Citigroup Initiates Coverage on QXO (NASDAQ:QXO)

Analysts at Citigroup assumed coverage on shares of QXO (NASDAQ:QXO - Get Free Report) in a report released on Wednesday, MarketBeat reports. The firm set a "buy" rating and a $33.00 price target on the stock. Citigroup's target price indicates a potential upside of 51.22% from the stock's current price.

A number of other equities research analysts have also issued reports on the company. Robert W. Baird initiated coverage on QXO in a research note on Thursday, June 12th. They issued an "outperform" rating and a $32.00 target price on the stock. William Blair initiated coverage on QXO in a research report on Wednesday, June 18th. They issued an "outperform" rating on the stock. Oppenheimer started coverage on QXO in a research report on Wednesday, June 11th. They set an "outperform" rating and a $27.00 price objective for the company. Wolfe Research began coverage on shares of QXO in a report on Friday, June 6th. They issued an "outperform" rating and a $44.00 target price on the stock. Finally, Truist Financial started coverage on shares of QXO in a report on Tuesday, July 1st. They set a "buy" rating and a $30.00 price target for the company. Six investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, QXO presently has an average rating of "Buy" and an average target price of $33.20.

QXO Stock Performance

NASDAQ:QXO traded up $0.63 during mid-day trading on Wednesday, hitting $21.82. 4,514,645 shares of the company's stock traded hands, compared to its average volume of 4,210,444. The company has a market cap of $12.67 billion, a PE ratio of -2.40, a price-to-earnings-growth ratio of 4.09 and a beta of 2.41. The firm's 50 day simple moving average is $19.29 and its 200 day simple moving average is $15.59. QXO has a 1 year low of $10.61 and a 1 year high of $157.28.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Blair William & Co. IL purchased a new stake in QXO in the fourth quarter valued at approximately $229,000. Barclays PLC purchased a new stake in shares of QXO during the 4th quarter valued at $1,168,000. Deutsche Bank AG purchased a new stake in shares of QXO during the 4th quarter valued at $255,000. Northern Trust Corp raised its position in shares of QXO by 46.9% in the 4th quarter. Northern Trust Corp now owns 731,610 shares of the company's stock worth $11,633,000 after buying an additional 233,538 shares during the period. Finally, Wells Fargo & Company MN boosted its holdings in 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 during the last quarter. 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.