QXO, Inc. $QXO Shares Bought by LPL Financial LLC

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

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

QXO Price Performance

NASDAQ QXO traded up $1.5550 during mid-day trading on Friday, hitting $20.3750. The stock had a trading volume of 14,481,436 shares, compared to its average volume of 5,897,078. QXO, Inc. has a twelve month low of $11.85 and a twelve month high of $24.69. The stock has a market capitalization of $13.72 billion, a price-to-earnings ratio of -2.23, a PEG ratio of 4.09 and a beta of 2.34. The firm's 50 day moving average is $21.10 and its 200 day moving average is $16.72.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. William Blair initiated coverage on QXO in a research report on Wednesday, June 18th. They set an "outperform" rating for the company. Wells Fargo & Company initiated coverage on QXO in a report on Tuesday, August 5th. They set an "overweight" rating and a $30.00 price objective for the company. Zacks Research raised shares of QXO from a "hold" rating to a "strong-buy" rating in a research note on Thursday, August 14th. Wolfe Research started coverage on shares of QXO in a research note on Friday, June 6th. They issued an "outperform" rating and a $44.00 price objective for the company. Finally, Citigroup began coverage on shares of QXO in a research note on Wednesday, July 16th. They issued a "buy" rating and a $33.00 target price for the company. Two investment analysts have rated the stock with a Strong Buy rating and ten have given a Buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average target price of $34.22.

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.