Magnetar Financial LLC Buys New Holdings in QXO, Inc. $QXO

Key Points

• Magnetar Financial LLC initiated a new position in QXO in Q3, acquiring 127,210 shares worth approximately $2.43 million.
• Several large institutions also moved into QXO — including Alpha Wave Global (~$525.4M stake) and Vanguard (up 91% to 47.19M shares, ~$1.02B) — and hedge funds/institutions now own 58.68% of the stock.
• Snapshot: QXO has a market cap of $13.84 billion and a negative P/E (-33.10); last quarter EPS was $0.02 (missed estimates by $0.01), and analysts have an average rating of “Moderate Buy” with an average price target of $32.43.

Magnetar Financial LLC acquired a new position in shares of QXO, Inc. (NYSE:QXO - Free Report) in the 3rd quarter, according to its most recent disclosure with the SEC. The fund acquired 127,210 shares of the company's stock, valued at approximately $2,425,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Alpha Wave Global LP purchased a new stake in QXO in the second quarter valued at $525,366,000. Vanguard Group Inc. grew its position in shares of QXO by 91.0% during the second quarter. Vanguard Group Inc. now owns 47,192,412 shares of the company's stock worth $1,016,525,000 after acquiring an additional 22,484,977 shares during the last quarter. Affinity Partners GP LP grew its position in QXO by 99.1% during the 2nd quarter. Affinity Partners GP LP now owns 32,671,542 shares of the company's stock worth $703,745,000 after purchasing an additional 16,260,163 shares during the last quarter. Schf GPE LLC grew its holdings in shares of QXO by 204.3% during the second quarter. Schf GPE LLC now owns 13,319,457 shares of the company's stock worth $286,901,000 after buying an additional 8,943,089 shares during the last quarter. Finally, Hood River Capital Management LLC purchased a new position in shares of QXO in the 2nd quarter valued at approximately $178,836,000. Hedge funds and other institutional investors own 58.68% of the company's stock.

QXO Stock Performance

Shares of QXO opened at $19.53 on Friday. QXO, Inc. has a 1 year low of $11.97 and a 1 year high of $27.61. The company has a market capitalization of $13.84 billion, a price-to-earnings ratio of -33.10, a PEG ratio of 3.37 and a beta of 2.51. The company's 50 day simple moving average is $23.77 and its 200 day simple moving average is $21.04. The company has a debt-to-equity ratio of 0.37, a quick ratio of 2.61 and a current ratio of 3.58.

QXO (NYSE:QXO - Get Free Report) last announced its quarterly earnings data on Wednesday, February 25th. The company reported $0.02 EPS for the quarter, missing analysts' consensus estimates of $0.03 by ($0.01). QXO had a negative net margin of 4.08% and a positive return on equity of 3.45%. The business had revenue of $2.19 billion during the quarter, compared to analysts' expectations of $2.19 billion. The firm's quarterly revenue was up 14725.0% compared to the same quarter last year. On average, sell-side analysts predict that QXO, Inc. will post -0.13 EPS for the current year.

Analysts Set New Price Targets

QXO has been the topic of a number of recent analyst reports. Benchmark reiterated a "buy" rating on shares of QXO in a research note on Friday, February 20th. Citigroup lowered their price target on shares of QXO from $33.00 to $31.00 and set a "buy" rating on the stock in a research note on Thursday, January 8th. Loop Capital initiated coverage on shares of QXO in a report on Thursday, December 11th. They issued a "buy" rating and a $31.00 price target for the company. Truist Financial reduced their price objective on shares of QXO from $28.00 to $26.00 and set a "buy" rating for the company in a research note on Friday, December 19th. Finally, William Blair reaffirmed an "outperform" rating on shares of QXO in a report on Wednesday, December 31st. One analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $32.43.

QXO Company 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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