Citigroup Initiates Coverage on QXO (NASDAQ:QXO)

Investment analysts at Citigroup assumed coverage on shares of QXO (NASDAQ:QXO - Get Free Report) in a research report issued on Wednesday, Marketbeat.com reports. The brokerage set a "buy" rating and a $33.00 price target on the stock. Citigroup's target price would suggest a potential upside of 52.59% from the stock's current price.

A number of other equities research analysts have also recently commented on QXO. Truist Financial initiated coverage on shares of QXO in a research report on Tuesday, July 1st. They issued a "buy" rating and a $30.00 target price for the company. Oppenheimer started coverage on shares of QXO in a research report on Wednesday, June 11th. They set an "outperform" rating and a $27.00 price objective for the company. Robert W. Baird started coverage on shares of QXO in a research report on Thursday, June 12th. They set an "outperform" rating and a $32.00 price objective for the company. Baird R W upgraded shares of QXO to a "strong-buy" rating in a research report on Thursday, June 12th. Finally, William Blair started coverage on shares of QXO in a research report on Wednesday, June 18th. They set an "outperform" rating for the company. Six analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and an average target price of $33.20.

QXO Trading Down 0.7%

NASDAQ:QXO traded down $0.16 during trading hours on Wednesday, reaching $21.63. 7,361,674 shares of the company were exchanged, compared to its average volume of 4,277,574. The stock's 50-day moving average is $19.61 and its 200-day moving average is $15.68. The firm has a market cap of $12.55 billion, a PE ratio of -2.37, a price-to-earnings-growth ratio of 4.09 and a beta of 2.41. QXO has a twelve month low of $10.61 and a twelve month high of $157.28.

Institutional Trading of QXO

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Affinity Partners GP LP purchased a new position in QXO in the 4th quarter valued at $260,941,000. Vanguard Group Inc. increased its stake in shares of QXO by 146.1% during the 1st quarter. Vanguard Group Inc. now owns 24,707,435 shares of the company's stock valued at $334,539,000 after acquiring an additional 14,667,571 shares during the last quarter. Blue Investment Opportunities LLC Project Breeze Series 1 purchased a new stake in shares of QXO during the 1st quarter worth about $118,142,000. Federated Hermes Inc. purchased a new stake in shares of QXO during the 4th quarter worth about $50,532,000. Finally, JPMorgan Chase & Co. boosted its holdings in QXO by 523.9% in the 4th quarter. JPMorgan Chase & Co. now owns 877,902 shares of the company's stock worth $13,959,000 after acquiring an additional 737,192 shares during the period. Institutional investors and hedge funds own 58.68% of the company's stock.

QXO Company Profile

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.