QXO, Inc. (NASDAQ:QXO) Shares Acquired by Envestnet Asset Management Inc.

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 holdings in shares of QXO, Inc. (NASDAQ:QXO - Free Report) by 38.8% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 192,660 shares of the company's stock after acquiring an additional 53,904 shares during the quarter. Envestnet Asset Management Inc.'s holdings in QXO were worth $2,609,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Blair William & Co. IL bought a new stake in shares of QXO during the fourth quarter valued at approximately $229,000. Barclays PLC bought a new position in shares of QXO in the fourth quarter worth about $1,168,000. Deutsche Bank AG purchased a new stake in shares of QXO during the fourth quarter worth about $255,000. Northern Trust Corp grew its position in shares of QXO by 46.9% during the fourth quarter. Northern Trust Corp now owns 731,610 shares of the company's stock worth $11,633,000 after purchasing an additional 233,538 shares in the last quarter. Finally, Wells Fargo & Company MN boosted 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 valued at $464,000 after buying an additional 21,435 shares during the last quarter. 58.68% of the stock is owned by hedge funds and other institutional investors.

QXO Stock Down 1.9%

Shares of QXO stock traded down $0.38 on Friday, hitting $19.68. The company had a trading volume of 2,573,725 shares, compared to its average volume of 5,682,705. The firm has a market cap of $11.42 billion, a P/E ratio of -2.15, a price-to-earnings-growth ratio of 4.09 and a beta of 2.41. The company has a 50-day moving average price of $20.50 and a 200-day moving average price of $16.04. QXO, Inc. has a twelve month low of $10.61 and a twelve month high of $24.69.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on QXO. Baird R W raised QXO to a "strong-buy" rating in a research note on Thursday, June 12th. Robert W. Baird initiated coverage on QXO in a report on Thursday, June 12th. They issued an "outperform" rating and a $32.00 price target 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 target on the stock. Wolfe Research began coverage on QXO in a report on Friday, June 6th. They issued an "outperform" rating and a $44.00 price target on the stock. Finally, Citigroup began coverage on QXO in a report on Wednesday, July 16th. They set a "buy" rating and a $33.00 price objective on the stock. Seven equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat, QXO has an average rating of "Buy" and an average target price of $33.17.

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.