QXO, Inc. $QXO Shares Sold by Elevatus Welath Management

Key Points

• Elevatus Wealth Management cut its stake in QXO by 26.7% in Q3, selling 73,184 shares and leaving 200,679 shares worth $3.825M; institutional investors now own 58.68% of the stock, with Vanguard boosting its holding by 91% to 47,192,412 shares (~$1.02B).
• Analysts are mixed but the consensus is a "Moderate Buy" with an average price target of $32.43; QXO recently missed quarterly EPS estimates (reported $0.02 vs. $0.03) and trades around $21.10 with a 52‑week range of $11.97–$27.61 and a $14.95B market cap.

Elevatus Welath Management cut its position in QXO, Inc. (NYSE:QXO - Free Report) by 26.7% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 200,679 shares of the company's stock after selling 73,184 shares during the period. QXO makes up 1.1% of Elevatus Welath Management's holdings, making the stock its 29th largest position. Elevatus Welath Management's holdings in QXO were worth $3,825,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of QXO. Seven Grand Managers LLC acquired a new stake in shares of QXO during the 2nd quarter worth approximately $14,939,000. Intact Investment Management Inc. acquired a new stake in QXO during the third quarter valued at $982,000. Campbell & CO Investment Adviser LLC purchased a new position in QXO in the third quarter valued at $1,006,000. Vanguard Group Inc. boosted its stake in shares of QXO by 91.0% during the 2nd 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 in the last quarter. Finally, Legal & General Group Plc boosted its stake in shares of QXO by 66.7% during the 2nd quarter. Legal & General Group Plc now owns 587,511 shares of the company's stock worth $12,655,000 after acquiring an additional 235,084 shares in the last quarter. Institutional investors and hedge funds own 58.68% of the company's stock.

Analysts Set New Price Targets

QXO has been the subject of a number of analyst reports. Weiss Ratings reaffirmed a "sell (d+)" rating on shares of QXO in a report on Monday, December 29th. William Blair reissued an "outperform" rating on shares of QXO in a research note on Wednesday, December 31st. Wall Street Zen cut shares of QXO from a "hold" rating to a "sell" rating in a research report on Saturday, February 28th. Oppenheimer lifted their target price on shares of QXO from $27.00 to $30.00 and gave the company an "outperform" rating in a research report on Friday, January 16th. Finally, Truist Financial reduced their price target on shares of QXO from $28.00 to $26.00 and set a "buy" rating for the company in a research report on Friday, December 19th. One analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $32.43.

QXO Trading Down 2.2%

Shares of QXO opened at $21.10 on Thursday. QXO, Inc. has a 52-week low of $11.97 and a 52-week high of $27.61. The stock has a market cap of $14.95 billion, a PE ratio of -35.75, a price-to-earnings-growth ratio of 3.44 and a beta of 2.51. The firm's fifty day moving average is $23.76 and its two-hundred day moving average is $21.05. The company has a quick ratio of 2.61, a current ratio of 3.58 and a debt-to-equity ratio of 0.37.

QXO (NYSE:QXO - Get Free Report) last posted its quarterly earnings results on Wednesday, February 25th. The company reported $0.02 earnings per share for the quarter, missing the consensus estimate of $0.03 by ($0.01). QXO had a positive return on equity of 3.45% and a negative net margin of 4.08%.The business had revenue of $2.19 billion during the quarter, compared to analysts' expectations of $2.19 billion. QXO's quarterly revenue was up 14725.0% compared to the same quarter last year. Research analysts forecast that QXO, Inc. will post -0.13 earnings per share for the current fiscal year.

QXO 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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