Arkadios Wealth Advisors Invests $180,000 in QXO, Inc. (NASDAQ:QXO)

Key Points

• Arkadios Wealth Advisors made a new investment of $180,000 in QXO, Inc., acquiring 13,270 shares in the first quarter.
• Large investors like JPMorgan Chase & Co. and Wells Fargo & Company have also increased their stakes in QXO significantly, indicating strong institutional interest.
• Despite recent investments, QXO stock is currently down by 0.5%, trading at $19.28, with an average rating of "Buy" from analysts and a price target of approximately $32.71.

Arkadios Wealth Advisors purchased a new stake in QXO, Inc. (NASDAQ:QXO - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 13,270 shares of the company's stock, valued at approximately $180,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. First Horizon Advisors Inc. increased its stake in shares of QXO by 57.4% in the 1st quarter. First Horizon Advisors Inc. now owns 2,790 shares of the company's stock valued at $38,000 after purchasing an additional 1,017 shares in the last quarter. Larson Financial Group LLC acquired a new stake in QXO in the 1st quarter worth about $26,000. Lewis Asset Management LLC boosted its holdings in QXO by 18.3% in the 1st quarter. Lewis Asset Management LLC now owns 12,900 shares of the company's stock worth $175,000 after buying an additional 2,000 shares during the last quarter. Ridgewood Investments LLC acquired a new stake in QXO in the 1st quarter worth about $27,000. Finally, CWM LLC acquired a new stake in QXO in the 1st quarter worth about $27,000. Hedge funds and other institutional investors own 58.68% of the company's stock.

QXO Stock Up 1.2%

NASDAQ:QXO traded up $0.24 during trading hours on Tuesday, reaching $19.51. 843,494 shares of the stock were exchanged, compared to its average volume of 5,685,747. The business has a 50-day moving average of $20.86 and a two-hundred day moving average of $16.32. QXO, Inc. has a twelve month low of $10.62 and a twelve month high of $24.69. The company has a market capitalization of $11.32 billion, a price-to-earnings ratio of -2.14, a PEG ratio of 4.09 and a beta of 2.34.

Analyst Ratings Changes

QXO has been the topic of several research analyst reports. Wells Fargo & Company initiated coverage on QXO in a report on Tuesday, August 5th. They issued an "overweight" rating and a $30.00 price objective on the stock. Citigroup initiated coverage on QXO in a report on Wednesday, July 16th. They issued a "buy" rating and a $33.00 price objective on the stock. Royal Bank Of Canada initiated coverage on QXO in a report on Monday, July 21st. They issued an "outperform" rating and a $33.00 price objective on the stock. Truist Financial assumed coverage on QXO in a report on Tuesday, July 1st. They issued a "buy" rating and a $30.00 price objective on the stock. Finally, Baird R W upgraded QXO to a "strong-buy" rating in a report on Thursday, June 12th. Eight investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Buy" and a consensus price target of $32.71.

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.