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

Key Points

• QXO, Inc. has an average rating of "Buy" from fourteen analysts, with eleven giving a standard buy rating and three a strong buy rating.
• The average one-year target price for QXO among analysts is $33.73, significantly above its current trading price of $20.79.
• 58.68% of QXO stock is held by institutional investors, with notable increases in holdings from several hedge funds in the second quarter.

QXO, Inc. (NASDAQ:QXO - Get Free Report) has received an average rating of "Buy" from the fourteen analysts that are presently covering the firm, Marketbeat.com reports. Eleven equities research analysts have rated the stock with a buy rating and three have issued a strong buy rating on the company. The average 1 year target price among analysts that have issued ratings on the stock in the last year is $33.7273.

QXO has been the topic of a number of analyst reports. Truist Financial started coverage on QXO in a research note on Tuesday, July 1st. They set a "buy" rating and a $30.00 price objective on the stock. Raymond James Financial initiated coverage on shares of QXO in a research report on Friday, September 5th. They set an "outperform" rating and a $28.00 price target on the stock. Wells Fargo & Company began coverage on shares of QXO in a research note on Tuesday, August 5th. They issued an "overweight" rating and a $30.00 price target for the company. Baird R W upgraded shares of QXO to a "strong-buy" rating in a research note on Thursday, June 12th. Finally, Zacks Research raised shares of QXO from a "hold" rating to a "strong-buy" rating in a report on Thursday, August 14th.

QXO Stock Performance

NASDAQ:QXO opened at $20.79 on Friday. QXO has a 52-week low of $11.85 and a 52-week high of $24.69. The company has a market cap of $14.01 billion, a P/E ratio of -2.28, a P/E/G ratio of 4.09 and a beta of 2.35. The stock's 50-day simple moving average is $20.83 and its 200 day simple moving average is $17.55.

Institutional Trading of QXO

A number of hedge funds have recently made changes to their positions in QXO. Valeo Financial Advisors LLC acquired a new position in shares of QXO during the 2nd quarter worth approximately $266,000. Osaic Holdings Inc. boosted its position in QXO by 341.8% during the second quarter. Osaic Holdings Inc. now owns 45,047 shares of the company's stock worth $970,000 after purchasing an additional 34,851 shares during the period. Orion Porfolio Solutions LLC increased its holdings in shares of QXO by 4.7% in the second quarter. Orion Porfolio Solutions LLC now owns 107,865 shares of the company's stock valued at $2,323,000 after purchasing an additional 4,834 shares during the last quarter. Thrivent Financial for Lutherans acquired a new position in shares of QXO in the second quarter valued at $1,790,000. Finally, Neuberger Berman Group LLC raised its position in shares of QXO by 46.5% in the second quarter. Neuberger Berman Group LLC now owns 815,280 shares of the company's stock valued at $17,561,000 after purchasing an additional 258,680 shares during the period. 58.68% of the stock is owned by institutional investors and hedge funds.

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.

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