Oppenheimer & Co. Inc. Purchases 652,185 Shares of QXO, Inc. $QXO

Key Points

• Oppenheimer & Co. increased its QXO stake by 124.2% in the third quarter, adding 652,185 shares to own 1.18 million shares worth approximately $13.76 million.
• Institutional investors own 58.68% of QXO, with several major funds—including Finepoint Capital and Fort Washington Investment Advisors—also expanding their positions.
• QXO shares opened at $10.62, near their one-year low, despite a “Moderate Buy” analyst consensus and an average price target of $24.77; the company recently met EPS expectations and exceeded revenue estimates.

Oppenheimer & Co. Inc. grew its holdings in shares of QXO, Inc. (NYSE:QXO - Free Report) by 124.2% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,177,113 shares of the company's stock after purchasing an additional 652,185 shares during the quarter. Oppenheimer & Co. Inc. owned about 0.11% of QXO worth $13,760,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in QXO. Finepoint Capital LP lifted its stake in QXO by 30.7% in the 2nd quarter. Finepoint Capital LP now owns 18,113,850 shares of the company's stock worth $313,007,000 after purchasing an additional 4,255,435 shares in the last quarter. Fort Washington Investment Advisors Inc. OH boosted its stake in QXO by 25.9% in the third quarter. Fort Washington Investment Advisors Inc. OH now owns 5,703,964 shares of the company's stock worth $66,679,000 after buying an additional 1,173,274 shares in the last quarter. Spyglass Capital Management LLC bought a new position in shares of QXO during the 2nd quarter valued at $62,961,000. CI Investments Inc. increased 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 buying an additional 102,838 shares during the period. Finally, Bank of New York Mellon Corp purchased a new position in QXO in the 2nd quarter worth approximately $44,919,000. 58.68% of the stock is currently owned by institutional investors.

QXO Price Performance

Shares of NYSE:QXO opened at $10.62 on Wednesday. The company has a market capitalization of $11.02 billion, a P/E ratio of -11.81 and a beta of 2.30. The firm's 50 day simple moving average is $12.09 and its two-hundred day simple moving average is $17.55. QXO, Inc. has a 1-year low of $10.03 and a 1-year high of $27.61.

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 business had revenue of $3.25 billion during the quarter, compared to analysts' expectations of $3.18 billion. On average, sell-side analysts anticipate that QXO, Inc. will post 0.24 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on QXO. Benchmark restated a "buy" rating on shares of QXO in a research report on Friday, August 14th. Wall Street Zen upgraded shares of QXO from a "strong sell" rating to a "sell" rating in a report on Saturday, July 25th. Wells Fargo & Company dropped their price target on QXO from $16.00 to $15.00 and set an "overweight" rating on the stock in a research report on Friday, October 16th. Royal Bank Of Canada cut their price objective on shares of QXO from $27.00 to $18.00 and set an "outperform" rating on the stock in a research report on Wednesday, October 7th. Finally, Weiss Ratings restated a "sell (d)" rating on shares of QXO in a research note on Wednesday, August 26th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $24.77.

About QXO

QXO, Inc is a building products distribution company serving professional contractors and other customers in the construction industry. Its product offerings include roofing materials, siding, windows, doors, insulation and related exterior building products.

The company operates through a network of distribution locations in the United States and Canada, providing materials, delivery services and product support to contractors and other building-industry customers. QXO's strategy is focused on expanding its presence in the building products distribution market through organic growth and acquisitions.

QXO was formerly known as SilverSun Technologies, Inc and adopted the QXO name as part of a strategic transformation led by investor Brad Jacobs.

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