Envestnet Asset Management Inc. Grows Stock Holdings in QXO, Inc. $QXO

Envestnet Asset Management Inc. grew its stake in QXO, Inc. (NYSE:QXO) by 41.5% during the third quarter, Holdings Channel.com reports. The fund owned 582,448 shares of the company’s stock after purchasing an additional 170,805 shares during the quarter. Envestnet Asset Management Inc.’s holdings in QXO were worth $11,101,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of QXO. Alpha Wave Global LP purchased a new stake in shares of QXO in the second quarter valued at approximately $525,366,000. Vanguard Group Inc. raised its position in QXO by 91.0% during the 2nd 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 lifted its holdings in shares of QXO by 99.1% in the 2nd quarter. Affinity Partners GP LP now owns 32,671,542 shares of the company’s stock worth $703,745,000 after buying an additional 16,260,163 shares during the period. Schf GPE LLC grew its position in shares of QXO by 204.3% during the 2nd quarter. Schf GPE LLC now owns 13,319,457 shares of the company’s stock worth $286,901,000 after buying an additional 8,943,089 shares in the last quarter. Finally, Hood River Capital Management LLC bought a new position in shares of QXO during the 2nd quarter worth $178,836,000. Institutional investors own 58.68% of the company’s stock.

QXO Stock Performance

Shares of QXO stock 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 business’s fifty day simple moving average is $23.06 and its 200-day simple moving average 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 company has a market cap of $18.10 billion, a PE ratio of -60.98, a PEG ratio of 3.38 and a beta of 2.55.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the stock. Royal Bank Of Canada set a $30.00 target price on shares of QXO in a report on Friday, January 9th. Benchmark reaffirmed a “buy” rating on shares of QXO in a research report on Friday, January 16th. William Blair reissued an “outperform” rating on shares of QXO in a report on Wednesday, December 31st. Weiss Ratings reissued a “sell (d+)” rating on shares of QXO in a research note on Monday, December 29th. Finally, Vertical Research began coverage on QXO in a research report on Tuesday, October 21st. They set a “buy” rating and a $30.00 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, QXO presently has an average rating of “Moderate Buy” and a consensus price target of $32.43.

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.