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

QXO (NYSE:QXO) issued its quarterly earnings results on Thursday. The company reported $0.14 EPS for the quarter, beating the consensus estimate of $0.12 by $0.02, Zacks reports. The firm had revenue of $2.73 billion during the quarter, compared to analysts’ expectations of $2.78 billion. QXO had a positive return on equity of 2.15% and a negative net margin of 1.09%.The firm’s revenue for the quarter was up 20726.7% compared to the same quarter last year.

QXO Stock Performance

QXO stock traded up $1.01 during trading hours on Friday, hitting $17.15. The company had a trading volume of 13,184,664 shares, compared to its average volume of 6,480,989. The firm has a 50-day moving average of $19.41 and a 200 day moving average of $19.16. The company has a debt-to-equity ratio of 0.38, a current ratio of 3.00 and a quick ratio of 2.15. The firm has a market cap of $11.55 billion, a PE ratio of -81.64, a PEG ratio of 2.58 and a beta of 2.26. QXO has a one year low of $11.85 and a one year high of $24.69.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on QXO. KeyCorp set a $28.00 price objective on QXO in a research note on Wednesday, October 1st. Vertical Research started coverage on shares of QXO in a report on Tuesday, October 21st. They set a “buy” rating and a $30.00 target price on the stock. Morgan Stanley assumed coverage on shares of QXO in a research report on Tuesday, September 2nd. They set an “overweight” rating and a $35.00 price target on the stock. Citigroup started coverage on shares of QXO in a research note on Wednesday, July 16th. They issued a “buy” rating and a $33.00 price target for the company. Finally, Royal Bank Of Canada began coverage on shares of QXO in a research note on Monday, July 21st. They set an “outperform” rating and a $33.00 price objective on the stock. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, QXO currently has a consensus rating of “Moderate Buy” and an average target price of $32.85.

Hedge Funds Weigh In On QXO

Several institutional investors and hedge funds have recently made changes to their positions in the company. Merit Financial Group LLC acquired a new stake in QXO during the 3rd quarter worth approximately $314,000. Osaic Holdings Inc. grew its holdings in QXO by 341.8% in the 2nd quarter. Osaic Holdings Inc. now owns 45,047 shares of the company’s stock valued at $970,000 after buying an additional 34,851 shares in the last quarter. Thrivent Financial for Lutherans bought a new position in QXO during the 2nd quarter worth $1,790,000. Tower Research Capital LLC TRC acquired a new stake in shares of QXO during the second quarter worth $71,000. Finally, Sender Co & Partners Inc. acquired a new stake in shares of QXO during the second quarter worth $373,000. Institutional investors and hedge funds own 58.68% of the company’s stock.

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.