QXO (NASDAQ:QXO) Shares Gap Down - What's Next?

Key Points

• QXO, Inc. shares gapped down significantly, opening at $20.48 after closing at $21.02, with the latest trading price at $20.06.
• Multiple brokerages have issued favorable ratings for QXO, with an average target price of $32.25 based on reports from firms like Citigroup and Oppenheimer.
• Institutional investors hold 58.68% of QXO shares, with significant increases in holdings from firms such as Wells Fargo and Envestnet Asset Management in the recent quarter.

Shares of QXO, Inc. (NASDAQ:QXO - Get Free Report) gapped down before the market opened on Friday . The stock had previously closed at $21.02, but opened at $20.48. QXO shares last traded at $20.06, with a volume of 914,545 shares trading hands.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the company. Zacks Research upgraded QXO from a "hold" rating to a "strong-buy" rating in a report on Thursday, August 14th. Baird R W upgraded QXO to a "strong-buy" rating in a report on Thursday, June 12th. William Blair assumed coverage on QXO in a report on Wednesday, June 18th. They issued an "outperform" rating on the stock. Robert W. Baird assumed coverage on QXO in a report on Thursday, June 12th. They issued an "outperform" rating and a $32.00 target price on the stock. Finally, Citigroup assumed coverage on QXO in a report on Wednesday, July 16th. They issued a "buy" rating and a $33.00 target price on the stock. Two investment analysts have rated the stock with a Strong Buy rating and nine have issued a Buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Buy" and an average target price of $32.25.

QXO Price Performance

The firm has a market cap of $11.17 billion, a PE ratio of -2.11, a P/E/G ratio of 4.09 and a beta of 2.34. The business has a fifty day moving average price of $21.11 and a two-hundred day moving average price of $16.62.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of QXO. Alliancebernstein L.P. purchased a new position in QXO in the fourth quarter valued at about $264,000. Wells Fargo & Company MN grew its stake 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 purchasing an additional 21,435 shares in the last quarter. Envestnet Asset Management Inc. grew its stake in QXO by 26.8% in the fourth quarter. Envestnet Asset Management Inc. now owns 138,756 shares of the company's stock valued at $2,206,000 after purchasing an additional 29,311 shares in the last quarter. Invesco Ltd. purchased a new position in QXO in the fourth quarter valued at about $164,000. Finally, Legal & General Group Plc purchased a new position in QXO in the fourth quarter valued at about $4,764,000. Hedge funds and other institutional investors 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.