QXO, Inc. $QXO Shares Acquired by Wealth Enhancement Advisory Services LLC

Key Points

• Wealth Enhancement Advisory Services LLC significantly increased its QXO, Inc. holdings by 275.9% in Q2, owning 241,787 shares valued at $5.3 million.
• Institutional investors and hedge funds now own 58.68% of QXO's stock, highlighting strong institutional interest in the company.
• Analysts have a consensus rating of "Buy" for QXO, with an average price target of $33.73 among multiple firms, including Wells Fargo and Citigroup.

Wealth Enhancement Advisory Services LLC lifted its position in shares of QXO, Inc. (NASDAQ:QXO - Free Report) by 275.9% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 241,787 shares of the company's stock after purchasing an additional 177,464 shares during the period. Wealth Enhancement Advisory Services LLC's holdings in QXO were worth $5,314,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Larson Financial Group LLC acquired a new position in shares of QXO during the first quarter worth $26,000. Ridgewood Investments LLC purchased a new position in QXO in the first quarter valued at approximately $27,000. CWM LLC purchased a new position in QXO in the first quarter valued at approximately $27,000. First Horizon Advisors Inc. increased its stake 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 last quarter. Finally, Signaturefd LLC increased its stake in QXO by 533.6% in the first quarter. Signaturefd LLC now owns 3,168 shares of the company's stock valued at $43,000 after purchasing an additional 2,668 shares during the last quarter. Institutional investors and hedge funds own 58.68% of the company's stock.

QXO Price Performance

Shares of NASDAQ QXO opened at $19.26 on Thursday. The stock has a fifty day moving average price of $20.68 and a 200 day moving average price of $17.94. QXO, Inc. has a 1-year low of $11.85 and a 1-year high of $24.69. The company has a market cap of $12.97 billion, a PE ratio of -2.11, a P/E/G ratio of 4.09 and a beta of 2.35.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. Wells Fargo & Company assumed coverage on shares of QXO in a research note on Tuesday, August 5th. They issued an "overweight" rating and a $30.00 price target on the stock. Citigroup assumed coverage on shares of QXO in a research note on Wednesday, July 16th. They issued a "buy" rating and a $33.00 price target on the stock. Stephens assumed coverage on shares of QXO in a research note on Wednesday, August 13th. They issued an "overweight" rating and a $29.00 price target on the stock. Zacks Research lowered shares of QXO from a "strong-buy" rating to a "hold" rating in a research note on Friday, September 12th. Finally, Morgan Stanley assumed coverage on QXO in a report on Tuesday, September 2nd. They issued an "overweight" rating and a $35.00 price objective for the company. Two analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, QXO currently has a consensus rating of "Buy" and an average price target of $33.73.

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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