QXO, Inc. (NASDAQ:QXO) Receives Consensus Recommendation of "Buy" from Brokerages

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 been assigned a consensus rating of "Buy" from the twelve ratings firms that are currently covering the firm, MarketBeat.com reports. Ten equities research analysts have rated the stock with a buy rating and two have issued a strong buy rating on the company. The average 1-year price target among brokers that have updated their coverage on the stock in the last year is $34.2222.

QXO has been the topic of a number of recent research reports. Stephens initiated coverage on QXO in a research report on Wednesday, August 13th. They set an "overweight" rating and a $29.00 price target on the stock. Robert W. Baird initiated coverage on QXO in a research note on Thursday, June 12th. They set an "outperform" rating and a $32.00 price target on the stock. Oppenheimer initiated coverage on QXO in a research note on Wednesday, June 11th. They set an "outperform" rating and a $27.00 price target on the stock. Royal Bank Of Canada began coverage on shares of QXO in a research report on Monday, July 21st. They set an "outperform" rating and a $33.00 target price for the company. Finally, Citigroup began coverage on QXO in a report on Wednesday, July 16th. They issued a "buy" rating and a $33.00 price objective for the company.

Institutional Investors Weigh In On QXO

Several large investors have recently bought and sold shares of the company. American Capital Advisory LLC increased its stake in QXO by 258.0% during the 2nd quarter. American Capital Advisory LLC now owns 1,167 shares of the company's stock worth $25,000 after buying an additional 841 shares in the last quarter. First Horizon Advisors Inc. increased its stake in QXO by 57.4% during the 1st quarter. First Horizon Advisors Inc. now owns 2,790 shares of the company's stock worth $38,000 after buying an additional 1,017 shares in the last quarter. AlphaQuest LLC increased its stake in QXO by 22.9% during the 2nd quarter. AlphaQuest LLC now owns 5,907 shares of the company's stock worth $127,000 after buying an additional 1,099 shares in the last quarter. Sheets Smith Wealth Management increased its stake in QXO by 6.4% during the 2nd quarter. Sheets Smith Wealth Management now owns 18,410 shares of the company's stock worth $397,000 after buying an additional 1,112 shares in the last quarter. Finally, Farther Finance Advisors LLC purchased a new stake in QXO during the 2nd quarter worth approximately $25,000. 58.68% of the stock is currently owned by hedge funds and other institutional investors.

QXO Trading Up 8.3%

Shares of QXO traded up $1.5550 during midday trading on Wednesday, reaching $20.3750. 14,481,436 shares of the stock were exchanged, compared to its average volume of 5,897,078. QXO has a 52 week low of $11.85 and a 52 week high of $24.69. The company's 50 day moving average is $21.10 and its two-hundred day moving average is $16.74. The company has a market capitalization of $13.72 billion, a P/E 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.