Janney Montgomery Scott LLC Buys New Position in QXO, Inc. (NASDAQ:QXO)

Janney Montgomery Scott LLC acquired a new position in shares of QXO, Inc. (NASDAQ:QXO - Free Report) during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 14,781 shares of the company's stock, valued at approximately $200,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Rhumbline Advisers increased its stake in QXO by 337.5% in the 4th quarter. Rhumbline Advisers now owns 21,000 shares of the company's stock valued at $334,000 after buying an additional 16,200 shares during the last quarter. Bank of New York Mellon Corp lifted its position 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 buying an additional 393,126 shares in the last quarter. Steward Partners Investment Advisory LLC lifted its position 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 buying an additional 34,300 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position 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 buying an additional 14,073 shares in the last quarter. Finally, Victory Capital Management Inc. bought a new stake in QXO during the 4th quarter worth about $2,711,000. 58.68% of the stock is currently owned by institutional investors and hedge funds.

QXO Stock Performance

Shares of NASDAQ QXO traded up $0.39 during mid-day trading on Wednesday, reaching $22.04. The company had a trading volume of 7,260,146 shares, compared to its average volume of 4,067,157. QXO, Inc. has a one year low of $10.61 and a one year high of $157.28. The business's 50-day simple moving average is $18.36 and its 200 day simple moving average is $15.35. The firm has a market cap of $12.79 billion, a price-to-earnings ratio of -2.42, a PEG ratio of 4.09 and a beta of 2.41.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. Wolfe Research assumed coverage on shares of QXO in a research report on Friday, June 6th. They set an "outperform" rating and a $44.00 price target on the stock. William Blair started coverage on shares of QXO in a research report on Wednesday, June 18th. They set an "outperform" rating on the stock. Oppenheimer initiated coverage on shares of QXO in a research report on Wednesday, June 11th. They issued an "outperform" rating and a $27.00 price objective 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 target price on the stock. Finally, Truist Financial assumed coverage on QXO in a report on Tuesday, July 1st. They set a "buy" rating and a $30.00 price target for the company. Five analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Buy" and an average target price of $33.25.

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.