Zweig DiMenna Associates LLC Buys New Shares in QXO, Inc. $QXO

Key Points

• Zweig DiMenna Associates LLC opened a new position in QXO during the first quarter, buying 582,500 shares valued at about $11.3 million. The stake represented roughly 1.6% of its portfolio.
• QXO reported EPS of -$0.12 for the latest quarter, missing analyst estimates, while revenue came in at $1.73 billion in line with expectations. The company also posted a negative net margin and remains unprofitable.
• Analyst sentiment is mixed but leans positive overall: the stock has a Moderate Buy consensus with a $30.57 average price target, even as some firms recently downgraded or reiterated sell ratings.

Zweig DiMenna Associates LLC bought a new position in shares of QXO, Inc. (NYSE:QXO - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor bought 582,500 shares of the company's stock, valued at approximately $11,312,000. QXO makes up approximately 1.6% of Zweig DiMenna Associates LLC's portfolio, making the stock its 21st largest position. Zweig DiMenna Associates LLC owned about 0.08% of QXO as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently bought and sold shares of the company. Sanctuary Advisors LLC grew its stake in QXO by 42.4% in the first quarter. Sanctuary Advisors LLC now owns 45,727 shares of the company's stock valued at $888,000 after purchasing an additional 13,611 shares in the last quarter. Sigma Planning Corp raised its stake in shares of QXO by 28.3% during the 1st quarter. Sigma Planning Corp now owns 46,772 shares of the company's stock worth $908,000 after purchasing an additional 10,304 shares in the last quarter. Cornerstone Advisory LLC raised its stake in shares of QXO by 17.2% during the 1st quarter. Cornerstone Advisory LLC now owns 41,502 shares of the company's stock worth $806,000 after purchasing an additional 6,102 shares in the last quarter. Maryland State Retirement & Pension System boosted its holdings in shares of QXO by 9.1% in the 1st quarter. Maryland State Retirement & Pension System now owns 32,286 shares of the company's stock valued at $627,000 after buying an additional 2,690 shares during the last quarter. Finally, Bleakley Financial Group LLC acquired a new stake in shares of QXO in the 1st quarter valued at approximately $232,000. 58.68% of the stock is owned by institutional investors and hedge funds.

QXO Price Performance

NYSE:QXO opened at $14.44 on Wednesday. The company has a quick ratio of 2.47, a current ratio of 3.33 and a debt-to-equity ratio of 0.35. The stock's 50 day moving average price is $16.69 and its two-hundred day moving average price is $20.36. The firm has a market capitalization of $10.47 billion, a price-to-earnings ratio of -15.86, a P/E/G ratio of 3.56 and a beta of 2.23. QXO, Inc. has a 12-month low of $13.82 and a 12-month high of $27.61.

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

Analyst Upgrades and Downgrades

Several research firms recently weighed in on QXO. Zacks Research cut shares of QXO from a "hold" rating to a "strong sell" rating in a research note on Thursday, July 9th. Oppenheimer upped their price target on shares of QXO from $30.00 to $32.00 and gave the stock an "outperform" rating in a research report on Monday, April 27th. Weiss Ratings reiterated a "sell (d)" rating on shares of QXO in a research note on Friday, May 29th. Wall Street Zen raised shares of QXO from a "strong sell" rating to a "sell" rating in a research report on Sunday, May 17th. Finally, Stephens decreased their price objective on shares of QXO from $29.00 to $26.00 and set an "overweight" rating for the company in a research report on Thursday, May 14th. Fifteen analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price 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.

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