Granahan Investment Management LLC Acquires 709,934 Shares of QXO, Inc. $QXO

Key Points

• Granahan Investment Management boosted its QXO stake by 88.8% in the first quarter, buying 709,934 additional shares to bring its total to 1,509,546 shares, worth about $29.3 million.
• Institutional interest remains strong, with several other funds also increasing their positions and institutions collectively owning 58.68% of QXO’s shares.
• Analysts are mixed but generally constructive on QXO: the stock has an average Moderate Buy rating and a consensus price target of $30.57, while shares recently traded at $13.71 after QXO reported a quarterly EPS miss.

Granahan Investment Management LLC increased its holdings in shares of QXO, Inc. (NYSE:QXO - Free Report) by 88.8% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 1,509,546 shares of the company's stock after purchasing an additional 709,934 shares during the period. QXO makes up approximately 1.4% of Granahan Investment Management LLC's holdings, making the stock its 19th largest position. Granahan Investment Management LLC owned 0.21% of QXO worth $29,315,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the business. Epoch Investment Partners Inc. boosted its stake in QXO by 54.2% during the 1st quarter. Epoch Investment Partners Inc. now owns 2,096,918 shares of the company's stock valued at $40,722,000 after purchasing an additional 737,275 shares during the period. Hilltop Holdings Inc. increased its position in QXO by 38.7% in the 1st quarter. Hilltop Holdings Inc. now owns 28,964 shares of the company's stock worth $562,000 after buying an additional 8,085 shares during the period. Public Employees Retirement System of Ohio increased its position in QXO by 1.9% in the 1st quarter. Public Employees Retirement System of Ohio now owns 187,322 shares of the company's stock worth $3,638,000 after buying an additional 3,451 shares during the period. Sycale Advisors NY LLC lifted its holdings in shares of QXO by 113.6% during the first quarter. Sycale Advisors NY LLC now owns 625,757 shares of the company's stock worth $12,152,000 after buying an additional 332,757 shares during the last quarter. Finally, Aureus Asset Management LLC grew its stake in shares of QXO by 0.7% in the first quarter. Aureus Asset Management LLC now owns 411,813 shares of the company's stock worth $7,997,000 after acquiring an additional 2,660 shares during the last quarter. Institutional investors own 58.68% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the stock. 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. Robert W. Baird reduced their price target on shares of QXO from $35.00 to $30.00 and set an "outperform" rating for the company in a report on Wednesday, May 13th. Zacks Research lowered shares of QXO from a "hold" rating to a "strong sell" rating in a research report on Thursday, July 9th. Citigroup dropped their price objective on shares of QXO from $28.00 to $25.00 and set a "buy" rating on the stock in a report on Monday, July 13th. Finally, Weiss Ratings reaffirmed a "sell (d)" rating on shares of QXO in a research report on Friday, May 29th. Fifteen equities research analysts have rated the stock with a Buy rating and two have given a Sell rating to the stock. Based on data from MarketBeat, QXO has an average rating of "Moderate Buy" and an average price target of $30.57.

QXO Price Performance

Shares of QXO stock opened at $13.71 on Friday. QXO, Inc. has a 12 month low of $13.32 and a 12 month high of $27.61. The company has a market capitalization of $9.94 billion, a P/E ratio of -15.06, a P/E/G ratio of 3.55 and a beta of 2.23. The stock has a 50 day moving average of $16.09 and a two-hundred day moving average of $20.01. The company has a current ratio of 3.33, a quick ratio of 2.47 and a debt-to-equity ratio of 0.35.

QXO (NYSE:QXO - Get Free Report) last released its quarterly earnings data 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 the consensus estimate 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 was up 12716.3% compared to the same quarter last year. As a group, equities analysts expect that QXO, Inc. will post 0.2 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.

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