Oppenheimer Initiates Coverage on QXO (NASDAQ:QXO)

Investment analysts at Oppenheimer started coverage on shares of QXO (NASDAQ:QXO) in a research note issued to investors on Wednesday,Briefing.com Automated Import reports. The firm set an “outperform” rating and a $27.00 price target on the stock. Oppenheimer’s price target indicates a potential upside of 31.69% 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 target on the stock.

QXO Stock Up 1.7%

Shares of NASDAQ:QXO opened at $20.50 on Wednesday. The stock has a market cap of $11.86 billion, a price-to-earnings ratio of -2.24, a PEG ratio of 4.09 and a beta of 2.38. The business’s 50 day moving average is $15.04 and its 200 day moving average is $14.67. QXO has a 12-month low of $10.61 and a 12-month high of $259.99.

Institutional Investors Weigh In On QXO

Hedge funds have recently added to or reduced their stakes in the stock. Advisors Capital Management LLC increased its position in QXO by 18.9% during the first quarter. Advisors Capital Management LLC now owns 646,595 shares of the company’s stock valued at $8,755,000 after acquiring an additional 102,862 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of QXO by 13.3% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 697,889 shares of the company’s stock worth $9,449,000 after buying an additional 81,758 shares in the last quarter. Blue Investment Opportunities LLC Project Breeze Series 1 purchased a new position in shares of QXO during the first quarter valued at about $118,142,000. Millennium Management LLC raised its holdings in shares of QXO by 6.6% during the 1st quarter. Millennium Management LLC now owns 322,115 shares of the company’s stock worth $4,361,000 after acquiring an additional 20,067 shares in the last quarter. Finally, Eschler Asset Management LLP purchased a new position in QXO in the first quarter worth about $812,000. 58.68% of the stock is owned by institutional investors.

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.