T. Rowe Price Investment Management Inc. Sells 1,676,452 Shares of QXO, Inc. $QXO

Key Points

• T. Rowe Price Investment Management Inc. decreased its stake in QXO, Inc. by 15.4%, holding 9,209,741 shares valued at approximately $124.7 million after selling over 1.6 million shares.
• Brokerages have upgraded QXO's rating, with several institutions providing a target price range from $27.00 to $33.00, indicating a consensus average rating of "Buy".
• As of the latest trading session, QXO shares opened at $18.85, experiencing a 2.2% decline, with the stock's market cap at $10.94 billion.

T. Rowe Price Investment Management Inc. lessened its holdings in shares of QXO, Inc. (NASDAQ:QXO - Free Report) by 15.4% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 9,209,741 shares of the company's stock after selling 1,676,452 shares during the quarter. T. Rowe Price Investment Management Inc. owned about 2.06% of QXO worth $124,700,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of QXO. Larson Financial Group LLC bought a new position in shares of QXO in the first quarter valued at approximately $26,000. Ridgewood Investments LLC bought a new position in shares of QXO in the first quarter valued at approximately $27,000. CWM LLC bought a new position in shares of QXO in the first quarter valued at approximately $27,000. First Horizon Advisors Inc. boosted its position in shares of QXO by 57.4% in the first quarter. First Horizon Advisors Inc. now owns 2,790 shares of the company's stock valued at $38,000 after acquiring an additional 1,017 shares during the period. Finally, Signaturefd LLC boosted its position in shares of QXO by 533.6% in the first quarter. Signaturefd LLC now owns 3,168 shares of the company's stock valued at $43,000 after acquiring an additional 2,668 shares during the period. 58.68% of the stock is currently owned by institutional investors.

QXO Stock Performance

Shares of NASDAQ QXO traded up $1.5550 during midday trading on Friday, reaching $20.3750. The stock had a trading volume of 14,481,436 shares, compared to its average volume of 5,897,078. The stock has a 50-day moving average of $21.10 and a 200-day moving average of $16.74. The company has a market capitalization of $13.72 billion, a price-to-earnings ratio of -2.23, a price-to-earnings-growth ratio of 4.09 and a beta of 2.34. QXO, Inc. has a 12-month low of $11.85 and a 12-month high of $24.69.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Royal Bank Of Canada initiated coverage on shares of QXO in a research report on Monday, July 21st. They issued an "outperform" rating and a $33.00 price objective for the company. Baird R W raised shares of QXO to a "strong-buy" rating in a research note on Thursday, June 12th. Wells Fargo & Company initiated coverage on shares of QXO in a research note on Tuesday, August 5th. They issued an "overweight" rating and a $30.00 target price on the stock. Benchmark initiated coverage on shares of QXO in a research note on Friday. They issued a "buy" rating and a $50.00 target price on the stock. Finally, Oppenheimer initiated coverage on shares of QXO in a research note on Wednesday, June 11th. They issued an "outperform" rating and a $27.00 target price on the stock. Two investment analysts have rated the stock with a Strong Buy rating and ten have assigned a Buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Buy" and an average target price of $34.22.

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.