Meridian Wealth Management LLC Boosts Stake in QXO, Inc. $QXO

Meridian Wealth Management LLC grew its stake in QXO, Inc. (NYSE:QXO) by 33.7% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 105,056 shares of the company’s stock after acquiring an additional 26,470 shares during the quarter. Meridian Wealth Management LLC’s holdings in QXO were worth $2,263,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in QXO. Farther Finance Advisors LLC purchased a new position in shares of QXO in the second quarter worth $25,000. American Capital Advisory LLC increased its position in shares of QXO by 258.0% in the 2nd quarter. American Capital Advisory LLC now owns 1,167 shares of the company’s stock valued at $25,000 after acquiring an additional 841 shares during the period. Allworth Financial LP raised its stake in QXO by 1,740.9% in the 2nd quarter. Allworth Financial LP now owns 1,215 shares of the company’s stock worth $26,000 after acquiring an additional 1,149 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in QXO during the 2nd quarter worth about $28,000. Finally, Larson Financial Group LLC purchased a new stake in QXO during the 1st quarter valued at about $26,000. 58.68% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the company. Morgan Stanley initiated coverage on QXO in a research report on Tuesday, September 2nd. They issued an “overweight” rating and a $35.00 target price on the stock. Truist Financial cut their price objective on shares of QXO from $30.00 to $28.00 and set a “buy” rating on the stock in a research note on Thursday, October 9th. Vertical Research assumed coverage on shares of QXO in a research report on Tuesday, October 21st. They set a “buy” rating and a $30.00 target price for the company. Wells Fargo & Company assumed coverage on shares of QXO in a report on Tuesday, August 5th. They issued an “overweight” rating and a $30.00 price target on the stock. Finally, Zacks Research lowered QXO from a “strong-buy” rating to a “hold” rating in a research note on Friday, September 12th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $32.85.

QXO Stock Down 0.1%

QXO stock opened at $17.47 on Friday. QXO, Inc. has a one year low of $11.85 and a one year high of $24.69. The company has a debt-to-equity ratio of 0.38, a quick ratio of 2.15 and a current ratio of 3.00. The firm’s fifty day moving average is $19.14 and its 200 day moving average is $19.34. The firm has a market cap of $11.78 billion, a PE ratio of -83.16, a P/E/G ratio of 2.58 and a beta of 2.26.

QXO (NYSE:QXO) last posted its earnings results on Thursday, November 6th. The company reported $0.14 earnings per share (EPS) for the quarter, topping the consensus estimate 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 business had revenue of $2.73 billion for the quarter, compared to analyst estimates of $2.78 billion. The firm’s revenue was up 20726.7% on a year-over-year basis. On average, research analysts forecast that QXO, Inc. will post -0.13 EPS for the current year.

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.