group initiated a $2.72 million position in QXO during the second quarter, purchasing 157,180 shares. Institutional investors and hedge funds collectively own 58.68% of the company.
• Analysts remain broadly positive, with a consensus rating of “Moderate Buy” and an average price target of $28.00, despite some target reductions.
• QXO reported quarterly revenue of $3.25 billion and earnings of $0.08 per share, matching estimates. The stock opened at $13.38, near its 52-week low of $13.15 and well below its 52-week high of $27.61.

Goodnow Investment Group LLC bought a new position in shares of QXO, Inc. (NYSE:QXO - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 157,180 shares of the company's stock, valued at approximately $2,716,000. QXO comprises 0.3% of Goodnow Investment Group LLC's portfolio, making the stock its 23rd largest holding.

Other large investors have also modified their holdings of the company. Carnegie Investment Counsel grew its holdings in QXO by 38.6% during the 1st quarter. Carnegie Investment Counsel now owns 309,644 shares of the company's stock valued at $6,013,000 after buying an additional 86,265 shares during the last quarter. CI Investments Inc. raised its holdings in shares of QXO by 4.1% in the first quarter. CI Investments Inc. now owns 2,598,840 shares of the company's stock worth $50,469,000 after acquiring an additional 102,838 shares during the last quarter. Hudson Value Partners LLC lifted its position in shares of QXO by 87.6% in the second quarter. Hudson Value Partners LLC now owns 215,998 shares of the company's stock valued at $3,732,000 after acquiring an additional 100,856 shares in the last quarter. Griffin Asset Management Inc. purchased a new stake in shares of QXO in the first quarter valued at $2,057,000. Finally, Sequoia Financial Advisors LLC acquired a new stake in shares of QXO during the first quarter valued at $1,610,000. 58.68% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. Royal Bank Of Canada reissued an "outperform" rating and issued a $27.00 target price on shares of QXO in a research note on Friday, July 10th. Citigroup decreased their price target on shares of QXO from $28.00 to $25.00 and set a "buy" rating on the stock in a research note on Monday, July 13th. Oppenheimer lifted their price target on shares of QXO from $30.00 to $32.00 and gave the stock an "outperform" rating in a report on Monday, April 27th. Benchmark reissued a "buy" rating on shares of QXO in a research report on Friday, August 14th. Finally, Zacks Research raised shares of QXO from a "strong sell" rating to a "hold" rating in a research note on Monday, July 27th. One equities research 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 given a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $28.00.

QXO Stock Performance

QXO stock opened at $13.38 on Tuesday. The stock has a fifty day moving average price of $15.19 and a 200 day moving average price of $18.59. QXO, Inc. has a 52 week low of $13.15 and a 52 week high of $27.61. The firm has a market capitalization of $13.89 billion, a P/E ratio of -14.87, a PEG ratio of 2.37 and a beta of 2.28. The company has a current ratio of 4.11, a quick ratio of 3.29 and a debt-to-equity ratio of 0.66.

QXO (NYSE:QXO - Get Free Report) last issued its quarterly earnings results on Thursday, August 13th. The company reported $0.08 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.08. The firm had revenue of $3.25 billion for the quarter, compared to analyst estimates of $3.18 billion. QXO had a positive return on equity of 2.41% and a negative net margin of 5.17%. Equities research analysts anticipate that QXO, Inc. will post 0.29 earnings per share for the current year.

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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