Janney Montgomery Scott LLC Makes New Investment in QXO, Inc. (NASDAQ:QXO)

Janney Montgomery Scott LLC purchased a new stake in shares of QXO, Inc. (NASDAQ:QXO - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 14,781 shares of the company's stock, valued at approximately $200,000.

A number of other institutional investors have also recently made changes to their positions in the company. Rhumbline Advisers lifted its holdings in QXO by 337.5% during the 4th quarter. Rhumbline Advisers now owns 21,000 shares of the company's stock worth $334,000 after purchasing an additional 16,200 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in QXO by 685.6% during the 4th quarter. Bank of New York Mellon Corp now owns 450,467 shares of the company's stock worth $7,162,000 after purchasing an additional 393,126 shares in the last quarter. Steward Partners Investment Advisory LLC lifted its holdings in QXO by 67.7% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 84,945 shares of the company's stock worth $1,351,000 after purchasing an additional 34,300 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in QXO by 0.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,544,224 shares of the company's stock worth $24,553,000 after purchasing an additional 14,073 shares in the last quarter. Finally, Victory Capital Management Inc. purchased a new stake in QXO during the 4th quarter worth about $2,711,000. Hedge funds and other institutional investors own 58.68% of the company's stock.

QXO Stock Down 2.6%

Shares of QXO stock traded down $0.58 during trading on Thursday, hitting $21.46. 5,638,867 shares of the stock traded hands, compared to its average volume of 4,105,725. The stock has a market cap of $12.45 billion, a price-to-earnings ratio of -2.35, a PEG ratio of 4.09 and a beta of 2.41. The firm's fifty day moving average is $18.70 and its 200-day moving average is $15.44. QXO, Inc. has a 52 week low of $10.61 and a 52 week high of $157.28.

Analyst Ratings Changes

A number of analysts recently issued reports on QXO shares. William Blair started coverage on QXO in a report on Wednesday, June 18th. They set an "outperform" rating on the stock. Baird R W raised QXO to a "strong-buy" rating in a report on Thursday, June 12th. Oppenheimer started coverage on QXO in a research report on Wednesday, June 11th. They set an "outperform" rating and a $27.00 price target for the company. Truist Financial started coverage on shares of QXO in a research report on Tuesday, July 1st. They issued a "buy" rating and a $30.00 price objective on the stock. Finally, Wolfe Research started coverage on shares of QXO in a research report on Friday, June 6th. They issued an "outperform" rating and a $44.00 price objective on the stock. Five investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus target price of $33.25.

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.