QXO (NASDAQ:QXO) Sees Strong Trading Volume - What's Next?

QXO, Inc. (NASDAQ:QXO - Get Free Report) saw unusually-high trading volume on Friday . Approximately 9,952,321 shares changed hands during mid-day trading, an increase of 204% from the previous session's volume of 3,271,414 shares.The stock last traded at $24.53 and had previously closed at $22.50.

Wall Street Analyst Weigh In

QXO has been the topic of a number of research analyst reports. Wolfe Research initiated coverage on shares of QXO in a report on Friday, June 6th. They issued an "outperform" rating and a $44.00 price target on the stock. William Blair assumed coverage on QXO in a research note on Wednesday. They issued an "outperform" rating on the stock. Oppenheimer assumed coverage on QXO in a research note on Wednesday, June 11th. They issued an "outperform" rating and a $27.00 price objective on the stock. Baird R W upgraded QXO to a "strong-buy" rating in a research note on Thursday, June 12th. Finally, Robert W. Baird assumed coverage on QXO in a research note on Thursday, June 12th. They issued an "outperform" rating and a $32.00 price objective on the stock. Four equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, QXO currently has an average rating of "Buy" and an average price target of $34.33.

QXO Stock Performance

The stock has a 50 day moving average of $16.27 and a 200-day moving average of $14.90. The firm has a market capitalization of $13.70 billion, a P/E ratio of -2.60, a PEG ratio of 4.09 and a beta of 2.38.

Institutional Investors Weigh In On QXO

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Rhumbline Advisers increased its position in shares of QXO by 337.5% in the fourth quarter. Rhumbline Advisers now owns 21,000 shares of the company's stock worth $334,000 after purchasing an additional 16,200 shares during the last quarter. State of New Jersey Common Pension Fund D bought a new position in shares of QXO in the fourth quarter worth approximately $2,099,000. Truist Financial Corp increased its position in shares of QXO by 20.0% in the fourth quarter. Truist Financial Corp now owns 85,900 shares of the company's stock worth $1,366,000 after purchasing an additional 14,297 shares during the last quarter. Bank of New York Mellon Corp increased its position in shares of QXO by 685.6% in the fourth quarter. Bank of New York Mellon Corp now owns 450,467 shares of the company's stock worth $7,162,000 after purchasing an additional 393,126 shares during the last quarter. Finally, Canton Hathaway LLC increased its position in shares of QXO by 671.4% in the fourth quarter. Canton Hathaway LLC now owns 140,387 shares of the company's stock worth $2,232,000 after purchasing an additional 122,187 shares during the last quarter. 58.68% of the stock is currently owned by institutional investors.

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.