QXO, Inc. $QXO Shares Bought by Cherry Creek Investment Advisors Inc.

Key Points

• Cherry Creek Investment Advisors Inc. increased its stake in QXO, Inc. by 48.5% in the second quarter, owning 69,780 shares valued at approximately $1.5 million.
• Various institutional investors are showing interest in QXO, with 58.68% of the stock now held by them, indicating strong institutional support.
• Equities analysts have mixed ratings on QXO, with a consensus rating of "Moderate Buy" and a price target averaging around $32.85.

Cherry Creek Investment Advisors Inc. increased its stake in QXO, Inc. (NYSE:QXO - Free Report) by 48.5% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 69,780 shares of the company's stock after purchasing an additional 22,800 shares during the period. Cherry Creek Investment Advisors Inc.'s holdings in QXO were worth $1,503,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. Farther Finance Advisors LLC acquired a new stake in QXO in the 2nd quarter worth approximately $25,000. American Capital Advisory LLC raised its position in QXO by 258.0% during the 2nd quarter. American Capital Advisory LLC now owns 1,167 shares of the company's stock worth $25,000 after buying an additional 841 shares during the last quarter. Larson Financial Group LLC purchased a new position in QXO during the 1st quarter worth approximately $26,000. Ridgewood Investments LLC purchased a new position in QXO during the 1st quarter worth approximately $27,000. Finally, CWM LLC purchased a new position in QXO during the 1st quarter worth approximately $27,000. 58.68% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the stock. Morgan Stanley assumed coverage on shares of QXO in a research report on Tuesday, September 2nd. They set an "overweight" rating and a $35.00 price target for the company. Truist Financial reduced their price target on shares of QXO from $30.00 to $28.00 and set a "buy" rating for the company in a research report on Thursday, October 9th. Wells Fargo & Company assumed coverage on shares of QXO in a research report on Tuesday, August 5th. They set an "overweight" rating and a $30.00 price target for the company. KeyCorp set a $28.00 price target on shares of QXO in a research report on Wednesday, October 1st. Finally, Stephens assumed coverage on shares of QXO in a research report on Wednesday, August 13th. They set an "overweight" rating and a $29.00 price target for the company. Two analysts have rated the stock with a Strong Buy rating, thirteen 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 company has a consensus rating of "Moderate Buy" and a consensus target price of $32.85.

QXO Stock Performance

QXO opened at $16.95 on Wednesday. The company has a debt-to-equity ratio of 0.38, a current ratio of 3.00 and a quick ratio of 2.15. The firm has a fifty day moving average price of $19.65 and a 200 day moving average price of $19.12. QXO, Inc. has a 1 year low of $11.85 and a 1 year high of $24.69. The stock has a market cap of $11.42 billion, a P/E ratio of -80.71, a P/E/G ratio of 2.58 and a beta of 2.25.

QXO (NYSE:QXO - Get Free Report) last posted its earnings results on Thursday, August 14th. The company reported $0.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.04 by $0.07. QXO had a negative net margin of 1.09% and a positive return on equity of 2.15%. The firm had revenue of $1.91 billion during the quarter, compared to analysts' expectations of $1.87 billion. Equities research analysts anticipate that QXO, Inc. will post -0.13 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.

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