QXO, Inc. $QXO Shares Acquired by First Manhattan CO. LLC.

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. raised its stake in shares of QXO, Inc. (NASDAQ:QXO - Free Report) by 121.9% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 29,015 shares of the company's stock after acquiring an additional 15,940 shares during the period. First Manhattan CO. LLC.'s holdings in QXO were worth $393,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the stock. TIG Advisors LLC acquired a new stake in shares of QXO during the first quarter valued at about $1,050,000. Royal Bank of Canada increased its position in shares of QXO by 67.5% during the first quarter. Royal Bank of Canada now owns 119,688 shares of the company's stock valued at $1,620,000 after acquiring an additional 48,248 shares during the last quarter. State of Wyoming increased its position in shares of QXO by 42.4% during the first quarter. State of Wyoming now owns 26,135 shares of the company's stock valued at $354,000 after acquiring an additional 7,782 shares during the last quarter. OMERS ADMINISTRATION Corp increased its position in shares of QXO by 69.5% during the first quarter. OMERS ADMINISTRATION Corp now owns 66,600 shares of the company's stock valued at $902,000 after acquiring an additional 27,300 shares during the last quarter. Finally, AlphaQuest LLC acquired a new stake in shares of QXO during the first quarter valued at about $65,000. 58.68% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

QXO has been the subject of a number of recent analyst reports. Royal Bank Of Canada initiated coverage on shares of QXO in a research report on Monday, July 21st. They set an "outperform" rating and a $33.00 price target for the company. 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 price target for the company. Benchmark upgraded shares of QXO to a "strong-buy" rating in a report on Monday, August 25th. Zacks Research upgraded shares of QXO from a "hold" rating to a "strong-buy" rating in a report on Thursday, August 14th. Finally, Baird R W upgraded shares of QXO to a "strong-buy" rating in a report on Thursday, June 12th. Three research analysts have rated the stock with a Strong Buy rating and ten have issued a Buy rating to the company's stock. Based on data from MarketBeat.com, QXO currently has a consensus rating of "Buy" and an average target price of $34.30.

QXO Stock Down 2.7%

NASDAQ QXO opened at $20.55 on Thursday. QXO, Inc. has a 52 week low of $11.85 and a 52 week high of $24.69. The stock has a market capitalization of $13.84 billion, a PE ratio of -2.25, a price-to-earnings-growth ratio of 4.09 and a beta of 2.35. The firm has a 50 day moving average of $20.85 and a two-hundred day moving average of $17.10.

QXO 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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