QXO, Inc. (NYSE:QXO) Given Consensus Recommendation of "Moderate Buy" by Analysts

Key Points

• QXO, Inc. has received a consensus recommendation of "Moderate Buy" from sixteen analysts, with an average 1-year target price of $33.25.
• The company's stock opened at $19.88 and has a 52-week range between $11.85 and $24.69.
• Several institutional investors recently increased their stakes in QXO, with hedge funds currently owning 58.68% of the shares.

QXO, Inc. (NYSE:QXO - Get Free Report) has been given an average recommendation of "Moderate Buy" by the sixteen analysts that are covering the stock, MarketBeat Ratings reports. One analyst has rated the stock with a sell recommendation, one has issued a hold recommendation, twelve have issued a buy recommendation and two have given a strong buy recommendation to the company. The average 1-year target price among analysts that have updated their coverage on the stock in the last year is $33.25.

Several equities research analysts have recently issued reports on QXO shares. Raymond James Financial started coverage on shares of QXO in a research report on Friday, September 5th. They issued an "outperform" rating and a $28.00 price objective for the company. Morgan Stanley started coverage on shares of QXO in a research report on Tuesday, September 2nd. They issued an "overweight" rating and a $35.00 price objective for the company. Zacks Research lowered shares of QXO from a "strong-buy" rating to a "hold" rating in a research report on Friday, September 12th. Wells Fargo & Company started coverage on shares of QXO in a research report on Tuesday, August 5th. They issued an "overweight" rating and a $30.00 price objective for the company. Finally, Truist Financial started coverage on shares of QXO in a research report on Tuesday, July 1st. They issued a "buy" rating and a $30.00 price objective for the company.

QXO Price Performance

QXO stock opened at $19.88 on Thursday. QXO has a 52-week low of $11.85 and a 52-week high of $24.69. The firm has a fifty day moving average of $20.21 and a 200-day moving average of $18.38. The firm has a market capitalization of $13.39 billion, a P/E ratio of -94.66, a PEG ratio of 2.61 and a beta of 2.25. The company has a quick ratio of 2.15, a current ratio of 3.00 and a debt-to-equity ratio of 0.38.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Farther Finance Advisors LLC purchased a new position in shares of QXO in the second quarter valued at $25,000. American Capital Advisory LLC boosted its stake in shares of QXO by 258.0% in the second quarter. American Capital Advisory LLC now owns 1,167 shares of the company's stock valued at $25,000 after purchasing an additional 841 shares during the period. Allworth Financial LP boosted its stake in shares of QXO by 1,740.9% in the second quarter. Allworth Financial LP now owns 1,215 shares of the company's stock valued at $26,000 after purchasing an additional 1,149 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in shares of QXO in the second quarter valued at $28,000. Finally, Russell Investments Group Ltd. purchased a new position in shares of QXO in the second quarter valued at $30,000. 58.68% of the stock is currently owned by hedge funds and other institutional investors.

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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