Oppenheimer Initiates Coverage on QXO (NASDAQ:QXO)

Oppenheimer initiated coverage on shares of QXO (NASDAQ:QXO) in a research note issued on Wednesday, MarketBeat Ratings reports. The firm set an “outperform” rating and a $27.00 price target on the stock. Oppenheimer’s target price suggests a potential upside of 34.26% from the company’s previous close.

Separately, Wolfe Research started coverage on shares of QXO in a report on Friday, June 6th. They issued an “outperform” rating and a $44.00 price objective on the stock.

QXO Stock Up 0.8%

QXO stock opened at $20.11 on Wednesday. The business’s 50-day simple moving average is $15.29 and its 200 day simple moving average is $14.72. The stock has a market cap of $11.63 billion, a price-to-earnings ratio of -2.21, a P/E/G ratio of 4.09 and a beta of 2.38. QXO has a 12-month low of $10.61 and a 12-month high of $205.96.

Institutional Trading of QXO

Several hedge funds have recently added to or reduced their stakes in QXO. Vanguard Group Inc. raised its position in shares of 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. Affinity Partners GP LP bought a new stake in QXO during the 4th quarter worth approximately $260,941,000. T. Rowe Price Investment Management Inc. raised its holdings in QXO by 3.0% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 10,886,193 shares of the company’s stock worth $173,091,000 after buying an additional 312,299 shares during the period. Blue Investment Opportunities LLC Project Breeze Series 1 bought a new stake in shares of QXO during the first quarter worth $118,142,000. Finally, Federated Hermes Inc. bought a new stake in QXO in the 4th quarter valued at $50,532,000. Institutional investors and hedge funds 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.