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 assumed coverage on shares of QXO (NASDAQ:QXO - Free Report) in a research note published on Friday, MarketBeat reports. The firm issued a buy rating and a $50.00 price objective on the stock.

Other research analysts also recently issued reports about the company. Stephens started coverage on QXO in a research note on Wednesday, August 13th. They issued an "overweight" rating and a $29.00 price target for the company. Robert W. Baird assumed coverage on QXO in a research note on Thursday, June 12th. They issued an "outperform" rating and a $32.00 price target for the company. Zacks Research upgraded QXO from a "hold" rating to a "strong-buy" rating in a research note on Thursday, August 14th. Royal Bank Of Canada initiated coverage on QXO in a research report on Monday, July 21st. They set an "outperform" rating and a $33.00 price objective on the stock. Finally, Wells Fargo & Company initiated coverage on QXO in a research report on Tuesday, August 5th. They issued an "overweight" rating and a $30.00 price target on the stock. Three equities research analysts have rated the stock with a Strong Buy rating and nine have issued a Buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus target price of $34.22.

QXO Trading Up 1.7%

Shares of QXO traded up $0.35 during trading hours on Friday, hitting $21.28. 3,396,625 shares of the stock traded hands, compared to its average volume of 5,923,206. The business has a fifty day moving average of $21.14 and a 200-day moving average of $16.82. The firm has a market capitalization of $14.33 billion, a PE ratio of -2.34, a price-to-earnings-growth ratio of 4.09 and a beta of 2.34. QXO has a 1-year low of $11.85 and a 1-year high of $24.69.

Institutional Investors Weigh In On QXO

Several large investors have recently added to or reduced their stakes in QXO. Wells Fargo & Company MN lifted its stake in QXO by 277.5% during the fourth quarter. Wells Fargo & Company MN now owns 29,159 shares of the company's stock worth $464,000 after purchasing an additional 21,435 shares during the last quarter. Envestnet Asset Management Inc. grew its holdings in shares of QXO by 26.8% during the 4th quarter. Envestnet Asset Management Inc. now owns 138,756 shares of the company's stock worth $2,206,000 after acquiring an additional 29,311 shares during the period. Invesco Ltd. purchased a new position in shares of QXO during the 4th quarter worth approximately $164,000. Raymond James Financial Inc. purchased a new position in shares of QXO during the 4th quarter worth approximately $1,235,000. Finally, Barclays PLC bought a new stake in shares of QXO in the 4th quarter worth approximately $1,168,000. Institutional investors own 58.68% of the company's stock.

QXO Company 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.