Raymond James Financial Begins Coverage on QXO (NASDAQ:QXO)

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.

Raymond James Financial started coverage on shares of QXO (NASDAQ:QXO - Get Free Report) in a research report issued 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 indicate a potential upside of 31.24% from the company's current price.

Several other research firms have also recently weighed in on QXO. Wolfe Research assumed 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. Truist Financial began coverage on QXO in a research note on Tuesday, July 1st. They issued a "buy" rating and a $30.00 price target on the stock. Oppenheimer started coverage on QXO in a research note on Wednesday, June 11th. They set an "outperform" rating and a $27.00 target price on the stock. Robert W. Baird initiated coverage on QXO in a report on Thursday, June 12th. They issued an "outperform" rating and a $32.00 price objective on the stock. Finally, Zacks Research raised shares of QXO from a "hold" rating to a "strong-buy" rating in a research report on Thursday, August 14th. Three equities research 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.com, QXO currently has an average rating of "Buy" and a consensus price target of $33.73.

QXO Trading Down 0.7%

Shares of QXO stock traded down $0.15 during trading hours on Friday, hitting $21.34. 3,532,309 shares of the company were exchanged, compared to its average volume of 6,003,769. The business has a 50 day moving average of $20.87 and a two-hundred day moving average of $17.36. QXO has a 52 week low of $11.85 and a 52 week high of $24.69. The company has a market capitalization of $14.37 billion, a PE ratio of -2.33, a PEG ratio of 4.09 and a beta of 2.35.

Hedge Funds Weigh In On QXO

A number of hedge funds have recently made changes to their positions in the stock. Farther Finance Advisors LLC purchased a new stake in shares of QXO during the second quarter valued at approximately $25,000. American Capital Advisory LLC grew its position in shares of QXO by 258.0% in the second quarter. American Capital Advisory LLC now owns 1,167 shares of the company's stock valued at $25,000 after purchasing an additional 841 shares in the last quarter. Allworth Financial LP lifted its holdings in QXO by 1,740.9% during the 2nd quarter. Allworth Financial LP now owns 1,215 shares of the company's stock worth $26,000 after purchasing an additional 1,149 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in QXO during the second quarter valued at approximately $28,000. Finally, Russell Investments Group Ltd. purchased a new position in QXO during the second quarter worth about $30,000. 58.68% of the stock is currently owned by institutional investors.

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.