Wealth Effects LLC Increases Position in QXO, Inc. (NASDAQ:QXO)

Wealth Effects LLC lifted its stake in QXO, Inc. (NASDAQ:QXO) by 33.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 16,000 shares of the company’s stock after purchasing an additional 4,000 shares during the period. Wealth Effects LLC’s holdings in QXO were worth $217,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Bessemer Group Inc. acquired a new position in QXO during the first quarter worth about $52,000. Toronto Dominion Bank purchased a new stake in shares of QXO during the 4th quarter worth approximately $159,000. Invesco Ltd. purchased a new stake in shares of QXO during the 4th quarter worth approximately $164,000. Praxis Investment Management Inc. purchased a new stake in shares of QXO during the 1st quarter worth approximately $156,000. Finally, Parallel Advisors LLC grew its holdings in shares of QXO by 62.2% in the 1st quarter. Parallel Advisors LLC now owns 11,570 shares of the company’s stock worth $157,000 after acquiring an additional 4,439 shares during the period. Hedge funds and other institutional investors own 58.68% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on QXO shares. Baird R W raised QXO to a “strong-buy” rating in a research note on Thursday, June 12th. Robert W. Baird assumed coverage on QXO in a research report on Thursday, June 12th. They issued an “outperform” rating and a $32.00 price target for the company. Oppenheimer initiated coverage on shares of QXO in a research report on Wednesday, June 11th. They issued an “outperform” rating and a $27.00 price objective on the stock. Wolfe Research began coverage on shares of QXO in a report on Friday, June 6th. They set an “outperform” rating and a $44.00 target price for the company. Finally, William Blair began coverage on shares of QXO in a research report on Wednesday, June 18th. They set an “outperform” rating for the company. Four research analysts have rated the stock with a buy rating and one has given a strong 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 $34.33.

QXO Stock Performance

QXO stock opened at $21.88 on Thursday. QXO, Inc. has a fifty-two week low of $10.61 and a fifty-two week high of $157.28. The company has a market capitalization of $12.65 billion, a price-to-earnings ratio of -2.40, a PEG ratio of 4.09 and a beta of 2.38. The stock has a fifty day moving average of $16.80 and a two-hundred day moving average of $15.02.

QXO 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.