QXO Target of Unusually High Options Trading (NASDAQ:QXO)

Key Points

• QXO, Inc. experienced unusually high options trading with 18,269 call options purchased, marking a 132% increase compared to its average daily volume.
• Research analysts show a positive outlook for QXO, with multiple firms giving "outperform" ratings and target prices ranging from $27 to $44.
• The stock is down 1.4% as of Wednesday, trading at $20.84, while institutional investors own 58.68% of the company's shares.

QXO, Inc. (NASDAQ:QXO - Get Free Report) was the target of unusually large options trading activity on Wednesday. Traders purchased 18,269 call options on the stock. Thisisanincreaseof132% compared to the typical daily volume of 7,886 call options.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on QXO shares. William Blair assumed coverage on shares of QXO in a research note on Wednesday, June 18th. They set an "outperform" rating on the stock. Baird R W raised shares of QXO to a "strong-buy" rating in a research note on Thursday, June 12th. Royal Bank Of Canada started coverage on shares of QXO in a report on Monday, July 21st. They issued an "outperform" rating and a $33.00 price objective for the company. Wolfe Research started coverage on shares of QXO in a report on Friday, June 6th. They issued an "outperform" rating and a $44.00 price objective for the company. Finally, Oppenheimer assumed coverage on shares of QXO in a report on Wednesday, June 11th. They issued an "outperform" rating and a $27.00 price objective for the company. Three research analysts have rated the stock with a Strong Buy rating and ten have given a Buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average target price of $34.30.

Institutional Trading of QXO

A number of large investors have recently modified their holdings of QXO. Alpha Wave Global LP purchased a new stake in shares of QXO during the second quarter worth $525,366,000. Vanguard Group Inc. boosted its stake in QXO by 91.0% in the second quarter. Vanguard Group Inc. now owns 47,192,412 shares of the company's stock valued at $1,016,525,000 after acquiring an additional 22,484,977 shares in the last quarter. Affinity Partners GP LP acquired a new position in QXO in the fourth quarter valued at $260,941,000. Schf GPE LLC boosted its stake in QXO by 204.3% in the second quarter. Schf GPE LLC now owns 13,319,457 shares of the company's stock valued at $286,901,000 after acquiring an additional 8,943,089 shares in the last quarter. Finally, Blue Investment Opportunities LLC Project Breeze Series 1 acquired a new stake in shares of QXO during the first quarter worth about $118,142,000. Hedge funds and other institutional investors own 58.68% of the company's stock.

QXO Stock Down 1.4%

NASDAQ QXO traded down $0.29 on Wednesday, reaching $20.84. The stock had a trading volume of 3,459,866 shares, compared to its average volume of 5,952,067. The firm has a market capitalization of $14.03 billion, a price-to-earnings ratio of -2.28, a P/E/G ratio of 4.09 and a beta of 2.35. QXO has a 12-month low of $11.85 and a 12-month high of $24.69. The stock has a fifty day moving average price of $20.88 and a two-hundred day moving average price of $17.07.

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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