Raiffeisen Bank International AG Raises Stock Position in QXO, Inc. $QXO

Raiffeisen Bank International AG grew its position in shares of QXO, Inc. (NYSE:QXO) by 100.0% in the second quarter, Holdings Channel reports. The firm owned 180,000 shares of the company’s stock after purchasing an additional 90,000 shares during the period. Raiffeisen Bank International AG’s holdings in QXO were worth $3,208,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in QXO. Schf GPE LLC increased its stake in QXO by 204.3% in the 2nd quarter. Schf GPE LLC now owns 13,319,457 shares of the company’s stock worth $286,901,000 after acquiring an additional 8,943,089 shares during the last quarter. Norges Bank bought a new stake in shares of QXO during the 4th quarter valued at about $140,421,000. Fred Alger Management LLC increased its position in shares of QXO by 75.4% in the fourth quarter. Fred Alger Management LLC now owns 15,923,937 shares of the company’s stock worth $307,173,000 after purchasing an additional 6,844,574 shares during the last quarter. Sound Shore Management Inc. CT bought a new position in shares of QXO in the fourth quarter worth approximately $77,199,000. Finally, Spyglass Capital Management LLC purchased a new stake in shares of QXO during the 2nd quarter valued at $62,961,000. 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 have weighed in on QXO shares. Citigroup lowered their price target on QXO from $28.00 to $25.00 and set a “buy” rating on the stock in a research report on Monday, July 13th. KeyCorp dropped their target price on QXO from $32.00 to $28.00 and set an “overweight” rating for the company in a research report on Wednesday, July 1st. Robert W. Baird cut their target price on QXO from $35.00 to $30.00 and set an “outperform” rating for the company in a research note on Wednesday, May 13th. Wells Fargo & Company set a $18.00 price target on shares of QXO in a research report on Tuesday, July 28th. Finally, Morgan Stanley started 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. Two research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, QXO currently has an average rating of “Moderate Buy” and an average price target of $28.00.

QXO Price Performance

Shares of QXO stock opened at $13.42 on Friday. The company’s fifty day simple moving average is $14.53 and its two-hundred day simple moving average is $17.96. QXO, Inc. has a 12-month low of $12.80 and a 12-month high of $27.61. The firm has a market cap of $13.92 billion, a PE ratio of -14.91, a price-to-earnings-growth ratio of 2.32 and a beta of 2.32. The company has a quick ratio of 3.29, a current ratio of 4.11 and a debt-to-equity ratio of 0.66.

QXO (NYSE:QXO) last issued its quarterly earnings data on Thursday, August 13th. The company reported $0.08 EPS for the quarter, meeting the consensus estimate of $0.08. The firm had revenue of $3.25 billion during the quarter, compared to the consensus estimate of $3.18 billion. QXO had a negative net margin of 5.17% and a positive return on equity of 2.41%. As a group, equities analysts expect that QXO, Inc. will post 0.29 EPS for the current year.

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.