Cibc World Market Inc. Invests $1.22 Million in QXO, Inc. $QXO

Cibc World Market Inc. acquired a new stake in QXO, Inc. (NYSE:QXO) during the third quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 64,153 shares of the company’s stock, valued at approximately $1,223,000.

A number of other institutional investors also recently modified their holdings of QXO. Vanguard Group Inc. lifted its holdings in shares of QXO by 91.0% in the 2nd 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 stake 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 purchasing an additional 16,260,163 shares during the period. Alpha Wave Global LP purchased a new stake in QXO during the second quarter worth about $525,366,000. Schf GPE LLC increased its stake in shares of QXO by 204.3% during the 2nd quarter. Schf GPE LLC now owns 13,319,457 shares of the company’s stock worth $286,901,000 after purchasing an additional 8,943,089 shares during the last quarter. Finally, Hood River Capital Management LLC purchased a new stake in QXO in the second quarter worth $178,836,000. Institutional investors and hedge funds own 58.68% of the company’s stock.

QXO Stock Performance

Shares of QXO opened at $27.07 on Tuesday. QXO, Inc. has a 12 month low of $11.85 and a 12 month high of $27.55. The business’s fifty day simple moving average is $22.94 and its two-hundred day simple moving average is $20.59. The company has a market cap of $18.26 billion, a price-to-earnings ratio of -61.53, a P/E/G ratio of 3.38 and a beta of 2.55. The company has a current ratio of 3.06, a quick ratio of 2.24 and a debt-to-equity ratio of 0.37.

Analysts Set New Price Targets

QXO has been the topic of several research reports. Vertical Research started coverage on shares of QXO in a research report on Tuesday, October 21st. They issued a “buy” rating and a $30.00 price target on the stock. William Blair reiterated an “outperform” rating on shares of QXO in a research report on Wednesday, December 31st. Truist Financial cut their price objective on QXO from $28.00 to $26.00 and set a “buy” rating for the company in a report on Friday, December 19th. Benchmark reaffirmed a “buy” rating on shares of QXO in a research note on Friday, January 16th. Finally, Weiss Ratings reaffirmed a “sell (d+)” rating on shares of QXO in a research note on Monday, December 29th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $32.43.

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. It also offers value-added services that focuses on consulting and professional, specialized programming, training, and technical support services. In addition, the company provides information technology managed services, such as cybersecurity, application hosting, disaster recovery, business continuity, cloud, and other services; and data back-up, network maintenance, and upgrade services.