Victory Capital Management Inc. Trims Stock Holdings in QXO, Inc. (NASDAQ:QXO)

Key Points

• Victory Capital Management Inc. has reduced its holdings in QXO, Inc. by 72.7%, selling 123,992 shares during the first quarter.
• Institutional investors now own 58.68% of QXO, with various firms increasing their positions amidst recent investor activity.
• Analysts are optimistic about QXO's prospects, issuing multiple "outperform" ratings and setting price targets between $27.00 and $44.00.

Victory Capital Management Inc. trimmed its holdings in QXO, Inc. (NASDAQ:QXO - Free Report) by 72.7% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 46,530 shares of the company's stock after selling 123,992 shares during the quarter. Victory Capital Management Inc.'s holdings in QXO were worth $630,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently made changes to their positions in the business. Larson Financial Group LLC purchased a new stake in shares of QXO in the first quarter valued at $26,000. Massachusetts Financial Services Co. MA grew its stake in shares of QXO by 0.4% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 1,885,908 shares of the company's stock valued at $25,535,000 after buying an additional 8,322 shares in the last quarter. Sigma Planning Corp bought a new stake in QXO in the first quarter worth approximately $165,000. Signaturefd LLC lifted its stake in shares of QXO by 533.6% in the 1st quarter. Signaturefd LLC now owns 3,168 shares of the company's stock valued at $43,000 after purchasing an additional 2,668 shares during the last quarter. Finally, Corrado Advisors LLC bought a new stake in QXO during the first quarter worth approximately $1,149,000. Institutional investors own 58.68% of the company's stock.

QXO Price Performance

QXO stock traded down $0.33 during midday trading on Wednesday, reaching $19.10. The company had a trading volume of 4,932,837 shares, compared to its average volume of 5,708,910. The company has a market capitalization of $11.08 billion, a price-to-earnings ratio of -2.09, a price-to-earnings-growth ratio of 4.09 and a beta of 2.35. QXO, Inc. has a 1-year low of $10.61 and a 1-year high of $24.69. The stock has a 50 day moving average price of $20.67 and a 200-day moving average price of $16.16.

Analysts Set New Price Targets

A number of research analysts have weighed in on QXO shares. Citigroup began coverage on shares of QXO in a research report on Wednesday, July 16th. They set a "buy" rating and a $33.00 target price for the company. Wolfe Research initiated coverage on QXO in a research report on Friday, June 6th. They issued an "outperform" rating and a $44.00 price target on the stock. Robert W. Baird began coverage on QXO in a report on Thursday, June 12th. They set an "outperform" rating and a $32.00 price target for the company. William Blair began coverage on shares of QXO in a research note on Wednesday, June 18th. They issued an "outperform" rating on the stock. Finally, Baird R W upgraded shares of QXO to a "strong-buy" rating in a research note on Thursday, June 12th. Eight investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus price target of $32.71.

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.