Summit Trail Advisors LLC Grows Stock Holdings in QXO, Inc. (NASDAQ:QXO)

Summit Trail Advisors LLC increased its stake in shares of QXO, Inc. (NASDAQ:QXO - Free Report) by 52.0% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 176,325 shares of the company's stock after purchasing an additional 60,358 shares during the quarter. Summit Trail Advisors LLC's holdings in QXO were worth $2,387,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in the company. Bessemer Group Inc. purchased a new stake in shares of QXO during the first quarter worth about $52,000. Praxis Investment Management Inc. acquired a new stake in QXO during the first quarter worth approximately $156,000. Parallel Advisors LLC grew its stake in QXO by 62.2% in the 1st quarter. Parallel Advisors LLC now owns 11,570 shares of the company's stock worth $157,000 after acquiring an additional 4,439 shares during the period. Toronto Dominion Bank acquired a new position in QXO in the 4th quarter valued at $159,000. Finally, Invesco Ltd. acquired a new position in QXO in the 4th quarter valued at $164,000. Institutional investors and hedge funds own 58.68% of the company's stock.

Analysts Set New Price Targets

QXO has been the topic of several analyst reports. Wolfe Research began coverage on QXO in a report on Friday, June 6th. They set an "outperform" rating and a $44.00 price objective on the stock. William Blair started coverage on QXO in a research note on Wednesday, June 18th. They issued an "outperform" rating on the stock. Baird R W upgraded QXO to a "strong-buy" rating in a report on Thursday, June 12th. Truist Financial assumed coverage on shares of QXO in a report on Tuesday. They set a "buy" rating and a $30.00 price objective on the stock. Finally, Robert W. Baird started coverage on shares of QXO in a research report on Thursday, June 12th. They issued an "outperform" rating and a $32.00 target price on the stock. Five investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, QXO presently has an average rating of "Buy" and a consensus price target of $33.25.

QXO Stock Performance

QXO stock traded down $0.34 during midday trading on Tuesday, reaching $21.20. The stock had a trading volume of 12,286,298 shares, compared to its average volume of 3,933,285. The stock's 50-day simple moving average is $17.30 and its 200 day simple moving average is $15.11. QXO, Inc. has a twelve month low of $10.61 and a twelve month high of $157.28. The stock has a market capitalization of $12.26 billion, a PE ratio of -2.32, a price-to-earnings-growth ratio of 4.09 and a beta of 2.38.

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.