Victory Capital Management Inc. Sells 123,992 Shares of 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 position in QXO, Inc. (NASDAQ:QXO - Free Report) by 72.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm 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 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Larson Financial Group LLC acquired a new stake in shares of QXO during the first quarter worth approximately $26,000. CWM LLC acquired a new stake in shares of QXO during the first quarter worth approximately $27,000. First Horizon Advisors Inc. boosted its holdings in shares of QXO by 57.4% during the first quarter. First Horizon Advisors Inc. now owns 2,790 shares of the company's stock worth $38,000 after purchasing an additional 1,017 shares during the period. Signaturefd LLC boosted its holdings in shares of QXO by 533.6% during the first quarter. Signaturefd LLC now owns 3,168 shares of the company's stock worth $43,000 after purchasing an additional 2,668 shares during the period. Finally, Bessemer Group Inc. acquired a new stake in shares of QXO during the first quarter worth approximately $52,000. 58.68% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

QXO has been the subject of several research reports. Citigroup initiated coverage on shares of QXO in a report on Wednesday, July 16th. They set a "buy" rating and a $33.00 price target for the company. Robert W. Baird initiated coverage on shares of QXO in a research report on Thursday, June 12th. They set an "outperform" rating and a $32.00 price objective on the stock. Oppenheimer initiated coverage on shares of QXO in a research report on Wednesday, June 11th. They set an "outperform" rating and a $27.00 price objective on the stock. Wolfe Research initiated coverage on shares of QXO in a research report on Friday, June 6th. They set an "outperform" rating and a $44.00 price objective on the stock. Finally, Truist Financial initiated coverage on shares of QXO in a research report on Tuesday, July 1st. They set a "buy" rating and a $30.00 price objective on the stock. Seven analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Buy" and an average price target of $33.17.

QXO Stock Performance

Shares of QXO stock traded up $0.31 on Monday, reaching $19.64. The stock had a trading volume of 7,988,743 shares, compared to its average volume of 5,724,713. The business's 50-day moving average price is $20.55 and its two-hundred day moving average price is $16.09. QXO, Inc. has a fifty-two week low of $10.61 and a fifty-two week high of $24.69. The stock has a market cap of $11.40 billion, a P/E ratio of -2.15, a price-to-earnings-growth ratio of 4.09 and a beta of 2.35.

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.