QXO, Inc. $QXO Shares Purchased by Lewis Asset Management LLC

Key Points

• Lewis Asset Management LLC increased its holdings in QXO, Inc. by 886.3% during the second quarter, owning 127,230 shares valued at approximately $2.74 million at the end of the quarter.
• Multiple hedge funds also increased their stakes, with Bank of America Corp DE boosting its position by 1,162.9%, acquiring 285,585 shares worth about $4.54 million.
• QXO's stock has received mostly positive ratings from analysts, with a consensus "Buy" rating and an average target price of $33.73, indicating strong market confidence in the company.

Lewis Asset Management LLC increased its position in shares of QXO, Inc. (NASDAQ:QXO - Free Report) by 886.3% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 127,230 shares of the company's stock after acquiring an additional 114,330 shares during the period. QXO makes up about 1.3% of Lewis Asset Management LLC's investment portfolio, making the stock its 17th largest position. Lewis Asset Management LLC's holdings in QXO were worth $2,741,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of QXO. Bank of America Corp DE boosted its position in shares of QXO by 1,162.9% in the 4th quarter. Bank of America Corp DE now owns 285,585 shares of the company's stock valued at $4,541,000 after purchasing an additional 262,972 shares during the period. Cetera Investment Advisers boosted its position in shares of QXO by 219.1% in the 4th quarter. Cetera Investment Advisers now owns 37,602 shares of the company's stock valued at $598,000 after purchasing an additional 25,818 shares during the period. Deutsche Bank AG acquired a new position in shares of QXO in the 4th quarter valued at $255,000. Toronto Dominion Bank acquired a new position in shares of QXO in the 4th quarter valued at $159,000. Finally, Squarepoint Ops LLC boosted its position in shares of QXO by 173.0% in the 4th quarter. Squarepoint Ops LLC now owns 291,054 shares of the company's stock valued at $4,628,000 after purchasing an additional 184,453 shares during the period. 58.68% of the stock is owned by institutional investors and hedge funds.

QXO Stock Performance

Shares of QXO stock opened at $20.63 on Friday. The stock's 50 day simple moving average is $20.77 and its 200 day simple moving average is $17.84. QXO, Inc. has a twelve month low of $11.85 and a twelve month high of $24.69. The company has a market capitalization of $13.90 billion, a price-to-earnings ratio of -2.26, a PEG ratio of 4.09 and a beta of 2.35.

Analyst Ratings Changes

A number of equities research analysts have 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 for the company. Benchmark upgraded QXO to a "strong-buy" rating in a research report on Monday, August 25th. Wolfe Research started coverage on QXO in a research report on Friday, June 6th. They set an "outperform" rating and a $44.00 price objective for the company. Citigroup started coverage on QXO in a research report on Wednesday, July 16th. They set a "buy" rating and a $33.00 price objective for the company. Finally, Truist Financial started coverage on QXO in a research report on Tuesday, July 1st. They set a "buy" rating and a $30.00 price objective for the company. Two research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Buy" and an average target price of $33.73.

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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