Envestnet Asset Management Inc. Has $2.61 Million Stock Position in QXO, Inc. (NASDAQ:QXO)

Key Points

• Envestnet Asset Management Inc. increased its stake in QXO, Inc. by 38.8% during Q1, now holding 192,660 shares valued at $2.61 million.
• Multiple institutional investors, including First Horizon Advisors and Bessemer Group, have also significantly increased their positions in QXO in recent months, with 58.68% of the stock now owned by such investors.
• Wall Street analysts are optimistic about QXO, with seven analysts issuing a "buy" rating and an average target price of $33.17.

Envestnet Asset Management Inc. grew its position in QXO, Inc. (NASDAQ:QXO - Free Report) by 38.8% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 192,660 shares of the company's stock after buying an additional 53,904 shares during the period. Envestnet Asset Management Inc.'s holdings in QXO were worth $2,609,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. First Horizon Advisors Inc. lifted 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 during the period. Bessemer Group Inc. acquired a new stake in QXO during the 1st quarter worth $52,000. Praxis Investment Management Inc. acquired a new position in QXO in the first quarter valued at about $156,000. Parallel Advisors LLC grew its stake in QXO by 62.2% in the first quarter. Parallel Advisors LLC now owns 11,570 shares of the company's stock valued at $157,000 after acquiring an additional 4,439 shares during the period. Finally, Toronto Dominion Bank acquired a new position in QXO in the fourth quarter valued at about $159,000. 58.68% of the stock is owned by institutional investors and hedge funds.

QXO Stock Down 1.8%

Shares of NASDAQ:QXO opened at $21.78 on Tuesday. The firm has a market cap of $12.64 billion, a P/E ratio of -2.39, a P/E/G ratio of 4.09 and a beta of 2.41. QXO, Inc. has a 12-month low of $10.61 and a 12-month high of $77.00. The business has a fifty day simple moving average of $20.31 and a 200 day simple moving average of $15.94.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on QXO shares. Oppenheimer started coverage on QXO in a research note on Wednesday, June 11th. They issued an "outperform" rating and a $27.00 target price for the company. Truist Financial started coverage on QXO in a research note on Tuesday, July 1st. They issued a "buy" rating and a $30.00 target price for the company. Wolfe Research started coverage on QXO in a research note on Friday, June 6th. They issued an "outperform" rating and a $44.00 target price for the company. Citigroup started coverage on QXO in a research note on Wednesday, July 16th. They issued a "buy" rating and a $33.00 target price for the company. Finally, William Blair assumed coverage on QXO in a research note on Wednesday, June 18th. They issued an "outperform" rating for the company. Seven equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Buy" and an average target price of $33.17.

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.

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