QXO (NASDAQ:QXO) Earns Buy Rating from Analysts at Truist Financial

Truist Financial initiated coverage on shares of QXO (NASDAQ:QXO) in a research note published on Tuesday, Marketbeat.com reports. The brokerage issued a buy rating and a $30.00 price objective on the stock.

A number of other research firms also recently issued reports on QXO. 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 objective on the stock. Oppenheimer started coverage on shares of QXO in a research report on Wednesday, June 11th. They set an “outperform” rating and a $27.00 price target on the stock. Baird R W upgraded shares of QXO to a “strong-buy” rating in a research note on Thursday, June 12th. William Blair began coverage on QXO in a research report on Wednesday, June 18th. They issued an “outperform” rating on the stock. Finally, Wolfe Research started coverage on QXO in a report on Friday, June 6th. They set an “outperform” rating and a $44.00 target price on the stock. Five analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, QXO currently has a consensus rating of “Buy” and a consensus target price of $33.25.

QXO Stock Performance

Shares of QXO stock opened at $21.95 on Tuesday. The firm has a market cap of $12.74 billion, a PE ratio of -2.41, a P/E/G ratio of 4.09 and a beta of 2.41. The business’s 50 day simple moving average is $17.84 and its 200 day simple moving average is $15.24. QXO has a 52-week low of $10.61 and a 52-week high of $157.28.

Institutional Investors Weigh In On QXO

A number of institutional investors and hedge funds have recently modified their holdings of QXO. Rhumbline Advisers raised its stake in QXO by 337.5% in the 4th quarter. Rhumbline Advisers now owns 21,000 shares of the company’s stock valued at $334,000 after acquiring an additional 16,200 shares during the period. Bank of New York Mellon Corp lifted its stake in shares of QXO by 685.6% during the 4th quarter. Bank of New York Mellon Corp now owns 450,467 shares of the company’s stock worth $7,162,000 after buying an additional 393,126 shares during the last quarter. Oppenheimer & Co. Inc. boosted its holdings in shares of QXO by 138.3% during the 4th quarter. Oppenheimer & Co. Inc. now owns 66,757 shares of the company’s stock worth $1,061,000 after buying an additional 38,747 shares during the period. Meridian Wealth Management LLC raised its holdings in QXO by 32.7% in the 4th quarter. Meridian Wealth Management LLC now owns 70,788 shares of the company’s stock valued at $1,126,000 after acquiring an additional 17,463 shares during the period. Finally, Steward Partners Investment Advisory LLC lifted its position in QXO by 67.7% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 84,945 shares of the company’s stock worth $1,351,000 after acquiring an additional 34,300 shares during the last quarter. 58.68% of the stock is owned by 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.