Envestnet Asset Management Inc. Purchases 170,805 Shares of QXO, Inc. $QXO

Envestnet Asset Management Inc. boosted its position in shares of QXO, Inc. (NYSE:QXO) by 41.5% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 582,448 shares of the company’s stock after buying an additional 170,805 shares during the period. Envestnet Asset Management Inc. owned approximately 0.09% of QXO worth $11,101,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Alpha Wave Global LP purchased a new stake in shares of QXO during the 2nd quarter worth approximately $525,366,000. Vanguard Group Inc. grew its holdings in shares of QXO by 91.0% in the second quarter. Vanguard Group Inc. now owns 47,192,412 shares of the company’s stock valued at $1,016,525,000 after purchasing an additional 22,484,977 shares in the last quarter. Affinity Partners GP LP increased its position in QXO by 99.1% in the second quarter. Affinity Partners GP LP now owns 32,671,542 shares of the company’s stock worth $703,745,000 after purchasing an additional 16,260,163 shares during the last quarter. Schf GPE LLC raised its stake in QXO by 204.3% during the second quarter. Schf GPE LLC now owns 13,319,457 shares of the company’s stock valued at $286,901,000 after purchasing an additional 8,943,089 shares in the last quarter. Finally, Hood River Capital Management LLC bought a new position in QXO during the second quarter valued at $178,836,000. Hedge funds and other institutional investors own 58.68% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently weighed in on QXO. William Blair restated an “outperform” rating on shares of QXO in a report on Wednesday, December 31st. Truist Financial reduced their price objective 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 price objective on QXO in a research report on Friday, January 9th. Weiss Ratings reiterated a “sell (d+)” rating on shares of QXO in a report on Monday, December 29th. Finally, Benchmark reissued a “buy” rating on shares of QXO in a research 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 issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, QXO has an average rating of “Moderate Buy” and a consensus target price of $32.43.

QXO Price Performance

Shares of QXO stock opened at $26.83 on Wednesday. The stock has a 50 day moving average price of $23.06 and a 200 day moving average price of $20.64. QXO, Inc. has a 52-week low of $11.85 and a 52-week high of $27.55. 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 firm has a market capitalization of $18.10 billion, a P/E ratio of -60.98, a P/E/G ratio of 3.38 and a beta of 2.55.

QXO 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.