Sequoia Financial Advisors LLC Invests $1.61 Million in QXO, Inc. $QXO

Key Points

• Sequoia Financial Advisors disclosed a new position in QXO, buying 82,924 shares worth about $1.61 million in the first quarter.
• Institutional interest in QXO remains significant, with hedge funds and other institutions owning 58.68% of the company’s stock.
• Analysts are mixed but generally constructive: QXO has a Moderate Buy consensus rating with an average price target of $30.57, though some firms have recently cut targets and one downgraded the stock to strong sell.

Sequoia Financial Advisors LLC bought a new stake in shares of QXO, Inc. (NYSE:QXO - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 82,924 shares of the company's stock, valued at approximately $1,610,000.

A number of other institutional investors have also recently made changes to their positions in the stock. Arax Advisory Partners bought a new stake in shares of QXO during the 4th quarter valued at about $25,000. Russell Investments Group Ltd. bought a new position in shares of QXO in the 2nd quarter worth approximately $30,000. Root Financial Partners LLC boosted its holdings in shares of QXO by 73,350.0% in the first quarter. Root Financial Partners LLC now owns 1,469 shares of the company's stock worth $29,000 after buying an additional 1,467 shares during the last quarter. LRI Investments LLC boosted its holdings in shares of QXO by 129.1% in the fourth quarter. LRI Investments LLC now owns 1,482 shares of the company's stock worth $29,000 after buying an additional 835 shares during the last quarter. Finally, Newbridge Financial Services Group Inc. grew its position in QXO by 57.5% during the fourth quarter. Newbridge Financial Services Group Inc. now owns 1,575 shares of the company's stock valued at $30,000 after buying an additional 575 shares during the period. Hedge funds and other institutional investors own 58.68% of the company's stock.

Wall Street Analysts Forecast Growth

QXO has been the topic of several analyst reports. Stephens dropped their price target on shares of QXO from $29.00 to $26.00 and set an "overweight" rating on the stock in a research note on Thursday, May 14th. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $27.00 target price on shares of QXO in a report on Friday, July 10th. Robert W. Baird lowered their target price on QXO from $35.00 to $30.00 and set an "outperform" rating on the stock in a research report on Wednesday, May 13th. Zacks Research lowered QXO from a "hold" rating to a "strong sell" rating in a report on Thursday, July 9th. Finally, Oppenheimer upped 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. Fifteen investment analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $30.57.

QXO Stock Performance

QXO opened at $15.32 on Thursday. The company has a 50 day simple moving average of $16.61 and a two-hundred day simple moving average of $20.32. 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 cap of $11.11 billion, a P/E ratio of -16.84, a PEG ratio of 3.71 and a beta of 2.23. QXO, Inc. has a 1-year low of $13.82 and a 1-year high of $27.61.

QXO (NYSE:QXO - Get Free Report) last announced its quarterly earnings data on Tuesday, May 12th. The company reported ($0.12) EPS for the quarter, missing the consensus estimate of ($0.09) by ($0.03). QXO had a negative net margin of 6.02% and a positive return on equity of 1.91%. The firm had revenue of $1.73 billion for the quarter, compared to the consensus estimate of $1.73 billion. The business's revenue for the quarter was up 12716.3% on a year-over-year basis. Equities analysts forecast that QXO, Inc. will post 0.2 earnings per share for the current fiscal year.

QXO Company 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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