Parsons Capital Management Inc. RI Invests $274,000 in QXO, Inc. $QXO

Key Points

• Parsons Capital Management Inc. invested $274,000 in QXO, Inc., acquiring 12,715 shares in the second quarter, indicating growing institutional interest in the company.
• QXO, Inc. has a market capitalization of $13.63 billion, with its stock experiencing a price-to-earnings ratio of -96.35 and a beta of 2.25, suggesting significant volatility.
• Analyst ratings for QXO include a mix of strong buy and sell ratings, with a consensus rating of "Moderate Buy" and an average price target of $33.25, reflecting varied investor sentiment.

Parsons Capital Management Inc. RI acquired a new stake in QXO, Inc. (NYSE:QXO - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 12,715 shares of the company's stock, valued at approximately $274,000.

Other large investors have also added to or reduced their stakes in the company. Farther Finance Advisors LLC bought a new stake in QXO during the 2nd quarter worth approximately $25,000. Larson Financial Group LLC acquired a new position in shares of QXO during the first quarter worth $26,000. CWM LLC bought a new stake in shares of QXO in the first quarter worth $27,000. Ridgewood Investments LLC acquired a new stake in QXO in the first quarter valued at $27,000. Finally, First Horizon Advisors Inc. increased its holdings in QXO by 57.4% in the first quarter. First Horizon Advisors Inc. now owns 2,790 shares of the company's stock valued at $38,000 after purchasing an additional 1,017 shares during the period. Institutional investors own 58.68% of the company's stock.

QXO Stock Performance

Shares of QXO stock opened at $20.24 on Friday. The firm has a 50 day moving average of $20.29 and a 200-day moving average of $18.24. The company has a market cap of $13.63 billion, a price-to-earnings ratio of -96.35, a price-to-earnings-growth ratio of 2.67 and a beta of 2.25. The company has a quick ratio of 2.15, a current ratio of 3.00 and a debt-to-equity ratio of 0.38. QXO, Inc. has a 52 week low of $11.85 and a 52 week high of $24.69.

Analyst Ratings Changes

Several brokerages have commented on QXO. Zacks Research downgraded QXO from a "strong-buy" rating to a "hold" rating in a report on Friday, September 12th. Robert W. Baird initiated coverage on QXO in a report on Thursday, June 12th. They issued an "outperform" rating and a $32.00 target price on the stock. Truist Financial assumed coverage on shares of QXO in a research report on Tuesday, July 1st. They set a "buy" rating and a $30.00 target price for the company. William Blair assumed coverage on shares of QXO in a research report on Wednesday, June 18th. They issued an "outperform" rating on the stock. Finally, Weiss Ratings reiterated a "sell (d)" rating on shares of QXO in a research report on Saturday, September 27th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, QXO presently has a consensus rating of "Moderate Buy" and an average price target 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.

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