Analysts Set QXO, Inc. (NASDAQ:QXO) PT at $32.25

Key Points

• QXO, Inc. has received a consensus rating of "Buy" from eleven brokerage firms, with nine analysts recommending a buy and two a strong buy.
• The average twelve-month price target for QXO among brokerages is $32.25, with individual price targets ranging from $29.00 to $44.00.
• Institutional investors hold 58.68% of QXO's stock, with significant recent acquisitions from multiple firms including Castleark Management LLC and FORA Capital LLC.

QXO, Inc. (NASDAQ:QXO - Get Free Report) has earned a consensus recommendation of "Buy" from the twelve brokerages that are presently covering the stock, Marketbeat.com reports. Ten research analysts have rated the stock with a buy recommendation and two have assigned a strong buy recommendation to the company. The average 1-year price target among brokerages that have covered the stock in the last year is $34.2222.

Several equities research analysts have recently issued reports on QXO shares. Oppenheimer started coverage on QXO in a report on Wednesday, June 11th. They issued an "outperform" rating and a $27.00 target price on the stock. Stephens started coverage on QXO in a report on Wednesday, August 13th. They issued an "overweight" rating and a $29.00 target price on the stock. Wells Fargo & Company assumed coverage on QXO in a report on Tuesday, August 5th. They issued an "overweight" rating and a $30.00 target price on the stock. Robert W. Baird assumed coverage on QXO in a research note on Thursday, June 12th. They set an "outperform" rating and a $32.00 price objective on the stock. Finally, Baird R W raised QXO to a "strong-buy" rating in a research note on Thursday, June 12th.

Institutional Investors Weigh In On QXO

Several large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its stake in QXO by 91.0% during the second quarter. Vanguard Group Inc. now owns 47,192,412 shares of the company's stock worth $1,016,525,000 after acquiring an additional 22,484,977 shares during the last quarter. Affinity Partners GP LP boosted its position in shares of QXO by 99.1% during the second quarter. Affinity Partners GP LP now owns 32,671,542 shares of the company's stock valued at $703,745,000 after buying an additional 16,260,163 shares during the period. Alpha Wave Global LP purchased a new position in shares of QXO during the second quarter valued at approximately $525,366,000. Schf GPE LLC boosted its position in shares of QXO by 204.3% during the second quarter. Schf GPE LLC now owns 13,319,457 shares of the company's stock valued at $286,901,000 after buying an additional 8,943,089 shares during the period. Finally, T. Rowe Price Investment Management Inc. boosted its position in shares of 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 valued at $173,091,000 after buying an additional 312,299 shares during the period. 58.68% of the stock is owned by institutional investors.

QXO Price Performance

Shares of QXO stock traded up $1.5550 during trading hours on Wednesday, hitting $20.3750. The stock had a trading volume of 14,481,436 shares, compared to its average volume of 5,897,078. QXO has a one year low of $11.85 and a one year high of $24.69. The stock's 50-day moving average price is $21.10 and its two-hundred day moving average price is $16.70. The stock has a market capitalization of $13.72 billion, a price-to-earnings ratio of -2.23, a PEG ratio of 4.09 and a beta of 2.34.

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.