QXO (NASDAQ:QXO) Raised to Strong-Buy at Benchmark

Key Points

• Benchmark has upgraded QXO (NASDAQ:QXO) to a "strong-buy" rating, reflecting increasing confidence among analysts in the company's stock performance.
• The average rating for QXO among analysts is currently “Buy,” with a consensus price target of $34.22.
• Institutional investors have shown significant interest in QXO, with over 58% of shares currently held by hedge funds and other institutional investors.

Benchmark upgraded shares of QXO (NASDAQ:QXO - Free Report) to a strong-buy rating in a research note published on Monday morning,Zacks.com reports.

Other equities analysts have also recently issued research reports about the stock. Wells Fargo & Company initiated coverage on shares of QXO in a research note on Tuesday, August 5th. They issued an "overweight" rating and a $30.00 price objective for the company. Citigroup initiated coverage on shares of QXO in a research note on Wednesday, July 16th. They issued a "buy" rating and a $33.00 price objective for the company. Stephens began coverage on shares of QXO in a research note on Wednesday, August 13th. They issued an "overweight" rating and a $29.00 price objective for the company. Truist Financial began coverage on shares of QXO in a research report on Tuesday, July 1st. They set a "buy" rating and a $30.00 target price for the company. Finally, William Blair began coverage on shares of QXO in a research report on Wednesday, June 18th. They set an "outperform" rating for the company. Three investment analysts have rated the stock with a Strong Buy rating and nine have issued a Buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Buy" and a consensus price target of $34.22.

QXO Stock Performance

Shares of QXO stock traded down $0.87 during mid-day trading on Monday, reaching $20.17. The company's stock had a trading volume of 5,378,638 shares, compared to its average volume of 5,933,875. QXO has a 1-year low of $11.85 and a 1-year high of $24.69. The company has a market cap of $13.58 billion, a P/E ratio of -2.21, a PEG ratio of 4.09 and a beta of 2.34. The firm's 50-day moving average is $21.00 and its two-hundred day moving average is $16.97.

Institutional Investors Weigh In On QXO

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. American Capital Advisory LLC increased its position in QXO by 258.0% in the 2nd quarter. American Capital Advisory LLC now owns 1,167 shares of the company's stock valued at $25,000 after acquiring an additional 841 shares in the last quarter. First Horizon Advisors Inc. increased its position in QXO by 57.4% in the 1st quarter. First Horizon Advisors Inc. now owns 2,790 shares of the company's stock valued at $38,000 after acquiring an additional 1,017 shares in the last quarter. AlphaQuest LLC increased its position in QXO by 22.9% in the 2nd quarter. AlphaQuest LLC now owns 5,907 shares of the company's stock valued at $127,000 after acquiring an additional 1,099 shares in the last quarter. Sheets Smith Wealth Management increased its position in QXO by 6.4% in the 2nd quarter. Sheets Smith Wealth Management now owns 18,410 shares of the company's stock valued at $397,000 after acquiring an additional 1,112 shares in the last quarter. Finally, Farther Finance Advisors LLC acquired a new stake in QXO in the 2nd quarter valued at about $25,000. 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.