Y Intercept Hong Kong Ltd Takes Position in QXO, Inc. (NASDAQ:QXO)

Key Points

• Y Intercept Hong Kong Ltd acquired a new stake in QXO, Inc. by purchasing 59,729 shares valued at approximately $809,000 in the first quarter.
• Several institutional investors, including Settian Capital LP and Lewis Asset Management LLC, have significantly increased their holdings in QXO, indicating strong institutional interest.
• Analysts have a consensus recommendation of "Buy" for QXO, with price targets ranging from $27.00 to $44.00, highlighting positive market sentiment.

Y Intercept Hong Kong Ltd purchased a new stake in QXO, Inc. (NASDAQ:QXO - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 59,729 shares of the company's stock, valued at approximately $809,000.

A number of other institutional investors have also recently made changes to their positions in the stock. Affinity Partners GP LP acquired a new stake in QXO during the fourth quarter worth approximately $260,941,000. T. Rowe Price Investment Management Inc. grew its stake in QXO by 3.0% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 10,886,193 shares of the company's stock worth $173,091,000 after purchasing an additional 312,299 shares during the period. Vanguard Group Inc. grew its stake in QXO by 24.6% during the fourth quarter. Vanguard Group Inc. now owns 10,039,864 shares of the company's stock worth $159,634,000 after purchasing an additional 1,979,147 shares during the period. Federated Hermes Inc. acquired a new stake in QXO during the fourth quarter worth approximately $50,532,000. Finally, Massachusetts Financial Services Co. MA grew its stake in QXO by 0.4% during the first quarter. Massachusetts Financial Services Co. MA now owns 1,885,908 shares of the company's stock worth $25,535,000 after purchasing an additional 8,322 shares during the period. Institutional investors own 58.68% of the company's stock.

QXO Stock Performance

QXO stock traded down $0.64 during mid-day trading on Tuesday, reaching $21.14. The stock had a trading volume of 1,331,405 shares, compared to its average volume of 5,675,448. QXO, Inc. has a fifty-two week low of $10.61 and a fifty-two week high of $24.69. The stock's 50-day simple moving average is $20.31 and its 200-day simple moving average is $15.94. The firm has a market capitalization of $12.27 billion, a PE ratio of -2.32, a price-to-earnings-growth ratio of 4.09 and a beta of 2.41.

Wall Street Analyst Weigh In

Several research firms recently commented on QXO. Truist Financial began coverage on QXO in a research note on Tuesday, July 1st. They set a "buy" rating and a $30.00 target price for the company. Robert W. Baird began coverage on QXO in a research note on Thursday, June 12th. They set an "outperform" rating and a $32.00 target price for the company. Oppenheimer began coverage on QXO in a research note on Wednesday, June 11th. They set an "outperform" rating and a $27.00 target price for the company. Wolfe Research began coverage on QXO in a research note on Friday, June 6th. They set an "outperform" rating and a $44.00 target price for the company. Finally, William Blair began coverage on QXO in a research note on Wednesday, June 18th. They issued an "outperform" rating for the company. Seven research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of "Buy" and a consensus price target of $33.17.

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.