Opal Capital LLC Raises Stock Holdings in QXO, Inc. $QXO

Key Points

• Opal Capital significantly increased its QXO stake by 2,185.2% in the first quarter, ending with 255,846 shares valued at approximately $4.97 million.
• Institutional ownership remains substantial, with hedge funds and other institutional investors holding 58.68% of QXO’s shares. QXO opened at $14.24, near its one-year low of $13.32 and well below its one-year high of $27.61.
• QXO missed quarterly EPS expectations, reporting a loss of $0.12 per share versus the $0.09 expected, while revenue reached $1.73 billion. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $29.71, despite mixed individual ratings.

Opal Capital LLC boosted its position in shares of QXO, Inc. (NYSE:QXO - Free Report) by 2,185.2% in the first quarter, according to the company in its most recent filing with the SEC. The firm owned 255,846 shares of the company's stock after acquiring an additional 244,650 shares during the quarter. Opal Capital LLC's holdings in QXO were worth $4,969,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the company. Baillie Gifford & Co. boosted its position in QXO by 16,117.6% in the fourth quarter. Baillie Gifford & Co. now owns 14,735,164 shares of the company's stock valued at $284,241,000 after buying an additional 14,644,305 shares during the last quarter. Schf GPE LLC raised its position in QXO by 204.3% during the 2nd 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. Norges Bank purchased a new position in QXO during the 4th quarter worth approximately $140,421,000. Fred Alger Management LLC lifted its stake in QXO by 75.4% during the 4th quarter. Fred Alger Management LLC now owns 15,923,937 shares of the company's stock valued at $307,173,000 after acquiring an additional 6,844,574 shares during the period. Finally, Sound Shore Management Inc. CT acquired a new stake in QXO during the 4th quarter valued at approximately $77,199,000. Hedge funds and other institutional investors own 58.68% of the company's stock.

QXO Stock Performance

QXO opened at $14.24 on Wednesday. The company has a debt-to-equity ratio of 0.35, a current ratio of 3.33 and a quick ratio of 2.47. The firm has a fifty day moving average price of $16.01 and a 200 day moving average price of $19.86. QXO, Inc. has a 1 year low of $13.32 and a 1 year high of $27.61. The stock has a market cap of $10.33 billion, a P/E ratio of -15.65, a P/E/G ratio of 2.62 and a beta of 2.23.

QXO (NYSE:QXO - Get Free Report) last announced its quarterly 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). QXO had a positive return on equity of 1.91% and a negative net margin of 6.02%.The firm had revenue of $1.73 billion for the quarter, compared to analysts' expectations of $1.73 billion. QXO's revenue was up 12716.3% compared to the same quarter last year. Equities research analysts anticipate that QXO, Inc. will post 0.27 earnings per share for the current year.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. Zacks Research lowered shares of QXO from a "hold" rating to a "strong sell" rating in a research note on Thursday, July 9th. Citigroup decreased their target price on shares of QXO from $28.00 to $25.00 and set a "buy" rating for the company in a research report on Monday, July 13th. Weiss Ratings reaffirmed a "sell (d)" rating on shares of QXO in a report on Friday, May 29th. Oppenheimer increased their price target on QXO from $30.00 to $32.00 and gave the stock an "outperform" rating in a research report on Monday, April 27th. Finally, Wall Street Zen raised QXO from a "strong sell" rating to a "sell" rating in a research report on Saturday. Fifteen equities research analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $29.71.

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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