QXO (NASDAQ:QXO) Coverage Initiated at Benchmark

Key Points

• Benchmark has initiated coverage on QXO (NASDAQ:QXO), assigning a buy rating and a price target of $50.00, suggesting a potential upside of 165.28% from current levels.
• The stock has received multiple favorable ratings from other analysts, with the average price target now at $34.22 and 12 analysts rating it as either strong buy or buy.
• QXO, a company focused on business application and consulting services, has seen significant institutional involvement, with over 58.68% of its stock owned by institutional investors and hedge funds.

Benchmark started coverage on shares of QXO (NASDAQ:QXO - Free Report) in a research report released on Friday, Marketbeat reports. The firm issued a buy rating and a $50.00 target price on the stock.

Several other brokerages have also recently issued reports on QXO. Oppenheimer assumed coverage on QXO in a research note on Wednesday, June 11th. They set an "outperform" rating and a $27.00 price objective on the stock. Robert W. Baird assumed coverage on QXO in a research note on Thursday, June 12th. They set an "outperform" rating and a $32.00 price objective on the stock. Wolfe Research assumed coverage on QXO in a research note on Friday, June 6th. They set an "outperform" rating and a $44.00 price objective on the stock. Stephens started coverage on QXO in a research note on Wednesday, August 13th. They set an "overweight" rating and a $29.00 price objective on the stock. Finally, Citigroup started coverage on QXO in a report on Wednesday, July 16th. They issued a "buy" rating and a $33.00 price target on the stock. Two equities research analysts have rated the stock with a Strong Buy rating and ten have assigned a Buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Buy" and an average price target of $34.22.

QXO Trading Up 8.3%

NASDAQ QXO traded up $1.5550 during trading hours on Friday, reaching $20.3750. 14,481,436 shares of the company traded hands, compared to its average volume of 5,897,078. QXO has a 12 month low of $11.85 and a 12 month high of $24.69. The stock has a market capitalization of $13.72 billion, a PE ratio of -2.23, a PEG ratio of 4.09 and a beta of 2.34. The company has a 50 day moving average of $21.10 and a two-hundred day moving average of $16.74.

Institutional Investors Weigh In On QXO

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Castleark Management LLC acquired a new stake in shares of QXO during the second quarter worth $4,936,000. FORA Capital LLC acquired a new stake in shares of QXO during the second quarter worth $7,554,000. Tower Research Capital LLC TRC acquired a new stake in shares of QXO during the second quarter worth $71,000. Sender Co & Partners Inc. acquired a new stake in shares of QXO during the second quarter worth $373,000. Finally, Captrust Financial Advisors raised its position in shares of QXO by 64.6% during the second quarter. Captrust Financial Advisors now owns 296,816 shares of the company's stock worth $6,393,000 after purchasing an additional 116,456 shares during the period. 58.68% of the stock is owned by institutional investors and hedge funds.

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.