QXO (NASDAQ:QXO) Coverage Initiated at KeyCorp

Analysts at KeyCorp started coverage on shares of QXO (NASDAQ:QXO) in a research note issued to investors on Tuesday, Marketbeat reports. The firm set an “overweight” rating on the stock.

QXO has been the subject of several other reports. William Blair initiated coverage on QXO in a report on Wednesday, June 18th. They issued an “outperform” rating for the company. Raymond James Financial initiated coverage on QXO in a report on Friday, September 5th. They issued an “outperform” rating and a $28.00 target price for the company. Truist Financial began coverage on QXO in a report on Tuesday, July 1st. They issued a “buy” rating and a $30.00 target price for the company. Robert W. Baird initiated coverage on QXO in a report on Thursday, June 12th. They set an “outperform” rating and a $32.00 price target for the company. Finally, Benchmark upgraded QXO to a “strong-buy” rating in a report on Monday, August 25th. Three analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $33.25.

QXO Stock Performance

QXO opened at $19.06 on Tuesday. The business has a 50 day moving average price of $20.44 and a 200 day moving average price of $18.14. QXO has a twelve month low of $11.85 and a twelve month high of $24.69. The firm has a market cap of $12.83 billion, a P/E ratio of -2.09, a price-to-earnings-growth ratio of 4.09 and a beta of 2.35.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Amundi raised its stake in shares of QXO by 26.4% in the first quarter. Amundi now owns 715,087 shares of the company’s stock valued at $9,861,000 after purchasing an additional 149,504 shares in the last quarter. Janney Montgomery Scott LLC acquired a new position in shares of QXO in the first quarter valued at $200,000. KBC Group NV raised its stake in shares of QXO by 23.8% in the first quarter. KBC Group NV now owns 16,270 shares of the company’s stock valued at $220,000 after purchasing an additional 3,126 shares in the last quarter. Blue Investment Opportunities LLC Project Breeze Series 1 acquired a new position in shares of QXO in the first quarter valued at $118,142,000. Finally, First Bank & Trust acquired a new position in shares of QXO in the first quarter valued at $194,000. 58.68% of the stock is currently owned by institutional investors and hedge funds.

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.