Cornerstone Advisory LLC Buys Shares of 32,832 QXO, Inc. $QXO

Cornerstone Advisory LLC purchased a new position in shares of QXO, Inc. (NYSE:QXO) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 32,832 shares of the company’s stock, valued at approximately $626,000.

Other large investors have also made changes to their positions in the company. Royal Bank of Canada boosted its holdings in QXO by 67.5% during the first quarter. Royal Bank of Canada now owns 119,688 shares of the company’s stock worth $1,620,000 after buying an additional 48,248 shares in the last quarter. AQR Capital Management LLC acquired a new stake in shares of QXO during the 1st quarter valued at approximately $615,000. Millennium Management LLC boosted its stake 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. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of QXO by 13.3% in the 1st 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 acquiring an additional 81,758 shares during the period. Finally, Vanguard Personalized Indexing Management LLC purchased a new position in QXO in the 2nd quarter valued at approximately $276,000. Hedge funds and other institutional investors own 58.68% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have commented on QXO shares. Loop Capital initiated coverage on QXO in a research report on Thursday, December 11th. They set a “buy” rating and a $31.00 target price on the stock. William Blair reaffirmed an “outperform” rating on shares of QXO in a research note on Wednesday, December 31st. Vertical Research started coverage on shares of QXO in a research note on Tuesday, October 21st. They issued a “buy” rating and a $30.00 price objective on the stock. Benchmark restated a “buy” rating on shares of QXO in a report on Friday, January 16th. Finally, Oppenheimer upped their price target on shares of QXO from $27.00 to $30.00 and gave the company an “outperform” rating in a report on Friday, January 16th. 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 assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $32.43.

QXO Stock Down 0.9%

Shares of NYSE:QXO opened at $26.83 on Wednesday. QXO, Inc. has a 12-month low of $11.85 and a 12-month high of $27.55. The stock’s 50-day moving average price is $23.06 and its two-hundred day moving average price is $20.64. The company has a current ratio of 3.06, a quick ratio of 2.24 and a debt-to-equity ratio of 0.37. The firm has a market cap of $18.10 billion, a price-to-earnings ratio of -60.98, a PEG ratio of 3.38 and a beta of 2.55.

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.