QXO (NASDAQ:QXO) Earns Outperform Rating from Analysts at Raymond James Financial

Key Points

• Raymond James Financial has initiated coverage on QXO with an "outperform" rating and a price target of $28.00, indicating a potential upside of 35.34% from its current price.
• Multiple investment firms, including Citigroup and Royal Bank of Canada, have rated QXO as a "buy," with a consensus target price of $33.73.
• Institutional investors hold 58.68% of QXO's shares, with Vanguard Group increasing its stake by 91.0% in the second quarter.

Investment analysts at Raymond James Financial started coverage on shares of QXO (NASDAQ:QXO - Get Free Report) in a research report issued to clients and investors on Friday, Marketbeat Ratings reports. The brokerage set an "outperform" rating and a $28.00 price target on the stock. Raymond James Financial's price objective would suggest a potential upside of 30.44% from the company's previous close.

Other research analysts have also recently issued reports about the company. Robert W. Baird started coverage on QXO in a research report on Thursday, June 12th. They set an "outperform" rating and a $32.00 price target for the company. Benchmark raised QXO to a "strong-buy" rating in a report on Monday, August 25th. Wells Fargo & Company initiated coverage on shares of QXO in a report on Tuesday, August 5th. They set an "overweight" rating and a $30.00 target price on the stock. Oppenheimer assumed coverage on shares of QXO in a research report on Wednesday, June 11th. They set an "outperform" rating and a $27.00 price target on the stock. Finally, William Blair initiated coverage on shares of QXO in a research report on Wednesday, June 18th. They issued an "outperform" rating for the company. Three equities research analysts have rated the stock with a Strong Buy rating and eleven have given a Buy rating to the company's stock. According to data from MarketBeat, QXO has an average rating of "Buy" and a consensus price target of $33.73.

QXO Trading Down 2.2%

Shares of QXO stock traded down $0.49 during trading hours on Friday, reaching $21.47. 7,304,518 shares of the company's stock were exchanged, compared to its average volume of 6,019,986. The stock has a market cap of $14.46 billion, a P/E ratio of -2.35, a P/E/G ratio of 4.09 and a beta of 2.35. The company has a 50 day moving average of $20.87 and a two-hundred day moving average of $17.33. QXO has a fifty-two week low of $11.85 and a fifty-two week high of $24.69.

Institutional Investors Weigh In On QXO

Several hedge funds have recently bought and sold shares of the stock. Farther Finance Advisors LLC acquired a new position in shares of QXO in the second quarter valued at approximately $25,000. American Capital Advisory LLC lifted its holdings in QXO by 258.0% during the 2nd quarter. American Capital Advisory LLC now owns 1,167 shares of the company's stock worth $25,000 after purchasing an additional 841 shares during the last quarter. Larson Financial Group LLC bought a new stake in QXO in the 1st quarter valued at $26,000. Allworth Financial LP boosted its stake in QXO by 1,740.9% in the 2nd quarter. Allworth Financial LP now owns 1,215 shares of the company's stock valued at $26,000 after purchasing an additional 1,149 shares during the period. Finally, Ridgewood Investments LLC acquired a new position in QXO in the 1st quarter valued at $27,000. 58.68% of the stock is currently owned by institutional investors and hedge funds.

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.