QXO, Inc. $QXO Stock Holdings Lowered by Driehaus Capital Management LLC

Key Points

• Driehaus Capital Management LLC significantly reduced its stake in QXO, Inc. by 95.5%, now holding only 31,072 shares after selling 657,453 shares during the first quarter.
• Vanguard Group Inc. increased its holdings in QXO by 146.1%, becoming a major institutional investor with a total of 24.7 million shares valued at approximately $334.5 million.
• Wall Street analysts generally view QXO positively, with three ratings of Strong Buy and an average target price of $34.22, indicating strong confidence in the stock's future performance.

Driehaus Capital Management LLC cut its holdings in shares of QXO, Inc. (NASDAQ:QXO - Free Report) by 95.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 31,072 shares of the company's stock after selling 657,453 shares during the quarter. Driehaus Capital Management LLC's holdings in QXO were worth $421,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Larson Financial Group LLC acquired a new position in QXO in the 1st quarter valued at about $26,000. Ridgewood Investments LLC purchased a new stake in QXO during the 1st quarter worth approximately $27,000. CWM LLC acquired a new stake in shares of QXO in the 1st quarter valued at $27,000. First Horizon Advisors Inc. raised its stake in QXO by 57.4% during the 1st quarter. First Horizon Advisors Inc. now owns 2,790 shares of the company's stock worth $38,000 after acquiring an additional 1,017 shares in the last quarter. Finally, Signaturefd LLC raised its stake in QXO by 533.6% during the 1st quarter. Signaturefd LLC now owns 3,168 shares of the company's stock worth $43,000 after acquiring an additional 2,668 shares in the last quarter. 58.68% of the stock is currently owned by institutional investors and hedge funds.

QXO Stock Performance

Shares of NASDAQ QXO traded up $1.39 during midday trading on Friday, hitting $22.03. The company's stock had a trading volume of 10,045,314 shares, compared to its average volume of 6,004,271. QXO, Inc. has a 1-year low of $11.85 and a 1-year high of $24.69. The firm's fifty day moving average price is $20.86 and its 200-day moving average price is $17.24. The firm has a market cap of $14.84 billion, a P/E ratio of -2.42, a P/E/G ratio of 4.09 and a beta of 2.35.

Wall Street Analyst Weigh In

A number of research analysts have commented on QXO shares. Wolfe Research initiated coverage on shares of QXO in a research note on Friday, June 6th. They issued an "outperform" rating and a $44.00 price objective on the stock. Oppenheimer initiated coverage on shares of QXO in a research note on Wednesday, June 11th. They set an "outperform" rating and a $27.00 price objective on the stock. Wells Fargo & Company initiated coverage on shares of QXO in a research note on Tuesday, August 5th. They set an "overweight" rating and a $30.00 price target on the stock. Royal Bank Of Canada initiated coverage on shares of QXO in a research note on Monday, July 21st. They issued an "outperform" rating and a $33.00 target price on the stock. Finally, Raymond James Financial initiated coverage on shares of QXO in a research note on Friday. They issued an "outperform" rating and a $28.00 target price on the stock. Three analysts have rated the stock with a Strong Buy rating and eleven have issued a Buy rating to the company. According to MarketBeat, QXO 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.