QXO (NYSE:QXO) Hits New 12-Month High – Here’s What Happened

QXO, Inc. (NYSE:QXO) shares reached a new 52-week high on Thursday . The company traded as high as $27.14 and last traded at $27.1350, with a volume of 17200954 shares traded. The stock had previously closed at $23.21.

Wall Street Analysts Forecast Growth

QXO has been the topic of several recent research reports. Royal Bank Of Canada set a $30.00 target price on QXO in a report on Friday, January 9th. Vertical Research assumed coverage on QXO in a research note on Tuesday, October 21st. They set a “buy” rating and a $30.00 price objective on the stock. Truist Financial dropped their target price on QXO from $28.00 to $26.00 and set a “buy” rating for the company in a report on Friday, December 19th. William Blair reiterated an “outperform” rating on shares of QXO in a report on Wednesday, December 31st. Finally, Weiss Ratings reissued a “sell (d+)” rating on shares of QXO in a research report on Monday, December 29th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, QXO currently has an average rating of “Moderate Buy” and a consensus target price of $32.43.

QXO Price Performance

The company has a debt-to-equity ratio of 0.37, a quick ratio of 2.24 and a current ratio of 3.06. The stock’s 50-day moving average is $22.82 and its two-hundred day moving average is $20.54. The stock has a market cap of $18.26 billion, a PE ratio of -61.53, a PEG ratio of 3.24 and a beta of 2.55.

Institutional Trading of QXO

A number of institutional investors and hedge funds have recently bought and sold shares of QXO. American Capital Advisory LLC boosted its position in QXO by 258.0% in the 2nd quarter. American Capital Advisory LLC now owns 1,167 shares of the company’s stock valued at $25,000 after buying an additional 841 shares during the period. Bogart Wealth LLC purchased a new stake in QXO during the 3rd quarter worth about $25,000. Allworth Financial LP raised its position in QXO by 1,740.9% in the 2nd quarter. Allworth Financial LP now owns 1,215 shares of the company’s stock valued at $26,000 after purchasing an additional 1,149 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in shares of QXO in the 2nd quarter valued at about $28,000. Finally, LRI Investments LLC increased its stake in shares of QXO by 129.1% during the fourth quarter. LRI Investments LLC now owns 1,482 shares of the company’s stock worth $29,000 after buying an additional 835 shares during the period. 58.68% of the stock is currently owned by hedge funds and other 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. 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.