Stock Traders Buy High Volume of Call Options on QXO (NASDAQ:QXO)

QXO, Inc. (NASDAQ:QXO) saw unusually large options trading on Wednesday. Stock investors purchased 18,269 call options on the company. Thisrepresentsanincreaseof132% compared to the average daily volume of 7,886 call options.

QXO Stock Down 2.7%

Shares of NASDAQ QXO opened at $20.55 on Thursday. QXO has a 52 week low of $11.85 and a 52 week high of $24.69. The firm has a market cap of $13.84 billion, a P/E ratio of -2.25, a P/E/G ratio of 4.09 and a beta of 2.35. The business’s 50 day moving average price is $20.85 and its 200 day moving average price is $17.10.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Vanguard Group Inc. increased its position in shares of QXO by 91.0% during the second quarter. Vanguard Group Inc. now owns 47,192,412 shares of the company’s stock worth $1,016,525,000 after purchasing an additional 22,484,977 shares in the last quarter. Affinity Partners GP LP grew its holdings in QXO by 99.1% in the 2nd quarter. Affinity Partners GP LP now owns 32,671,542 shares of the company’s stock valued at $703,745,000 after buying an additional 16,260,163 shares in the last quarter. Alpha Wave Global LP purchased a new stake in QXO in the 2nd quarter valued at $525,366,000. Schf GPE LLC grew its holdings in QXO by 204.3% in the 2nd quarter. Schf GPE LLC now owns 13,319,457 shares of the company’s stock valued at $286,901,000 after buying an additional 8,943,089 shares in the last quarter. Finally, Blue Investment Opportunities LLC Project Breeze Series 1 purchased a new stake in QXO in the 1st quarter valued at $118,142,000. 58.68% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have recently weighed in on the company. William Blair initiated coverage on QXO in a research report on Wednesday, June 18th. They set an “outperform” rating for the company. Citigroup initiated coverage on QXO in a research note on Wednesday, July 16th. They issued a “buy” rating and a $33.00 target price on the stock. Robert W. Baird assumed coverage on QXO in a research note on Thursday, June 12th. They issued an “outperform” rating and a $32.00 target price on the stock. Stephens assumed coverage on QXO in a research note on Wednesday, August 13th. They set an “overweight” rating and a $29.00 price target on the stock. Finally, Truist Financial assumed coverage on QXO in a research note on Tuesday, July 1st. They set a “buy” rating and a $30.00 price target on the stock. Three research analysts have rated the stock with a Strong Buy rating and ten have given a Buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $34.30.

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.