QXO (NYSE:QXO) Releases Earnings Results, Beats Expectations By $0.02 EPS

QXO (NYSE:QXO) released its earnings results on Thursday. The company reported $0.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.12 by $0.02, Zacks reports. QXO had a positive return on equity of 2.15% and a negative net margin of 1.09%.The company had revenue of $2.73 billion for the quarter, compared to analyst estimates of $2.78 billion. QXO’s revenue for the quarter was up 20726.7% on a year-over-year basis.

QXO Trading Up 6.2%

Shares of QXO stock traded up $1.01 during trading on Friday, hitting $17.15. The company’s stock had a trading volume of 13,184,664 shares, compared to its average volume of 6,480,989. The company has a debt-to-equity ratio of 0.38, a current ratio of 3.00 and a quick ratio of 2.15. QXO has a 52 week low of $11.85 and a 52 week high of $24.69. The stock has a market cap of $11.55 billion, a price-to-earnings ratio of -81.64, a price-to-earnings-growth ratio of 2.58 and a beta of 2.26. The stock has a 50-day moving average price of $19.41 and a two-hundred day moving average price of $19.16.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of QXO. Russell Investments Group Ltd. acquired a new position in shares of QXO during the 2nd quarter valued at $30,000. Tower Research Capital LLC TRC acquired a new stake in QXO in the second quarter worth $71,000. Cerity Partners LLC bought a new stake in QXO in the second quarter valued at $244,000. Merit Financial Group LLC acquired a new position in shares of QXO during the third quarter valued at about $314,000. Finally, Sender Co & Partners Inc. acquired a new position in shares of QXO during the second quarter valued at about $373,000. 58.68% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the stock. Truist Financial cut their price objective on shares of QXO from $30.00 to $28.00 and set a “buy” rating for the company in a research report on Thursday, October 9th. Zacks Research downgraded shares of QXO from a “strong-buy” rating to a “hold” rating in a report on Friday, September 12th. Royal Bank Of Canada assumed coverage on shares of QXO in a research report on Monday, July 21st. They set an “outperform” rating and a $33.00 price target on the stock. Wells Fargo & Company assumed coverage on shares of QXO in a research note on Tuesday, August 5th. They issued an “overweight” rating and a $30.00 price objective on the stock. Finally, KeyCorp set a $28.00 target price on QXO in a research note on Wednesday, October 1st. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $32.85.

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.