TIG Advisors LLC Invests $1.05 Million in QXO, Inc. $QXO

Key Points

• TIG Advisors LLC has invested approximately $1.05 million in QXO, Inc. by acquiring 77,578 shares in the first quarter.
• Several institutional investors have increased their stakes in QXO, with the Royal Bank of Canada leading by raising its holdings by 67.5%.
• Analysts have graded QXO positively, with three giving a Strong Buy rating and an average price target of $34.22.

TIG Advisors LLC bought a new position in QXO, Inc. (NASDAQ:QXO - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor bought 77,578 shares of the company's stock, valued at approximately $1,050,000.

Several other institutional investors have also recently made changes to their positions in the company. Royal Bank of Canada raised its position in shares of QXO by 67.5% in the 1st quarter. Royal Bank of Canada now owns 119,688 shares of the company's stock worth $1,620,000 after acquiring an additional 48,248 shares in the last quarter. State of Wyoming raised its position in shares of QXO by 42.4% in the 1st quarter. State of Wyoming now owns 26,135 shares of the company's stock worth $354,000 after acquiring an additional 7,782 shares in the last quarter. OMERS ADMINISTRATION Corp raised its position in shares of QXO by 69.5% in the 1st quarter. OMERS ADMINISTRATION Corp now owns 66,600 shares of the company's stock worth $902,000 after acquiring an additional 27,300 shares in the last quarter. AlphaQuest LLC bought a new position in shares of QXO in the 1st quarter worth approximately $65,000. Finally, Capital Fund Management S.A. bought a new position in shares of QXO in the 1st quarter worth approximately $2,345,000. Institutional investors own 58.68% of the company's stock.

QXO Trading Up 6.7%

QXO traded up $1.39 during trading on Friday, hitting $22.03. 10,045,314 shares of the company's stock traded hands, compared to its average volume of 6,004,271. The company's 50 day simple moving average is $20.86 and its two-hundred day simple moving average is $17.21. QXO, Inc. has a 12-month low of $11.85 and a 12-month high of $24.69. The stock has a market capitalization of $14.84 billion, a price-to-earnings ratio of -2.42, a PEG ratio of 4.09 and a beta of 2.35.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on QXO shares. Raymond James Financial started coverage on QXO in a research report on Friday. They set an "outperform" rating and a $28.00 price objective for the company. Royal Bank Of Canada started coverage on QXO in a research report on Monday, July 21st. They set an "outperform" rating and a $33.00 price objective for the company. Wells Fargo & Company started coverage on QXO in a research report on Tuesday, August 5th. They set an "overweight" rating and a $30.00 price objective for the company. Morgan Stanley started coverage on QXO in a research report on Tuesday. They set an "overweight" rating and a $35.00 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 given a Buy rating to the company's stock. According to MarketBeat, QXO presently has an average rating of "Buy" and an average 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.