QXO (NASDAQ:QXO) Shares Up 7.3% - Here's Why

QXO, Inc. (NASDAQ:QXO - Get Free Report) shares were up 7.3% on Wednesday . The stock traded as high as $21.49 and last traded at $21.62. Approximately 3,061,975 shares changed hands during trading, a decline of 4% from the average daily volume of 3,177,436 shares. The stock had previously closed at $20.15.

Wall Street Analyst Weigh In

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

QXO Stock Up 11.6%

The business has a 50-day simple moving average of $15.89 and a 200-day simple moving average of $14.82. The stock has a market cap of $13.01 billion, a P/E ratio of -2.47, a PEG ratio of 4.09 and a beta of 2.38.

Institutional Trading of QXO

A number of institutional investors and hedge funds have recently modified their holdings of QXO. First Horizon Advisors Inc. raised its holdings in QXO by 57.4% in the 1st quarter. First Horizon Advisors Inc. now owns 2,790 shares of the company's stock worth $38,000 after acquiring an additional 1,017 shares during the period. Wellington Shields & Co. LLC grew its position in shares of QXO by 2.0% in the fourth quarter. Wellington Shields & Co. LLC now owns 75,000 shares of the company's stock valued at $1,192,000 after purchasing an additional 1,500 shares during the last quarter. Larson Financial Group LLC bought a new position in shares of QXO in the first quarter worth about $26,000. Lewis Asset Management LLC lifted its position in shares of QXO by 18.3% during the 1st quarter. Lewis Asset Management LLC now owns 12,900 shares of the company's stock worth $175,000 after purchasing an additional 2,000 shares during the last quarter. Finally, Ridgewood Investments LLC bought a new stake in QXO during the 1st quarter valued at approximately $27,000. 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.