QXO (NYSE:QXO) Trading Up 9.7% – Here’s What Happened

Shares of QXO, Inc. (NYSE:QXO) were up 9.7% during trading on Wednesday . The company traded as high as $26.11 and last traded at $25.4520. Approximately 4,097,618 shares changed hands during trading, a decline of 55% from the average daily volume of 9,187,193 shares. The stock had previously closed at $23.21.

Wall Street Analyst Weigh In

A number of research firms have issued reports on QXO. Vertical Research initiated coverage on QXO in a research report on Tuesday, October 21st. They set a “buy” rating and a $30.00 price target for the company. Oppenheimer boosted their target price on QXO from $27.00 to $30.00 and gave the stock an “outperform” rating in a report on Friday, January 16th. Royal Bank Of Canada set a $30.00 price target on shares of QXO in a report on Friday, January 9th. Loop Capital started coverage on shares of QXO in a research note on Thursday, December 11th. They set a “buy” rating and a $31.00 price objective for the company. Finally, Benchmark reissued a “buy” rating on shares of QXO in a research report on Friday, January 16th. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $32.43.

QXO Trading Up 4.5%

The firm has a market capitalization of $18.26 billion, a price-to-earnings ratio of 129.60, a PEG ratio of 3.24 and a beta of 2.55. The business’s 50-day moving average price is $22.82 and its 200 day moving average price is $20.54. The company has a debt-to-equity ratio of 0.37, a current ratio of 3.06 and a quick ratio of 2.24.

Institutional Trading of QXO

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Kestra Advisory Services LLC purchased a new position in QXO in the fourth quarter valued at about $343,000. Samjo Management LLC increased its holdings in QXO by 11.1% during the 4th quarter. Samjo Management LLC now owns 337,130 shares of the company’s stock worth $6,503,000 after purchasing an additional 33,565 shares during the last quarter. Soros Fund Management LLC acquired a new position in shares of QXO in the 4th quarter valued at approximately $793,000. AlTi Global Inc. boosted its stake in shares of QXO by 197.9% during the 4th quarter. AlTi Global Inc. now owns 42,300 shares of the company’s stock valued at $816,000 after buying an additional 28,100 shares during the last quarter. Finally, Barrier Capital Management LLC boosted its stake in shares of QXO by 8.4% during the 4th quarter. Barrier Capital Management LLC now owns 1,596,623 shares of the company’s stock valued at $30,799,000 after buying an additional 123,045 shares during the last quarter. 58.68% of the stock is owned by hedge funds and other institutional investors.

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. It also offers value-added services that focuses on consulting and professional, specialized programming, training, and technical support services. In addition, the company provides information technology managed services, such as cybersecurity, application hosting, disaster recovery, business continuity, cloud, and other services; and data back-up, network maintenance, and upgrade services.