Granahan Investment Management LLC Sells 27,978 Shares of QXO, Inc. $QXO

Key Points

• Granahan Investment Management LLC reduced its stake in QXO, Inc. by 4.3%, selling 27,978 shares and now holding approximately 0.14% of the company's stock worth $8.43 million.
• Multiple analysts have recently upgraded QXO, with the stock receiving three Strong Buy ratings and ten Buy ratings, alongside a consensus price target of $34.30.
• As of the latest report, QXO's stock opened at $20.69, with a market capitalization of $13.93 billion and a one-year price range between $11.85 and $24.69.

Granahan Investment Management LLC trimmed its position in QXO, Inc. (NASDAQ:QXO - Free Report) by 4.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 622,968 shares of the company's stock after selling 27,978 shares during the quarter. Granahan Investment Management LLC owned approximately 0.14% of QXO worth $8,435,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in QXO. Affinity Partners GP LP bought a new stake in QXO in the fourth quarter valued at about $260,941,000. Vanguard Group Inc. grew its stake in QXO by 146.1% in the first quarter. Vanguard Group Inc. now owns 24,707,435 shares of the company's stock valued at $334,539,000 after acquiring an additional 14,667,571 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new position in QXO in the fourth quarter valued at about $9,796,000. Catawba River Capital acquired a new position in QXO in the first quarter valued at about $6,635,000. Finally, Pacer Advisors Inc. acquired a new position in QXO in the first quarter valued at about $6,534,000. 58.68% of the stock is currently owned by institutional investors and hedge funds.

QXO Stock Performance

Shares of NASDAQ QXO traded down $0.49 during trading hours on Tuesday, reaching $21.47. 7,268,814 shares of the stock were exchanged, compared to its average volume of 6,019,961. The firm has a market capitalization of $14.46 billion, a price-to-earnings ratio of -2.35, a P/E/G ratio of 4.09 and a beta of 2.35. QXO, Inc. has a 52 week low of $11.85 and a 52 week high of $24.69. The stock's fifty day simple moving average is $20.87 and its 200 day simple moving average is $17.33.

Analysts Set New Price Targets

Several research analysts have recently weighed in on QXO shares. Zacks Research raised QXO from a "hold" rating to a "strong-buy" rating in a research report on Thursday, August 14th. Baird R W raised QXO to a "strong-buy" rating in a research report on Thursday, June 12th. Oppenheimer started coverage on QXO in a research report on Wednesday, June 11th. They set an "outperform" rating and a $27.00 price objective for the company. 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. Finally, 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. Three investment analysts have rated the stock with a Strong Buy rating and eleven have issued a Buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus 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.