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

QXO, Inc. (NASDAQ:QXO - Get Free Report)'s share price gapped down before the market opened on Wednesday . The stock had previously closed at $23.51, but opened at $21.74. QXO shares last traded at $21.99, with a volume of 9,110,078 shares trading hands.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on QXO shares. Baird R W raised QXO to a "strong-buy" rating in a research note on Thursday, June 12th. Wolfe Research started coverage on shares of QXO in a research note on Friday, June 6th. They set an "outperform" rating and a $44.00 price target for the company. William Blair assumed coverage on QXO in a report on Wednesday, June 18th. They issued an "outperform" rating for the company. Oppenheimer assumed coverage on QXO in a report on Wednesday, June 11th. They set an "outperform" rating and a $27.00 price objective on the stock. Finally, Robert W. Baird started coverage on QXO in a report on Thursday, June 12th. They issued an "outperform" rating and a $32.00 target price for the company. Four 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.com, QXO currently has an average rating of "Buy" and an average price target of $34.33.

QXO Stock Down 4.3%

The stock has a market cap of $12.03 billion, a PE ratio of -2.28, a P/E/G ratio of 4.09 and a beta of 2.38. The business has a 50 day moving average price of $16.97 and a 200 day moving average price of $15.06.

Hedge Funds Weigh In On QXO

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Affinity Partners GP LP acquired a new position in shares of QXO during the 4th quarter valued at about $260,941,000. Vanguard Group Inc. grew its stake in shares of QXO by 146.1% in the 1st quarter. Vanguard Group Inc. now owns 24,707,435 shares of the company's stock valued at $334,539,000 after buying an additional 14,667,571 shares during the period. Blue Investment Opportunities LLC Project Breeze Series 1 acquired a new stake in shares of QXO during the 1st quarter worth approximately $118,142,000. Federated Hermes Inc. acquired a new position in QXO in the fourth quarter valued at approximately $50,532,000. Finally, JPMorgan Chase & Co. increased its stake in QXO by 523.9% during the fourth quarter. JPMorgan Chase & Co. now owns 877,902 shares of the company's stock worth $13,959,000 after acquiring an additional 737,192 shares during the last quarter. 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.