8,725,390 Shares in QXO, Inc. $QXO Purchased by Blue Investment Opportunities LLC Project Breeze Series 1

Key Points

• Blue Investment Opportunities LLC Project Breeze Series 1 has acquired a significant stake in QXO, Inc., purchasing approximately 8.7 million shares valued at about $118 million, making it the largest holding in their portfolio.
• Major institutional investors, including Vanguard Group Inc., have substantially increased their holdings in QXO, with Vanguard alone growing its stake by 146.1% in the first quarter.
• The stock has received positive analyst ratings, with an average rating of "Buy" and a target price of around $33.73, alongside multiple firms initiating coverage with price objectives up to $44.00.

Blue Investment Opportunities LLC Project Breeze Series 1 purchased a new position in QXO, Inc. (NASDAQ:QXO - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 8,725,390 shares of the company's stock, valued at approximately $118,142,000. QXO makes up 100.0% of Blue Investment Opportunities LLC Project Breeze Series 1's holdings, making the stock its largest holding. Blue Investment Opportunities LLC Project Breeze Series 1 owned 1.95% of QXO as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. Larson Financial Group LLC purchased a new stake in QXO in the 1st quarter worth $26,000. Ridgewood Investments LLC bought a new position in shares of QXO during the 1st quarter valued at about $27,000. CWM LLC bought a new position in shares of QXO during the 1st quarter valued at about $27,000. First Horizon Advisors Inc. boosted its holdings in shares of QXO by 57.4% during 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 during the last quarter. Finally, Signaturefd LLC boosted its holdings in shares of QXO by 533.6% during the 1st quarter. Signaturefd LLC now owns 3,168 shares of the company's stock valued at $43,000 after purchasing an additional 2,668 shares during the last quarter. Hedge funds and other institutional investors own 58.68% of the company's stock.

QXO Stock Down 2.2%

QXO stock traded down $0.47 during midday trading on Friday, reaching $20.79. The stock had a trading volume of 6,252,873 shares, compared to its average volume of 6,029,027. QXO, Inc. has a 52-week low of $11.85 and a 52-week high of $24.69. The firm has a market cap of $14.01 billion, a price-to-earnings ratio of -2.28, a price-to-earnings-growth ratio of 4.09 and a beta of 2.35. The company has a fifty day moving average of $20.83 and a 200 day moving average of $17.55.

Wall Street Analyst Weigh In

Several research analysts have commented on QXO shares. Oppenheimer started coverage on shares of QXO in a report on Wednesday, June 11th. They set an "outperform" rating and a $27.00 price objective for the company. Raymond James Financial initiated coverage on shares of QXO in a report on Friday, September 5th. They issued an "outperform" rating and a $28.00 price target for the company. Robert W. Baird initiated coverage on shares of QXO in a report on Thursday, June 12th. They issued an "outperform" rating and a $32.00 price target for the company. Truist Financial initiated coverage on shares of QXO in a report on Tuesday, July 1st. They issued a "buy" rating and a $30.00 price target for the company. Finally, Morgan Stanley initiated coverage on shares of QXO in a report on Tuesday, September 2nd. They issued an "overweight" rating and a $35.00 price target for the company. Three investment analysts have rated the stock with a Strong Buy rating and eleven have assigned a Buy rating to the company's stock. According to MarketBeat, QXO presently has a consensus rating of "Buy" and a consensus target price of $33.73.

QXO 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.