QXO, Inc. (NASDAQ:QXO) Given Average Rating of "Buy" by Brokerages

QXO, Inc. (NASDAQ:QXO - Get Free Report) has been assigned a consensus recommendation of "Buy" from the six research firms that are currently covering the firm, MarketBeat reports. Five research analysts have rated the stock with a buy rating and one has issued a strong buy rating on the company. The average twelve-month price target among brokerages that have updated their coverage on the stock in the last year is $33.25.

QXO has been the subject of a number of research analyst reports. William Blair initiated coverage on QXO in a report on Wednesday, June 18th. They set an "outperform" rating for the company. Baird R W upgraded QXO to a "strong-buy" rating in a research note on Thursday, June 12th. Robert W. Baird assumed coverage on QXO in a report on Thursday, June 12th. They set an "outperform" rating and a $32.00 target price on the stock. Truist Financial began coverage on QXO in a report on Tuesday. They set a "buy" rating and a $30.00 price target for the company. Finally, Wolfe Research began coverage on shares of QXO in a research report on Friday, June 6th. They set an "outperform" rating and a $44.00 price objective for the company.

Hedge Funds Weigh In On QXO

Institutional investors and hedge funds have recently made changes to their positions in the company. Blair William & Co. IL acquired a new stake in QXO during the 4th quarter worth approximately $229,000. Barclays PLC acquired a new stake in shares of QXO during the fourth quarter worth $1,168,000. Deutsche Bank AG acquired a new stake in shares of QXO during the fourth quarter worth $255,000. Northern Trust Corp boosted its position in shares of QXO by 46.9% in the fourth quarter. Northern Trust Corp now owns 731,610 shares of the company's stock valued at $11,633,000 after acquiring an additional 233,538 shares during the period. Finally, Wells Fargo & Company MN grew its stake in shares of QXO by 277.5% in the fourth quarter. Wells Fargo & Company MN now owns 29,159 shares of the company's stock valued at $464,000 after acquiring an additional 21,435 shares in the last quarter. Institutional investors and hedge funds own 58.68% of the company's stock.

QXO Trading Up 2.0%

Shares of QXO stock traded up $0.43 during trading on Tuesday, hitting $21.61. 10,079,934 shares of the stock were exchanged, compared to its average volume of 3,989,193. The company has a fifty day moving average price of $17.48 and a 200-day moving average price of $15.16. The stock has a market capitalization of $12.49 billion, a price-to-earnings ratio of -2.37, a price-to-earnings-growth ratio of 4.09 and a beta of 2.38. QXO has a 1-year low of $10.61 and a 1-year high of $157.28.

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.