Victory Capital Management Inc. Has $630,000 Stock Position in QXO, Inc. (NASDAQ:QXO)

Victory Capital Management Inc. lowered its position in shares of QXO, Inc. (NASDAQ:QXO) by 72.7% in the first quarter, HoldingsChannel reports. The firm owned 46,530 shares of the company’s stock after selling 123,992 shares during the period. Victory Capital Management Inc.’s holdings in QXO were worth $630,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in QXO. Larson Financial Group LLC acquired a new position in QXO during the 1st quarter worth about $26,000. CWM LLC acquired a new position in QXO during the 1st quarter worth about $27,000. First Horizon Advisors Inc. lifted its position in QXO by 57.4% during the 1st quarter. First Horizon Advisors Inc. now owns 2,790 shares of the company’s stock worth $38,000 after buying an additional 1,017 shares in the last quarter. Signaturefd LLC lifted its position in QXO by 533.6% during the 1st quarter. Signaturefd LLC now owns 3,168 shares of the company’s stock worth $43,000 after buying an additional 2,668 shares in the last quarter. Finally, Bessemer Group Inc. acquired a new position in QXO during the 1st quarter worth about $52,000. Institutional investors and hedge funds own 58.68% of the company’s stock.

QXO Trading Down 3.7%

Shares of NASDAQ:QXO opened at $19.32 on Friday. The stock has a market capitalization of $11.21 billion, a P/E ratio of -2.12, a P/E/G ratio of 4.09 and a beta of 2.41. QXO, Inc. has a 1-year low of $10.61 and a 1-year high of $24.69. The business has a 50-day moving average price of $20.55 and a two-hundred day moving average price of $16.07.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the stock. Baird R W upgraded shares of QXO to a “strong-buy” rating in a research report on Thursday, June 12th. Wolfe Research assumed coverage on shares of QXO in a research report on Friday, June 6th. They set an “outperform” rating and a $44.00 price target on the stock. Truist Financial assumed coverage on QXO in a report on Tuesday, July 1st. They set a “buy” rating and a $30.00 price objective for the company. William Blair assumed coverage on QXO in a report on Wednesday, June 18th. They set an “outperform” rating for the company. Finally, Robert W. Baird assumed coverage on QXO in a report on Thursday, June 12th. They set an “outperform” rating and a $32.00 price objective for the company. Seven research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $33.17.

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.