QXO, Inc. $QXO Shares Purchased by Castleark Management LLC

Key Points

• Castleark Management increased its QXO stake by 32.5% in the first quarter, purchasing 92,280 additional shares to hold 375,807 shares valued at approximately $7.3 million.
• Institutional ownership remains significant at 58.68%, with several major investors—including Baillie Gifford, Schf GPE, Fred Alger Management, and Norges Bank—also increasing or initiating positions.
• QXO shares opened at $13.71, near their 12-month low, after the company missed quarterly EPS expectations. Despite mixed analyst actions, the stock carries a “Moderate Buy” consensus rating and an average price target of $30.57.

Castleark Management LLC increased its holdings in shares of QXO, Inc. (NYSE:QXO - Free Report) by 32.5% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 375,807 shares of the company's stock after buying an additional 92,280 shares during the period. Castleark Management LLC owned about 0.05% of QXO worth $7,298,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in QXO. Baillie Gifford & Co. grew its stake in shares of QXO by 16,117.6% in the fourth quarter. Baillie Gifford & Co. now owns 14,735,164 shares of the company's stock worth $284,241,000 after acquiring an additional 14,644,305 shares in the last quarter. Schf GPE LLC raised its stake in shares of QXO by 204.3% in the second quarter. Schf GPE LLC now owns 13,319,457 shares of the company's stock valued at $286,901,000 after acquiring an additional 8,943,089 shares in the last quarter. Norges Bank acquired a new stake in shares of QXO in the fourth quarter valued at $140,421,000. Fred Alger Management LLC boosted its holdings in QXO by 75.4% in the fourth quarter. Fred Alger Management LLC now owns 15,923,937 shares of the company's stock valued at $307,173,000 after purchasing an additional 6,844,574 shares during the period. Finally, Sound Shore Management Inc. CT acquired a new position in QXO during the 4th quarter worth $77,199,000. 58.68% of the stock is currently owned by institutional investors and hedge funds.

QXO Stock Performance

NYSE:QXO opened at $13.71 on Monday. QXO, Inc. has a 12 month low of $13.32 and a 12 month high of $27.61. 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 market capitalization of $9.94 billion, a PE ratio of -15.06, a price-to-earnings-growth ratio of 3.51 and a beta of 2.23. The business's fifty day moving average price is $16.09 and its 200 day moving average price is $19.99.

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). The business had revenue of $1.73 billion for the quarter, compared to analysts' expectations of $1.73 billion. QXO had a positive return on equity of 1.91% and a negative net margin of 6.02%.The firm's revenue for the quarter was up 12716.3% on a year-over-year basis. On average, sell-side analysts anticipate that QXO, Inc. will post 0.2 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have weighed in on QXO. Weiss Ratings restated a "sell (d)" rating on shares of QXO in a report on Friday, May 29th. Robert W. Baird decreased their price objective on QXO from $35.00 to $30.00 and set an "outperform" rating for the company in a research note on Wednesday, May 13th. Royal Bank Of Canada reissued an "outperform" rating and set a $27.00 price objective on shares of QXO in a research report on Friday, July 10th. Zacks Research lowered shares of QXO from a "hold" rating to a "strong sell" rating in a research note on Thursday, July 9th. Finally, Stephens reduced their target price on shares of QXO from $29.00 to $26.00 and set an "overweight" rating on the stock in a report on Thursday, May 14th. Fifteen investment analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat, QXO has an average rating of "Moderate Buy" and an average price target of $30.57.

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.

Want to see what other hedge funds are holding QXO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for QXO, Inc. (NYSE:QXO - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.