QXO (NASDAQ:QXO) Earns Overweight Rating from Analysts at Stephens

Key Points

• Stephens has initiated coverage on QXO with an "overweight" rating and a price target of $29.00, indicating a potential upside of 45.60% from the current price.
• Multiple brokerages have also provided positive ratings for QXO, with an average target price of $32.25 and nine analysts issuing a buy rating.
• The stock has recently seen a price increase of 3.4%, with current trading at around $19.92, while institutional investors own 58.68% of the company's shares.

Stock analysts at Stephens began coverage on shares of QXO (NASDAQ:QXO - Get Free Report) in a research report issued to clients and investors on Wednesday, MarketBeat.com reports. The brokerage set an "overweight" rating and a $29.00 price target on the stock. Stephens' target price points to a potential upside of 40.87% from the stock's current price.

A number of other analysts also recently weighed in on QXO. Royal Bank Of Canada initiated coverage on QXO in a research note on Monday, July 21st. They issued an "outperform" rating and a $33.00 price target on the stock. Truist Financial initiated 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 initiated coverage on QXO in a research note on Wednesday, June 11th. They issued an "outperform" rating and a $27.00 price target on the stock. William Blair initiated coverage on QXO in a research note on Wednesday, June 18th. They issued an "outperform" rating on the stock. Finally, Wolfe Research assumed coverage on QXO in a research note on Friday, June 6th. They issued an "outperform" rating and a $44.00 price target on the stock. Nine research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus target price of $32.25.

QXO Stock Up 0.4%

Shares of QXO stock traded up $0.09 during trading on Wednesday, reaching $20.59. The company's stock had a trading volume of 6,274,971 shares, compared to its average volume of 5,779,876. QXO has a 12-month low of $11.85 and a 12-month high of $24.69. The company has a market capitalization of $11.95 billion, a P/E ratio of -2.26, a price-to-earnings-growth ratio of 4.09 and a beta of 2.34. The business has a 50 day moving average price of $21.12 and a 200-day moving average price of $16.53.

Institutional Trading of QXO

A number of institutional investors have recently bought and sold shares of the company. Castleark Management LLC acquired a new position in shares of QXO in the second quarter worth $4,936,000. FORA Capital LLC acquired a new position in shares of QXO in the second quarter worth $7,554,000. Tower Research Capital LLC TRC acquired a new position in shares of QXO in the second quarter worth $71,000. Sender Co & Partners Inc. acquired a new position in shares of QXO in the second quarter worth $373,000. Finally, Captrust Financial Advisors raised its holdings in shares of QXO by 64.6% in the second quarter. Captrust Financial Advisors now owns 296,816 shares of the company's stock worth $6,393,000 after acquiring an additional 116,456 shares during the last quarter. 58.68% of the stock is currently owned by hedge funds and other institutional investors.

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.