Cibc World Market Inc. Makes New $1.22 Million Investment in QXO, Inc. $QXO

Cibc World Market Inc. purchased a new stake in shares of QXO, Inc. (NYSE:QXO) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 64,153 shares of the company’s stock, valued at approximately $1,223,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Rhumbline Advisers boosted its holdings in shares of QXO by 1.7% in the third quarter. Rhumbline Advisers now owns 530,035 shares of the company’s stock worth $10,102,000 after buying an additional 8,861 shares during the last quarter. Stratos Wealth Partners LTD. purchased a new position in QXO during the third quarter valued at $281,000. Baader Bank Aktiengesellschaft bought a new stake in QXO during the third quarter valued at about $4,384,000. Costello Asset Management INC grew its stake in shares of QXO by 87.1% during the 3rd quarter. Costello Asset Management INC now owns 239,110 shares of the company’s stock valued at $4,557,000 after acquiring an additional 111,340 shares during the period. Finally, Navellier & Associates Inc. purchased a new stake in QXO in the 3rd quarter worth approximately $594,000. Hedge funds and other institutional investors own 58.68% of the company’s stock.

Analyst Upgrades and Downgrades

QXO has been the topic of a number of recent analyst reports. Benchmark restated a “buy” rating on shares of QXO in a research note on Friday, January 16th. Royal Bank Of Canada set a $30.00 price objective on shares of QXO in a research note on Friday, January 9th. Citigroup dropped their target price on shares of QXO from $33.00 to $31.00 and set a “buy” rating for the company in a report on Thursday, January 8th. William Blair reiterated an “outperform” rating on shares of QXO in a research note on Wednesday, December 31st. Finally, Oppenheimer raised their price target on QXO from $27.00 to $30.00 and gave the company an “outperform” rating in a report on Friday, January 16th. One analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $32.43.

QXO Stock Performance

Shares of NYSE:QXO opened at $27.07 on Tuesday. The firm has a fifty day simple moving average of $22.94 and a two-hundred day simple moving average of $20.59. The company has a quick ratio of 2.24, a current ratio of 3.06 and a debt-to-equity ratio of 0.37. QXO, Inc. has a 52 week low of $11.85 and a 52 week high of $27.55. The stock has a market capitalization of $18.26 billion, a P/E ratio of -61.53, a PEG 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.