QXO (NASDAQ:QXO) Shares Gap Down - Here's Why

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.

QXO, Inc. (NASDAQ:QXO - Get Free Report)'s share price gapped down prior to trading 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 changing hands.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on QXO. Royal Bank Of Canada began coverage on shares of QXO in a report on Monday, July 21st. They set an "outperform" rating and a $33.00 price objective on the stock. Citigroup assumed coverage on shares of QXO in a research report on Wednesday, July 16th. They issued a "buy" rating and a $33.00 price objective on the stock. Oppenheimer initiated coverage on shares of QXO in a report on Wednesday, June 11th. They issued an "outperform" rating and a $27.00 price target on the stock. Truist Financial began coverage on QXO in a report on Tuesday, July 1st. They set a "buy" rating and a $30.00 price objective for the company. Finally, Stephens began coverage on QXO in a research note on Wednesday. They issued an "overweight" rating and a $29.00 price target for the company. Nine investment 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, QXO presently has an average rating of "Buy" and an average target price of $32.25.

QXO Price Performance

The stock has a market capitalization of $11.73 billion, a PE ratio of -2.21, a price-to-earnings-growth ratio of 4.09 and a beta of 2.34. The business's fifty day moving average price is $21.09 and its two-hundred day moving average price is $16.43.

Institutional Trading of QXO

A number of hedge funds and other institutional investors have recently made changes to their positions in QXO. Alliancebernstein L.P. purchased a new position in shares of QXO during the 4th quarter valued at approximately $264,000. Wells Fargo & Company MN increased its holdings in shares of QXO by 277.5% during the 4th 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. increased its holdings in shares of QXO by 26.8% during the 4th 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 shares of QXO during the 4th quarter valued at approximately $164,000. Finally, Legal & General Group Plc purchased a new position in shares of QXO during the 4th quarter valued at approximately $4,764,000. 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.

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