QXO (NASDAQ:QXO) Coverage Initiated at Oppenheimer

Oppenheimer initiated coverage on shares of QXO (NASDAQ:QXO - Free Report) in a research report report published on Wednesday, Marketbeat reports. The firm issued an outperform rating and a $27.00 target price on the stock.

Separately, Wolfe Research began coverage on shares of QXO in a report on Friday, June 6th. They issued an "outperform" rating and a $44.00 target price for the company.

QXO Trading Down 2.6%

QXO stock traded down $0.53 during trading on Wednesday, hitting $19.58. The company had a trading volume of 5,100,308 shares, compared to its average volume of 3,144,144. QXO has a 1-year low of $10.61 and a 1-year high of $157.28. The company's 50 day simple moving average is $15.43 and its 200-day simple moving average is $14.72. The stock has a market cap of $11.32 billion, a price-to-earnings ratio of -2.15, a price-to-earnings-growth ratio of 4.09 and a beta of 2.38.

Hedge Funds Weigh In On QXO

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Advisors Capital Management LLC boosted its position in QXO by 18.9% in the 1st quarter. Advisors Capital Management LLC now owns 646,595 shares of the company's stock valued at $8,755,000 after buying an additional 102,862 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in QXO by 13.3% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 697,889 shares of the company's stock valued at $9,449,000 after buying an additional 81,758 shares during the period. Blue Investment Opportunities LLC Project Breeze Series 1 purchased a new stake in shares of QXO during the first quarter worth approximately $118,142,000. Millennium Management LLC increased its stake in shares of QXO by 6.6% during the first quarter. Millennium Management LLC now owns 322,115 shares of the company's stock worth $4,361,000 after buying an additional 20,067 shares during the period. Finally, Eschler Asset Management LLP purchased a new stake in shares of QXO during the first quarter worth approximately $812,000. Hedge funds and other institutional investors own 58.68% of the company's stock.

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.