Stephens Initiates Coverage on QXO (NASDAQ:QXO)

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.

Investment analysts at Stephens began coverage on shares of QXO (NASDAQ:QXO - Get Free Report) in a research note issued on Wednesday,Briefing.com Automated Import reports. The brokerage set an "overweight" rating and a $29.00 price target on the stock. Stephens' target price would suggest a potential upside of 45.60% from the stock's current price.

Several other brokerages have also recently weighed in on QXO. Wolfe Research initiated coverage on shares of QXO in a research note on Friday, June 6th. They issued an "outperform" rating and a $44.00 price objective on the stock. Truist Financial initiated coverage on shares of QXO in a research note on Tuesday, July 1st. They set a "buy" rating and a $30.00 target price on the stock. Royal Bank Of Canada initiated coverage on shares of QXO in a research note on Monday, July 21st. They set an "outperform" rating and a $33.00 target price on the stock. Robert W. Baird began coverage on shares of QXO in a research note on Thursday, June 12th. They set an "outperform" rating and a $32.00 target price on the stock. Finally, Oppenheimer initiated coverage on shares of QXO in a research report on Wednesday, June 11th. They set an "outperform" rating and a $27.00 price objective on the stock. Nine analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Buy" and an average target price of $32.25.

QXO Stock Up 3.4%

Shares of NASDAQ QXO opened at $19.92 on Wednesday. The firm's 50-day moving average price is $20.92 and its 200-day moving average price is $16.35. QXO has a 52-week low of $10.62 and a 52-week high of $24.69. The company has a market cap of $11.56 billion, a PE ratio of -2.18, a PEG ratio of 4.09 and a beta of 2.34.

Hedge Funds Weigh In On QXO

Several hedge funds and other institutional investors have recently bought and sold shares of QXO. Farther Finance Advisors LLC acquired a new position in QXO in the 2nd quarter worth approximately $25,000. American Capital Advisory LLC increased its holdings in QXO by 258.0% in the 2nd quarter. American Capital Advisory LLC now owns 1,167 shares of the company's stock worth $25,000 after buying an additional 841 shares during the period. Larson Financial Group LLC acquired a new stake in shares of QXO during the 1st quarter worth approximately $26,000. Allworth Financial LP grew its stake in shares of 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 during the period. Finally, Ridgewood Investments LLC acquired a new stake in shares of QXO during the 1st quarter worth approximately $27,000. Institutional investors and hedge funds own 58.68% of the company's stock.

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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