Baird R W Upgrades QXO (NASDAQ:QXO) to “Strong-Buy”

QXO (NASDAQ:QXO) was upgraded by analysts at Baird R W to a “strong-buy” rating in a research note issued to investors on Thursday,Zacks.com reports.

QXO has been the topic of several other reports. Robert W. Baird initiated coverage on QXO in a research report on Thursday. They issued an “outperform” rating and a $32.00 price target on the stock. Wolfe Research initiated coverage on QXO in a research report on Friday, June 6th. They issued an “outperform” rating and a $44.00 price target on the stock. Finally, Oppenheimer began coverage on QXO in a research report on Wednesday. They issued an “outperform” rating and a $27.00 price target on the stock.

QXO Stock Performance

Shares of NASDAQ:QXO opened at $19.58 on Thursday. The company has a market cap of $11.32 billion, a P/E ratio of -2.15, a P/E/G ratio of 4.09 and a beta of 2.38. The stock’s 50-day moving average is $15.43 and its 200-day moving average is $14.73. QXO has a 52-week low of $10.61 and a 52-week high of $169.01.

Institutional Investors Weigh In On QXO

Several hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its stake in 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 position in QXO during the fourth quarter worth about $260,941,000. T. Rowe Price Investment Management Inc. lifted its stake in QXO by 3.0% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 10,886,193 shares of the company’s stock worth $173,091,000 after purchasing an additional 312,299 shares during the period. Blue Investment Opportunities LLC Project Breeze Series 1 bought a new position in QXO during the first quarter worth about $118,142,000. Finally, Federated Hermes Inc. bought a new position in QXO during the fourth quarter worth about $50,532,000. Institutional investors own 58.68% of the company’s stock.

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.