Townsquare Capital LLC Raises Position in QXO, Inc. $QXO

Key Points

• Townsquare Capital LLC increased its stake in QXO, Inc. by 85.6% in Q1, purchasing an additional 14,455 shares, bringing its total ownership to 31,349 shares valued at $424,000.
• QXO currently has a market cap of $11.90 billion and a consensus rating of "Buy" from nine investment analysts, with an average price target of $32.25.
• The stock has recently experienced a 2.4% decline, trading at $20.51, while its 12-month range is between $11.16 and $24.69.

Townsquare Capital LLC increased its position in shares of QXO, Inc. (NASDAQ:QXO - Free Report) by 85.6% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 31,349 shares of the company's stock after acquiring an additional 14,455 shares during the period. Townsquare Capital LLC's holdings in QXO were worth $424,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Larson Financial Group LLC bought a new stake in QXO during the 1st quarter worth $26,000. Ridgewood Investments LLC bought a new stake in QXO during the 1st quarter worth $27,000. CWM LLC bought a new stake in QXO during the 1st quarter worth $27,000. First Horizon Advisors Inc. grew its position in QXO by 57.4% during the 1st quarter. First Horizon Advisors Inc. now owns 2,790 shares of the company's stock worth $38,000 after acquiring an additional 1,017 shares during the last quarter. Finally, Signaturefd LLC grew its position in QXO by 533.6% during the 1st quarter. Signaturefd LLC now owns 3,168 shares of the company's stock worth $43,000 after acquiring an additional 2,668 shares during the last quarter. Institutional investors own 58.68% of the company's stock.

QXO Trading Up 6.7%

QXO stock traded up $1.2540 during trading on Friday, reaching $20.0740. 4,124,811 shares of the stock were exchanged, compared to its average volume of 5,826,613. The firm's 50 day moving average is $21.09 and its 200 day moving average is $16.66. QXO, Inc. has a twelve month low of $11.85 and a twelve month high of $24.69. The firm has a market cap of $11.65 billion, a P/E ratio of -2.20, a price-to-earnings-growth ratio of 4.09 and a beta of 2.34.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on QXO. Truist Financial began coverage on QXO in a research report on Tuesday, July 1st. They set a "buy" rating and a $30.00 price objective on the stock. Royal Bank Of Canada began coverage on QXO in a research report on Monday, July 21st. They issued an "outperform" rating and a $33.00 price target on the stock. Stephens began coverage on QXO in a research report on Wednesday, August 13th. They issued an "overweight" rating and a $29.00 price target on the stock. Wells Fargo & Company began coverage on QXO in a research report on Tuesday, August 5th. They issued an "overweight" rating and a $30.00 price target on the stock. Finally, Citigroup began coverage on QXO in a research report on Wednesday, July 16th. They issued a "buy" rating and a $33.00 price target on the stock. Two analysts have rated the stock with a Strong Buy rating and ten have issued a Buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average price target of $34.22.

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.