QXO (NYSE:QXO) Reaches New 1-Year High – Here’s What Happened

QXO, Inc. (NYSE:QXO) shares hit a new 52-week high on Wednesday . The stock traded as high as $27.55 and last traded at $27.4730, with a volume of 1874391 shares trading hands. The stock had previously closed at $26.82.

Analyst Upgrades and Downgrades

QXO has been the subject of a number of recent research reports. Citigroup lowered their target price on QXO from $33.00 to $31.00 and set a “buy” rating for the company in a research note on Thursday, January 8th. William Blair reissued an “outperform” rating on shares of QXO in a research report on Wednesday, December 31st. Loop Capital initiated coverage on shares of QXO in a research note on Thursday, December 11th. They set a “buy” rating and a $31.00 target price for the company. Royal Bank Of Canada set a $30.00 price target on shares of QXO in a research report on Friday, January 9th. Finally, Weiss Ratings restated 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 issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, QXO presently has an average rating of “Moderate Buy” and a consensus price target of $32.43.

QXO Trading Up 0.4%

The firm’s 50-day simple moving average is $23.06 and its 200 day simple moving average is $20.64. The company has a quick ratio of 2.24, a current ratio of 3.06 and a debt-to-equity ratio of 0.37. The firm has a market cap of $18.16 billion, a P/E ratio of -61.19, a price-to-earnings-growth ratio of 3.38 and a beta of 2.55.

Hedge Funds Weigh In On QXO

A number of institutional investors have recently added to or reduced their stakes in QXO. Progeny 3 Inc. bought a new position in shares of QXO during the 4th quarter valued at about $1,051,000. Osterweis Capital Management Inc. bought a new stake in QXO in the fourth quarter worth $82,000. Odyssean LLC purchased a new stake in QXO during the fourth quarter valued at about $489,000. IHT Wealth Management LLC bought a new position in shares of QXO during the fourth quarter valued at about $535,000. Finally, First Manhattan CO. LLC. grew its stake in shares of QXO by 18.9% during the fourth quarter. First Manhattan CO. LLC. now owns 1,578,055 shares of the company’s stock valued at $30,441,000 after buying an additional 251,100 shares during the last quarter. 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. 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.