Paralel Advisors LLC Purchases 550,000 Shares of QXO, Inc. $QXO

Paralel Advisors LLC raised its position in QXO, Inc. (NYSE:QXO) by 36.7% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,050,000 shares of the company’s stock after acquiring an additional 550,000 shares during the period. QXO comprises approximately 1.4% of Paralel Advisors LLC’s holdings, making the stock its 15th largest holding. Paralel Advisors LLC owned 0.20% of QXO worth $35,424,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Carnegie Investment Counsel raised its stake in shares of QXO by 38.6% in the 1st quarter. Carnegie Investment Counsel now owns 309,644 shares of the company’s stock valued at $6,013,000 after buying an additional 86,265 shares in the last quarter. CI Investments Inc. boosted its position in shares of QXO by 4.1% during the 1st quarter. CI Investments Inc. now owns 2,598,840 shares of the company’s stock valued at $50,469,000 after acquiring an additional 102,838 shares in the last quarter. Hudson Value Partners LLC increased its stake in QXO by 87.6% in the second quarter. Hudson Value Partners LLC now owns 215,998 shares of the company’s stock valued at $3,732,000 after acquiring an additional 100,856 shares during the period. Griffin Asset Management Inc. acquired a new position in QXO in the first quarter worth about $2,057,000. Finally, Sequoia Financial Advisors LLC acquired a new position in QXO in the first quarter worth about $1,610,000. Institutional investors own 58.68% of the company’s stock.

Analyst Upgrades and Downgrades

QXO has been the topic of a number of recent research reports. Robert W. Baird decreased their price objective on QXO from $35.00 to $30.00 and set an “outperform” rating on the stock in a report on Wednesday, May 13th. Wall Street Zen upgraded QXO from a “strong sell” rating to a “sell” rating in a research report on Saturday, July 25th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of QXO in a research note on Wednesday, August 26th. Wells Fargo & Company set a $18.00 price objective on QXO in a research note on Tuesday, July 28th. Finally, Morgan Stanley assumed coverage on shares of QXO in a research note on Tuesday, August 4th. They issued an “overweight” rating and a $35.00 target price on the stock. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $28.00.

QXO Stock Performance

Shares of NYSE:QXO opened at $13.42 on Monday. The business has a fifty day moving average of $14.53 and a 200-day moving average of $17.90. The company has a debt-to-equity ratio of 0.66, a quick ratio of 3.29 and a current ratio of 4.11. QXO, Inc. has a twelve month low of $12.80 and a twelve 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 2.30 and a beta of 2.32.

QXO (NYSE:QXO) last issued its quarterly earnings results on Thursday, August 13th. The company reported $0.08 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.08. QXO had a negative net margin of 5.17% and a positive return on equity of 2.41%. The business had revenue of $3.25 billion for the quarter, compared to the consensus estimate of $3.18 billion. On average, equities research analysts predict that QXO, Inc. will post 0.29 EPS for the current fiscal 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. 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.