Truist Financial Initiates Coverage on QXO (NASDAQ:QXO)

Stock analysts at Truist Financial started coverage on shares of QXO (NASDAQ:QXO - Get Free Report) in a research report issued on Tuesday, MarketBeat.com reports. The firm set a "buy" rating and a $30.00 price target on the stock. Truist Financial's price objective would suggest a potential upside of 41.54% from the company's current price.

Several other equities analysts have also weighed in on the company. Wolfe Research began coverage on QXO in a research note on Friday, June 6th. They issued an "outperform" rating and a $44.00 price target for the company. Oppenheimer began coverage on QXO in a research report on Wednesday, June 11th. They issued an "outperform" rating and a $27.00 price objective for the company. Baird R W raised shares of QXO to a "strong-buy" rating in a research note on Thursday, June 12th. Robert W. Baird assumed coverage on shares of QXO in a report on Thursday, June 12th. They issued an "outperform" rating and a $32.00 price target for the company. Finally, William Blair initiated coverage on shares of QXO in a report on Wednesday, June 18th. They set an "outperform" rating on the stock. Five analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, QXO presently has a consensus rating of "Buy" and an average price target of $33.25.

QXO Stock Down 1.6%

Shares of NASDAQ:QXO traded down $0.34 during trading on Tuesday, hitting $21.20. 12,286,298 shares of the stock traded hands, compared to its average volume of 3,933,285. The company has a fifty day moving average price of $17.30 and a two-hundred day moving average price of $15.11. QXO has a 52-week low of $10.61 and a 52-week high of $157.28. The company has a market cap of $12.26 billion, a price-to-earnings ratio of -2.32, a P/E/G ratio of 4.09 and a beta of 2.38.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Affinity Partners GP LP purchased a new position in QXO during the fourth quarter worth approximately $260,941,000. Vanguard Group Inc. raised its stake in QXO by 146.1% during the first quarter. Vanguard Group Inc. now owns 24,707,435 shares of the company's stock worth $334,539,000 after purchasing an additional 14,667,571 shares during the period. Blue Investment Opportunities LLC Project Breeze Series 1 acquired a new position in QXO in the 1st quarter valued at about $118,142,000. Federated Hermes Inc. purchased a new stake in shares of QXO in the 4th quarter valued at approximately $50,532,000. Finally, JPMorgan Chase & Co. grew its position in QXO by 523.9% in the fourth quarter. JPMorgan Chase & Co. now owns 877,902 shares of the company's stock worth $13,959,000 after acquiring an additional 737,192 shares during the period. Hedge funds and other institutional investors own 58.68% of the company's stock.

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.