Engle Capital Management L.P. Sells 537,954 Shares of QXO, Inc. $QXO

Engle Capital Management L.P. cut its stake in QXO, Inc. (NYSE:QXO) by 60.0% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 358,000 shares of the company’s stock after selling 537,954 shares during the quarter. QXO comprises about 2.7% of Engle Capital Management L.P.’s holdings, making the stock its 14th biggest holding. Engle Capital Management L.P. owned about 0.05% of QXO worth $6,906,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in QXO. Royal Bank of Canada grew its stake in QXO by 67.5% in the first quarter. Royal Bank of Canada now owns 119,688 shares of the company’s stock worth $1,620,000 after purchasing an additional 48,248 shares during the period. AQR Capital Management LLC purchased a new stake in QXO in the first quarter worth $615,000. Millennium Management LLC grew its stake in QXO by 6.6% in the first quarter. Millennium Management LLC now owns 322,115 shares of the company’s stock worth $4,361,000 after purchasing an additional 20,067 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in QXO by 13.3% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 697,889 shares of the company’s stock worth $9,449,000 after purchasing an additional 81,758 shares during the period. Finally, American Century Companies Inc. purchased a new stake in QXO in the second quarter worth $837,000. 58.68% of the stock is currently owned by institutional investors.

QXO Stock Performance

Shares of QXO opened at $16.58 on Thursday. 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 has a market cap of $12.03 billion, a P/E ratio of -18.22, a P/E/G ratio of 4.36 and a beta of 2.30. QXO, Inc. has a 52 week low of $14.75 and a 52 week high of $27.61. The business’s 50 day moving average price is $18.71 and its 200-day moving average price is $20.99.

QXO (NYSE:QXO) last issued its earnings results on Tuesday, May 12th. The company reported ($0.12) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.03). The firm had revenue of $1.73 billion during the quarter, compared to analysts’ expectations of $1.73 billion. QXO had a positive return on equity of 1.91% and a negative net margin of 6.02%.The firm’s revenue was up 12716.3% compared to the same quarter last year. Equities research analysts anticipate that QXO, Inc. will post 0.2 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several brokerages recently weighed in on QXO. Robert W. Baird reduced their price target on QXO from $35.00 to $30.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 13th. Royal Bank Of Canada reduced their price target on QXO from $30.00 to $28.00 and set an “outperform” rating on the stock in a research note on Monday, April 6th. Oppenheimer upped their price target on QXO from $30.00 to $32.00 and gave the stock an “outperform” rating in a research note on Monday, April 27th. BNP Paribas Exane began coverage on QXO in a research note on Monday, March 16th. They issued an “outperform” rating and a $30.00 price target on the stock. Finally, Weiss Ratings reaffirmed a “sell (d)” rating on shares of QXO in a research note on Friday, May 29th. Fifteen research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, QXO has an average rating of “Moderate Buy” and an average target price of $31.14.

QXO 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.