Seven Grand Managers LLC Makes New $14.94 Million Investment in QXO, Inc. $QXO

Key Points

• Seven Grand Managers LLC acquired a new stake of 693,540 shares in QXO valued at approximately $14.94 million in Q2, representing about 0.12% ownership and the stock is its 19th-largest position.
• Major institutional buying included Vanguard raising its stake by 91% to 47,192,412 shares (~$1.02 billion), while multiple other funds boosted positions, leaving institutional ownership at about 58.68%.
• QXO trades near $18.43 with a market cap of $12.43 billion and a negative P/E (-87.73) despite a recent EPS beat and outsized year-over-year revenue growth; analysts have a consensus rating of “Moderate Buy” and an average target of $32.85.

Seven Grand Managers LLC acquired a new stake in QXO, Inc. (NYSE:QXO - Free Report) in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 693,540 shares of the company's stock, valued at approximately $14,939,000. QXO makes up approximately 1.8% of Seven Grand Managers LLC's holdings, making the stock its 19th biggest position. Seven Grand Managers LLC owned 0.12% of QXO as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Cherry Creek Investment Advisors Inc. lifted its stake in QXO by 48.5% during the second quarter. Cherry Creek Investment Advisors Inc. now owns 69,780 shares of the company's stock worth $1,503,000 after purchasing an additional 22,800 shares during the period. Vanguard Group Inc. raised its holdings in shares of QXO by 91.0% in the 2nd quarter. Vanguard Group Inc. now owns 47,192,412 shares of the company's stock worth $1,016,525,000 after buying an additional 22,484,977 shares in the last quarter. Amundi lifted its position in shares of QXO by 26.4% during the 1st quarter. Amundi now owns 715,087 shares of the company's stock worth $9,861,000 after buying an additional 149,504 shares during the period. Brown Miller Wealth Management LLC acquired a new stake in QXO in the 2nd quarter valued at $592,000. Finally, Y Intercept Hong Kong Ltd boosted its stake in QXO by 530.3% in the 2nd quarter. Y Intercept Hong Kong Ltd now owns 376,483 shares of the company's stock valued at $8,109,000 after buying an additional 316,754 shares in the last quarter. 58.68% of the stock is owned by institutional investors.

QXO Stock Performance

QXO stock opened at $18.43 on Tuesday. The stock has a 50-day simple moving average of $18.33 and a 200 day simple moving average of $19.62. The company has a quick ratio of 2.15, a current ratio of 3.00 and a debt-to-equity ratio of 0.38. QXO, Inc. has a 12-month low of $11.85 and a 12-month high of $24.69. The stock has a market capitalization of $12.43 billion, a price-to-earnings ratio of -87.73, a P/E/G ratio of 2.58 and a beta of 2.26.

QXO (NYSE:QXO - Get Free Report) last issued its quarterly earnings data on Thursday, November 6th. The company reported $0.14 EPS for the quarter, topping analysts' consensus estimates of $0.12 by $0.02. QXO had a negative net margin of 1.09% and a positive return on equity of 2.15%. The firm had revenue of $2.73 billion for the quarter, compared to analyst estimates of $2.78 billion. The business's quarterly revenue was up 20726.7% on a year-over-year basis. On average, research analysts anticipate that QXO, Inc. will post -0.13 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. Weiss Ratings reiterated a "sell (d+)" rating on shares of QXO in a research note on Wednesday, November 19th. Vertical Research started coverage on shares of QXO in a report on Tuesday, October 21st. They issued a "buy" rating and a $30.00 target price on the stock. Morgan Stanley started coverage on shares of QXO in a report on Tuesday, September 2nd. They set an "overweight" rating and a $35.00 price target for the company. Wells Fargo & Company started coverage on shares of QXO in a research report on Tuesday, August 5th. They issued an "overweight" rating and a $30.00 price target on the stock. Finally, KeyCorp set a $28.00 price objective on shares of QXO in a research note on Wednesday, October 1st. Two research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, QXO currently has an average rating of "Moderate Buy" and a consensus target price of $32.85.

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.

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