Wells Fargo & Company Begins Coverage on QXO (NASDAQ:QXO)

Key Points

• QXO has received an overweight rating from Wells Fargo & Company, with a price target of $30.00, indicating a potential upside of 52.79% from its current price.
• The consensus among analysts is a "Buy" rating, with an average price target of $32.71, reflecting strong market confidence in the stock.
• Almost 60% of QXO's stock is held by hedge funds and institutional investors, highlighting the interest and investment from major financial entities.

Wells Fargo & Company started coverage on shares of QXO (NASDAQ:QXO - Free Report) in a research report sent to investors on Tuesday morning, MarketBeat.com reports. The firm issued an overweight rating and a $30.00 price target on the stock.

Other analysts have also recently issued research reports about the stock. Wolfe Research assumed coverage on shares of QXO in a research report on Friday, June 6th. They set an "outperform" rating and a $44.00 target price for the company. Truist Financial assumed coverage on QXO in a research note on Tuesday, July 1st. They issued a "buy" rating and a $30.00 target price on the stock. William Blair assumed coverage on QXO in a report on Wednesday, June 18th. They set an "outperform" rating on the stock. Royal Bank Of Canada started coverage on QXO in a research note on Monday, July 21st. They issued an "outperform" rating and a $33.00 price target for the company. Finally, Citigroup began coverage on shares of QXO in a research report on Wednesday, July 16th. They issued a "buy" rating and a $33.00 price target on the stock. Eight research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Buy" and an average target price of $32.71.

QXO Trading Down 0.5%

Shares of QXO traded down $0.10 on Tuesday, reaching $19.28. 4,025,873 shares of the company's stock were exchanged, compared to its average volume of 5,707,979. The stock has a market capitalization of $11.19 billion, a P/E ratio of -2.11, a price-to-earnings-growth ratio of 4.09 and a beta of 2.34. The business has a 50 day moving average price of $20.76 and a two-hundred day moving average price of $16.21. QXO has a 12 month low of $10.62 and a 12 month high of $24.69.

Hedge Funds Weigh In On QXO

Several institutional investors and hedge funds have recently modified their holdings of the business. Rockefeller Capital Management L.P. lifted its holdings in shares of QXO by 46.8% in the second quarter. Rockefeller Capital Management L.P. now owns 60,232 shares of the company's stock valued at $1,297,000 after purchasing an additional 19,206 shares in the last quarter. Itau Unibanco Holding S.A. bought a new stake in QXO in the 2nd quarter valued at approximately $840,000. Cetera Investment Advisers lifted its stake in QXO by 34.3% in the 2nd quarter. Cetera Investment Advisers now owns 56,323 shares of the company's stock valued at $1,213,000 after acquiring an additional 14,372 shares in the last quarter. Creative Planning acquired a new position in QXO during the 2nd quarter worth approximately $609,000. Finally, Meridian Wealth Management LLC grew its stake in shares of QXO by 33.7% during the 2nd quarter. Meridian Wealth Management LLC now owns 105,056 shares of the company's stock worth $2,263,000 after acquiring an additional 26,470 shares in the last quarter. 58.68% of the stock is currently owned by institutional investors and hedge funds.

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.