First Manhattan CO. LLC. Buys 15,940 Shares of QXO, Inc. $QXO

Key Points

• First Manhattan CO. LLC. increased its stake in QXO, Inc. by 121.9% during the first quarter, acquiring an additional 15,940 shares, bringing its total holdings to 29,015 shares worth $393,000.
• Several other institutional investors have also boosted their positions in QXO, with 58.68% of the stock now held by such investors.
• Analysts have recently upgraded QXO's rating to "strong-buy" and set an average target price of $34.30, indicating positive sentiment towards the company.

First Manhattan CO. LLC. boosted its position in QXO, Inc. (NASDAQ:QXO - Free Report) by 121.9% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 29,015 shares of the company's stock after purchasing an additional 15,940 shares during the quarter. First Manhattan CO. LLC.'s holdings in QXO were worth $393,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also added to or reduced their stakes in the company. Larson Financial Group LLC purchased a new position in QXO in the 1st quarter worth $26,000. Ridgewood Investments LLC bought a new stake in shares of QXO in the 1st quarter worth approximately $27,000. CWM LLC bought a new stake in shares of QXO in the 1st quarter worth approximately $27,000. First Horizon Advisors Inc. lifted its position in QXO by 57.4% in 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 in the last quarter. Finally, Signaturefd LLC lifted its position in QXO by 533.6% in the 1st quarter. Signaturefd LLC now owns 3,168 shares of the company's stock valued at $43,000 after acquiring an additional 2,668 shares in the last quarter. Institutional investors own 58.68% of the company's stock.

QXO Stock Down 2.9%

QXO traded down $0.64 on Tuesday, hitting $21.33. The company had a trading volume of 3,091,307 shares, compared to its average volume of 5,994,143. The company has a market cap of $14.36 billion, a PE ratio of -2.34, a PEG ratio of 4.09 and a beta of 2.35. QXO, Inc. has a 12-month low of $11.85 and a 12-month high of $24.69. The business's fifty day simple moving average is $20.87 and its 200 day simple moving average is $17.33.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on QXO shares. Robert W. Baird started coverage on QXO in a research report on Thursday, June 12th. They set an "outperform" rating and a $32.00 price objective on the stock. Zacks Research raised QXO from a "hold" rating to a "strong-buy" rating in a report on Thursday, August 14th. Citigroup assumed coverage on QXO in a report on Wednesday, July 16th. They set a "buy" rating and a $33.00 price target on the stock. Oppenheimer assumed coverage on QXO in a research note on Wednesday, June 11th. They issued an "outperform" rating and a $27.00 price objective on the stock. Finally, Wolfe Research initiated coverage on QXO in a research note on Friday, June 6th. They issued an "outperform" rating and a $44.00 price target for the company. Three equities research analysts have rated the stock with a Strong Buy rating and eleven have given a Buy rating to the company. According to MarketBeat, the company currently has an average rating of "Buy" and an average price target of $33.73.

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.