Nordwand Advisors LLC has made headlines by acquiring a notable stake in QXO, Inc. (NYSE:QXO), as detailed in their latest Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 290,750 shares, which amounts to an investment of approximately $5,542,000.
This acquisition comes amid a flurry of activity from other hedge funds regarding QXO shares. Cherry Creek Investment Advisors Inc. increased its stake by an impressive 48.5% during the second quarter, acquiring an additional 22,800 shares, bringing their total to 69,780 shares valued at $1,503,000. Seven Grand Managers LLC has also entered the fray, purchasing a new position worth $14,939,000. Vanguard Group Inc. expanded its holdings by 91.0% during the same period, totaling 47,192,412 shares valued at $1,016,525,000 after adding almost 22.5 million shares. Additionally, Legal & General Group Plc lifted its stake by 66.7%, reaching ownership of 587,511 shares worth $12,655,000, and Brown Miller Wealth Management LLC invested $592,000 in a new stake. Notably, hedge funds and institutional investors collectively hold 58.68% of QXO’s stock.
As of Tuesday, QXO shares were trading down by 4.8% at $23.82. The company boasts a market cap of $16.06 billion and has a price-to-earnings (P/E) ratio of -54.14. Over the past year, the stock has fluctuated between a low of $11.85 and a high of $26.24, reflecting significant volatility and interest in this company’s potential.
QXO recently reported its earnings, revealing earnings per share (EPS) of $0.14 for the quarter, exceeding analysts’ expectations of $0.12. Despite a negative net margin of 3.81%, the company recorded a remarkable year-over-year revenue increase of 20726.7%, totaling $2.73 billion, albeit slightly below analysts’ expectations of $2.78 billion. Analysts predict that QXO will report -0.13 EPS for the current fiscal year.
Various research firms have weighed in on QXO’s prospects. Benchmark reiterated a “buy” rating, while Truist Financial adjusted its price target from $28.00 to $26.00, maintaining a “buy” outlook. Citigroup also lowered its price objective while keeping a “buy” rating, and Loop Capital has begun covering QXO with a “buy” rating and a target price of $31.00. The consensus among analysts indicates a “Moderate Buy” rating for the stock, with an average price target of $32.43.
Operating in North America, QXO, Inc. specializes in business applications, technology, and consulting services. Their service offerings include solutions for accounting, financial reporting, enterprise resource planning, human capital management, and more. They also provide IT managed services, including cybersecurity and cloud solutions, enhancing their portfolio and market appeal.
The influx of investments and strong analyst support for QXO suggests a positive outlook for the company despite some recent fluctuations in share price.