QXO Sees Unusually Large Options Volume (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 on Wednesday. Investors bought 18,269 call options on the stock. Thisisanincreaseof132% compared to the typical daily volume of 7,886 call options.

Institutional Trading of QXO

Several institutional investors and hedge funds have recently made changes to their positions in the business. American Capital Advisory LLC raised its position in shares of QXO by 258.0% during 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 during the last quarter. First Horizon Advisors Inc. raised its position in shares of QXO by 57.4% during 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 during the last quarter. AlphaQuest LLC raised its position in shares of QXO by 22.9% during 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 during the last quarter. Sheets Smith Wealth Management raised its position in shares of QXO by 6.4% during 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 during the last quarter. Finally, Farther Finance Advisors LLC bought a new stake in shares of QXO during the 2nd quarter valued at $25,000. Institutional investors own 58.68% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have recently commented on QXO. Wells Fargo & Company began coverage on QXO in a report on Tuesday, August 5th. They issued an "overweight" rating and a $30.00 target price on the stock. Morgan Stanley initiated coverage on QXO in a report on Tuesday, September 2nd. They set an "overweight" rating and a $35.00 price objective on the stock. William Blair initiated coverage on QXO in a report on Wednesday, June 18th. They set an "outperform" rating on the stock. Raymond James Financial initiated coverage on QXO in a report on Friday. They set an "outperform" rating and a $28.00 price objective on the stock. Finally, Oppenheimer initiated coverage on QXO in a report on Wednesday, June 11th. They set an "outperform" rating and a $27.00 price objective on the stock. Three investment analysts have rated the stock with a Strong Buy rating and eleven have given a Buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Buy" and an average target price of $33.73.

QXO Price Performance

Shares of QXO stock traded down $0.07 on Monday, hitting $21.98. 7,392,623 shares of the company's stock traded hands, compared to its average volume of 6,012,604. The firm's 50-day moving average price is $20.86 and its two-hundred day moving average price is $17.27. The stock has a market capitalization of $14.81 billion, a PE ratio of -2.41, a price-to-earnings-growth ratio of 4.09 and a beta of 2.35. QXO has a one year low of $11.85 and a one year high of $24.69.

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.