QXO, Inc. $QXO Shares Acquired by Vanguard Group Inc.

Key Points

• Vanguard Group Inc. significantly increased its holdings in QXO, Inc. by 146.1%, owning 24,707,435 shares worth approximately $334.54 million as of its latest SEC filing.
• Numerous hedge funds have recently adjusted their positions in QXO, with institutional investors now owning 58.68% of the stock.
• Analysts have a consensus rating of "Buy" for QXO, with target prices ranging from $27.00 to $44.00, indicating strong market optimism.

Vanguard Group Inc. raised its position in QXO, Inc. (NASDAQ:QXO - Free Report) by 146.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 24,707,435 shares of the company's stock after purchasing an additional 14,667,571 shares during the quarter. Vanguard Group Inc. owned about 5.53% of QXO worth $334,539,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Barclays PLC acquired a new position in shares of QXO in the 4th quarter worth approximately $1,168,000. Deutsche Bank AG purchased a new stake in QXO during the 4th quarter worth approximately $255,000. Northern Trust Corp increased its stake in QXO by 46.9% during the 4th quarter. Northern Trust Corp now owns 731,610 shares of the company's stock worth $11,633,000 after buying an additional 233,538 shares during the period. Wells Fargo & Company MN increased its stake in QXO by 277.5% during the 4th quarter. Wells Fargo & Company MN now owns 29,159 shares of the company's stock worth $464,000 after buying an additional 21,435 shares during the period. Finally, Raymond James Financial Inc. purchased a new stake in QXO during the 4th quarter worth approximately $1,235,000. 58.68% of the stock is currently owned by institutional investors and hedge funds.

QXO Stock Performance

Shares of NASDAQ:QXO traded down $0.2840 during trading hours on Tuesday, reaching $20.3460. The stock had a trading volume of 6,708,795 shares, compared to its average volume of 5,785,807. The firm's 50 day moving average is $21.13 and its 200-day moving average is $16.58. QXO, Inc. has a 1 year low of $11.85 and a 1 year high of $24.69. The stock has a market capitalization of $11.81 billion, a price-to-earnings ratio of -2.23, a P/E/G ratio of 4.09 and a beta of 2.34.

Analyst Ratings Changes

Several equities research analysts recently weighed in on QXO shares. William Blair started coverage on shares of QXO in a research note on Wednesday, June 18th. They set an "outperform" rating on the stock. Truist Financial started coverage on shares of QXO in a research note on Tuesday, July 1st. They set a "buy" rating and a $30.00 target price on the stock. Robert W. Baird started coverage on shares of QXO in a research note on Thursday, June 12th. They set an "outperform" rating and a $32.00 target price on the stock. Wells Fargo & Company started coverage on shares of QXO in a research note on Tuesday, August 5th. They set an "overweight" rating and a $30.00 target price on the stock. Finally, Stephens began coverage on shares of QXO in a research note on Wednesday, August 13th. They set an "overweight" rating and a $29.00 target price on the stock. Two investment analysts have rated the stock with a Strong Buy rating and nine have given a Buy rating to the company. According to MarketBeat.com, QXO presently has an average rating of "Buy" and a consensus target price of $32.25.

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.