LPL Financial LLC Raises Holdings in QXO, Inc. $QXO

Key Points

• LPL Financial LLC increased its stake in QXO, Inc. by 385.1% in the first quarter, now owning 175,596 shares worth approximately $2.38 million.
• Several other hedge funds recently adjusted their holdings in QXO, with 58.68% of the stock owned by institutional investors, reflecting strong market interest.
• Wall Street analysts show confidence in QXO, with a consensus rating of "Buy" and an average target price of $32.25, signaling anticipated growth.

LPL Financial LLC raised its stake in QXO, Inc. (NASDAQ:QXO - Free Report) by 385.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 175,596 shares of the company's stock after purchasing an additional 139,397 shares during the quarter. LPL Financial LLC's holdings in QXO were worth $2,378,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in QXO. Larson Financial Group LLC purchased a new position in QXO in the first quarter valued at about $26,000. CWM LLC purchased a new position in QXO in the first quarter valued at about $27,000. First Horizon Advisors Inc. increased its position in shares of QXO by 57.4% during the first quarter. First Horizon Advisors Inc. now owns 2,790 shares of the company's stock worth $38,000 after acquiring an additional 1,017 shares during the last quarter. Signaturefd LLC increased its position in shares of QXO by 533.6% during the first quarter. Signaturefd LLC now owns 3,168 shares of the company's stock worth $43,000 after acquiring an additional 2,668 shares during the last quarter. Finally, Bessemer Group Inc. purchased a new stake in shares of QXO during the first quarter worth about $52,000. 58.68% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

QXO has been the topic of a number of analyst reports. Royal Bank Of Canada initiated coverage on QXO in a research report on Monday, July 21st. They set an "outperform" rating and a $33.00 target price on the stock. Oppenheimer initiated coverage on QXO in a research report on Wednesday, June 11th. They set an "outperform" rating and a $27.00 target price on the stock. Truist Financial initiated coverage on QXO in a research report on Tuesday, July 1st. They set a "buy" rating and a $30.00 target price on the stock. Baird R W raised QXO to a "strong-buy" rating in a research report on Thursday, June 12th. Finally, Citigroup initiated coverage on QXO in a research report on Wednesday, July 16th. They set a "buy" rating and a $33.00 target price on the stock. Nine research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, QXO presently has a consensus rating of "Buy" and an average target price of $32.25.

QXO Stock Performance

NASDAQ:QXO opened at $20.59 on Tuesday. The company has a market capitalization of $11.95 billion, a price-to-earnings ratio of -2.26, a price-to-earnings-growth ratio of 4.09 and a beta of 2.34. QXO, Inc. has a one year low of $11.85 and a one year high of $24.69. The stock has a 50-day simple moving average of $21.13 and a 200 day simple moving average of $16.58.

About QXO

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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