QXO, Inc. $QXO Shares Sold by Granahan Investment Management LLC

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

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in QXO. Tudor Investment Corp ET AL purchased a new position in QXO in the 4th quarter worth $700,000. Northern Trust Corp raised its stake in shares of QXO by 46.9% during the 4th quarter. Northern Trust Corp now owns 731,610 shares of the company's stock valued at $11,633,000 after buying an additional 233,538 shares during the last quarter. Schonfeld Strategic Advisors LLC raised its stake in shares of QXO by 153.8% during the 4th quarter. Schonfeld Strategic Advisors LLC now owns 64,406 shares of the company's stock valued at $1,024,000 after buying an additional 39,030 shares during the last quarter. Bank of America Corp DE raised its stake in shares of QXO by 1,162.9% during the 4th quarter. Bank of America Corp DE now owns 285,585 shares of the company's stock valued at $4,541,000 after buying an additional 262,972 shares during the last quarter. Finally, Cetera Investment Advisers raised its stake in shares of QXO by 219.1% during the 4th quarter. Cetera Investment Advisers now owns 37,602 shares of the company's stock valued at $598,000 after buying an additional 25,818 shares during the last quarter. Hedge funds and other institutional investors own 58.68% of the company's stock.

QXO Stock Down 0.5%

Shares of NASDAQ:QXO traded down $0.10 during trading on Wednesday, reaching $21.38. 2,411,797 shares of the company's stock traded hands, compared to its average volume of 5,998,273. QXO, Inc. has a fifty-two week low of $11.85 and a fifty-two week high of $24.69. The firm has a market cap of $14.40 billion, a PE ratio of -2.35, a P/E/G ratio of 4.09 and a beta of 2.35. The company has a 50-day simple moving average of $20.87 and a 200-day simple moving average of $17.36.

Wall Street Analysts Forecast Growth

QXO has been the subject of a number of recent research reports. Morgan Stanley initiated coverage on QXO in a research note on Tuesday, September 2nd. They set an "overweight" rating and a $35.00 price objective for the company. Wolfe Research initiated coverage on QXO in a research note on Friday, June 6th. They set an "outperform" rating and a $44.00 price objective for the company. Zacks Research upgraded QXO from a "hold" rating to a "strong-buy" rating in a research note on Thursday, August 14th. Baird R W upgraded QXO to a "strong-buy" rating in a research note on Thursday, June 12th. Finally, Robert W. Baird initiated coverage on QXO in a research note on Thursday, June 12th. They set an "outperform" rating and a $32.00 price objective for the company. Three investment analysts have rated the stock with a Strong Buy rating and eleven have assigned a Buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Buy" and an average price target of $33.73.

About QXO

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.