QXO (NYSE:QXO) Announces Quarterly Earnings Results

QXO (NYSE:QXO – Get Free Report) issued its quarterly earnings data on Thursday. The company reported $0.08 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.08, FiscalAI reports. The firm had revenue of $3.25 billion during the quarter, compared to the consensus estimate of $3.18 billion. QXO had a positive return on equity of 1.91% and a negative net margin of 6.02%.

QXO Trading Down 2.7%

NYSE QXO traded down $0.40 during trading on Friday, reaching $14.49. 15,963,099 shares of the stock traded hands, compared to its average volume of 15,380,931. The firm has a market cap of $15.03 billion, a price-to-earnings ratio of -15.99, a price-to-earnings-growth ratio of 2.53 and a beta of 2.28. The stock’s 50-day moving average price is $15.50 and its 200 day moving average price is $19.05. The company has a quick ratio of 2.47, a current ratio of 3.33 and a debt-to-equity ratio of 0.35. QXO has a fifty-two week low of $13.18 and a fifty-two week high of $27.61.

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Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Arax Advisory Partners bought a new position in shares of QXO during the 4th quarter valued at about $25,000. Russell Investments Group Ltd. acquired a new position in QXO during the second quarter worth $30,000. NewEdge Advisors LLC grew its holdings in shares of QXO by 42.4% in the 4th quarter. NewEdge Advisors LLC now owns 1,680 shares of the company’s stock valued at $32,000 after acquiring an additional 500 shares in the last quarter. Danske Bank A S bought a new position in QXO in the third quarter valued at approximately $53,000. Finally, GW&K Investment Management LLC increased its holdings in QXO by 78.3% during the fourth quarter. GW&K Investment Management LLC now owns 2,880 shares of the company’s stock worth $56,000 after buying an additional 1,265 shares during the last quarter. 58.68% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

QXO has been the subject of several recent research reports. Morgan Stanley began coverage on QXO in a report on Tuesday, August 4th. They set an “overweight” rating and a $35.00 price objective for the company. Wall Street Zen raised shares of QXO from a “strong sell” rating to a “sell” rating in a research note on Saturday, July 25th. Royal Bank Of Canada reiterated an “outperform” rating and set a $27.00 price target on shares of QXO in a research report on Friday, July 10th. Oppenheimer boosted their price target on shares of QXO from $30.00 to $32.00 and gave the stock an “outperform” rating in a research note on Monday, April 27th. Finally, Wells Fargo & Company set a $18.00 price objective on shares of QXO in a report on Tuesday, July 28th. One investment 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 stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $29.71.

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QXO Company Profile

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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.

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