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

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

Wall Street Analyst Weigh In

QXO has been the topic of a number of analyst reports. Truist Financial decreased their price target on QXO from $28.00 to $26.00 and set a “buy” rating on the stock in a research note on Friday, December 19th. Royal Bank Of Canada set a $30.00 target price on shares of QXO in a report on Friday, January 9th. Loop Capital started coverage on QXO in a research report on Thursday, December 11th. They set a “buy” rating and a $31.00 price target for the company. William Blair reiterated an “outperform” rating on shares of QXO in a report on Wednesday, December 31st. Finally, Benchmark reaffirmed a “buy” rating on shares of QXO in a research report on Friday, January 16th. One analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, QXO presently has a consensus rating of “Moderate Buy” and a consensus target price of $32.43.

QXO Trading Up 0.4%

The company has a market cap of $18.16 billion, a PE ratio of -61.19, a price-to-earnings-growth ratio of 3.38 and a beta of 2.55. The company has a debt-to-equity ratio of 0.37, a current ratio of 3.06 and a quick ratio of 2.24. The company has a 50-day moving average of $23.06 and a 200 day moving average of $20.64.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. American Capital Advisory LLC raised its holdings in shares of QXO by 258.0% in the second quarter. American Capital Advisory LLC now owns 1,167 shares of the company’s stock worth $25,000 after buying an additional 841 shares during the last quarter. Allworth Financial LP grew its position in QXO by 1,740.9% during the second quarter. Allworth Financial LP now owns 1,215 shares of the company’s stock valued at $26,000 after buying an additional 1,149 shares during the period. Arax Advisory Partners acquired a new stake in shares of QXO during the 4th quarter valued at about $25,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in QXO in the second quarter valued at approximately $28,000. Finally, Bogart Wealth LLC acquired a new stake in QXO in the 3rd quarter valued at $25,000. Hedge funds and other institutional investors own 58.68% of the company’s stock.

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.