Raymond James Financial Initiates Coverage on QXO (NASDAQ:QXO)

Analysts at Raymond James Financial began coverage on shares of QXO (NASDAQ:QXO) in a report issued on Friday, MarketBeat Ratings reports. The brokerage set an “outperform” rating and a $28.00 price target on the stock. Raymond James Financial’s target price would suggest a potential upside of 27.09% from the company’s current price.

Several other research analysts have also issued reports on QXO. Robert W. Baird initiated coverage on shares of QXO in a research note on Thursday, June 12th. They issued an “outperform” rating and a $32.00 price target for the company. Benchmark upgraded shares of QXO to a “strong-buy” rating in a research note on Monday, August 25th. Morgan Stanley assumed coverage on shares of QXO in a research note on Tuesday. They set an “overweight” rating and a $35.00 price objective for the company. Royal Bank Of Canada assumed coverage on shares of QXO in a research note on Monday, July 21st. They set an “outperform” rating and a $33.00 price objective for the company. Finally, Zacks Research upgraded shares of QXO from a “hold” rating to a “strong-buy” rating in a research note on Thursday, August 14th. Three equities research analysts have rated the stock with a Strong Buy rating and eleven have assigned a Buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $33.73.

QXO Price Performance

Shares of QXO stock opened at $22.03 on Friday. The company has a 50-day moving average of $20.86 and a 200 day moving average of $17.24. The firm has a market cap of $14.84 billion, a price-to-earnings ratio of -2.42, a PEG ratio of 4.09 and a beta of 2.35. QXO has a 1 year low of $11.85 and a 1 year high of $24.69.

Institutional Trading of QXO

Large investors have recently made changes to their positions in the stock. Deutsche Bank AG bought a new stake in shares of QXO in the fourth quarter worth approximately $255,000. Northern Trust Corp grew its stake in shares of QXO by 46.9% in the fourth quarter. Northern Trust Corp now owns 731,610 shares of the company’s stock worth $11,633,000 after acquiring an additional 233,538 shares during the period. Janney Montgomery Scott LLC bought a new stake in shares of QXO in the first quarter worth approximately $200,000. KBC Group NV grew 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 worth $220,000 after acquiring an additional 3,126 shares during the period. Finally, First Bank & Trust bought a new stake in shares of QXO in the first quarter worth approximately $194,000. 58.68% of the stock is currently owned by institutional investors.

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.