Spyglass Capital Management LLC Invests $62.96 Million in QXO, Inc. $QXO

Key Points

• Spyglass Capital Management initiated a $62.96 million QXO position in the second quarter, buying 3.64 million shares—about 0.35% of the company and 3.4% of its portfolio.
• Institutional ownership remains substantial at 58.68%, with several major investors increasing or initiating positions, including Schf GPE, Norges Bank, Fred Alger Management, Sound Shore Management, and T. Rowe Price.
• QXO shares opened at $13.24, near their 52-week low, despite quarterly revenue of $3.25 billion exceeding estimates. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $28.

Spyglass Capital Management LLC bought a new position in shares of QXO, Inc. (NYSE:QXO - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 3,643,593 shares of the company's stock, valued at approximately $62,961,000. QXO comprises 3.4% of Spyglass Capital Management LLC's portfolio, making the stock its 18th biggest position. Spyglass Capital Management LLC owned about 0.35% of QXO at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the stock. Schf GPE LLC lifted its position 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 worth $286,901,000 after buying an additional 8,943,089 shares in the last quarter. Norges Bank purchased a new position in QXO during the 4th quarter valued at approximately $140,421,000. Fred Alger Management LLC grew its holdings in QXO by 75.4% during the 4th quarter. Fred Alger Management LLC now owns 15,923,937 shares of the company's stock valued at $307,173,000 after buying an additional 6,844,574 shares in the last quarter. Sound Shore Management Inc. CT bought a new stake in QXO in the 4th quarter worth approximately $77,199,000. Finally, T. Rowe Price Investment Management Inc. increased its stake in QXO by 110.4% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 6,513,588 shares of the company's stock worth $125,648,000 after acquiring an additional 3,417,670 shares during the last quarter. 58.68% of the stock is owned by hedge funds and other institutional investors.

QXO Trading Down 2.1%

Shares of QXO stock opened at $13.24 on Tuesday. The company has a market cap of $13.74 billion, a PE ratio of -14.71, a price-to-earnings-growth ratio of 2.33 and a beta of 2.28. QXO, Inc. has a 1 year low of $13.15 and a 1 year high of $27.61. The stock's 50 day simple moving average is $14.84 and its two-hundred day simple moving average is $18.28. The company has a debt-to-equity ratio of 0.66, a current ratio of 4.11 and a quick ratio of 3.29.

QXO (NYSE:QXO - Get Free Report) last announced its earnings results on Thursday, August 13th. The company reported $0.08 EPS for the quarter, hitting analysts' consensus estimates of $0.08. The firm had revenue of $3.25 billion during the quarter, compared to analysts' expectations of $3.18 billion. QXO had a positive return on equity of 2.41% and a negative net margin of 5.17%. Research analysts predict that QXO, Inc. will post 0.29 earnings per share for the current year.

Analyst Upgrades and Downgrades

QXO has been the topic of several recent research reports. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $27.00 price objective on shares of QXO in a report on Friday, July 10th. Citigroup cut their target price on shares of QXO from $28.00 to $25.00 and set a "buy" rating for the company in a report on Monday, July 13th. Stephens reduced their price target on shares of QXO from $29.00 to $26.00 and set an "overweight" rating on the stock in a research report on Thursday, May 14th. Morgan Stanley began coverage on shares of QXO in a research note on Tuesday, August 4th. They set an "overweight" rating and a $35.00 price target on the stock. Finally, KeyCorp lowered their price objective on shares of QXO from $32.00 to $28.00 and set an "overweight" rating for the company in a research report on Wednesday, July 1st. Two analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $28.00.

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.

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