Robert W. Baird Begins Coverage on QXO (NASDAQ:QXO)

Analysts at Robert W. Baird began coverage on shares of QXO (NASDAQ:QXO - Get Free Report) in a research report issued to clients and investors on Thursday, Marketbeat.com reports. The brokerage set an "outperform" rating and a $32.00 price target on the stock. Robert W. Baird's price objective would indicate a potential upside of 63.47% from the company's previous close.

Several other analysts also recently weighed in on QXO. Wolfe Research started coverage on QXO in a research note on Friday, June 6th. They set an "outperform" rating and a $44.00 price target on the stock. Oppenheimer started coverage on QXO in a report on Wednesday. They issued an "outperform" rating and a $27.00 price objective for the company.

QXO Price Performance

QXO stock traded down $0.53 during trading hours on Thursday, hitting $19.58. 5,100,308 shares of the stock traded hands, compared to its average volume of 3,132,137. The firm's 50 day moving average price is $15.43 and its 200-day moving average price is $14.73. The stock has a market capitalization of $11.32 billion, a price-to-earnings ratio of -2.15, a P/E/G ratio of 4.09 and a beta of 2.38. QXO has a 1 year low of $10.61 and a 1 year high of $169.01.

Hedge Funds Weigh In On QXO

A number of large investors have recently bought and sold shares of the business. Advisors Capital Management LLC raised its holdings in shares of QXO by 18.9% during the first quarter. Advisors Capital Management LLC now owns 646,595 shares of the company's stock valued at $8,755,000 after acquiring an additional 102,862 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in QXO by 13.3% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 697,889 shares of the company's stock worth $9,449,000 after acquiring an additional 81,758 shares during the period. Blue Investment Opportunities LLC Project Breeze Series 1 acquired a new stake in shares of QXO in the first quarter valued at $118,142,000. Millennium Management LLC grew its stake in shares of QXO by 6.6% in the first quarter. Millennium Management LLC now owns 322,115 shares of the company's stock valued at $4,361,000 after buying an additional 20,067 shares in the last quarter. Finally, Eschler Asset Management LLP acquired a new stake in shares of QXO in the first quarter valued at $812,000. Institutional investors and hedge funds own 58.68% of the company's stock.

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.