QXO (NYSE:QXO) Posts Earnings Results, Hits Estimates

QXO (NYSE:QXO) posted its quarterly earnings results on Thursday. The company reported $0.08 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.08, FiscalAI reports. QXO had a positive return on equity of 1.91% and a negative net margin of 6.02%.The business had revenue of $3.25 billion for the quarter, compared to the consensus estimate of $3.18 billion.

QXO Stock Down 1.0%

QXO stock traded down $0.15 during trading hours on Thursday, reaching $14.88. The stock had a trading volume of 18,653,566 shares, compared to its average volume of 15,388,630. The company has a market cap of $15.44 billion, a price-to-earnings ratio of -16.35, a PEG ratio of 2.62 and a beta of 2.28. The business’s 50 day moving average price is $15.53 and its 200-day moving average price is $19.11. QXO has a 52 week low of $13.18 and a 52 week high of $27.61. The company has a debt-to-equity ratio of 0.35, a current ratio of 3.33 and a quick ratio of 2.47.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the stock. Robert W. Baird reduced their price target on shares of QXO from $35.00 to $30.00 and set an “outperform” rating for the company in a report on Wednesday, May 13th. Stephens dropped their price objective on shares of QXO from $29.00 to $26.00 and set an “overweight” rating on the stock in a research note on Thursday, May 14th. Wall Street Zen raised shares of QXO from a “strong sell” rating to a “sell” rating in a report on Saturday, July 25th. Citigroup reduced their price objective on shares of QXO from $28.00 to $25.00 and set a “buy” rating for the company in a research note on Monday, July 13th. Finally, Wells Fargo & Company set a $18.00 target price on QXO in a report on Tuesday, July 28th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $29.71.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Osterweis Capital Management Inc. purchased a new position in QXO during the 4th quarter worth $82,000. GeoWealth Management LLC purchased a new stake in QXO in the fourth quarter valued at about $182,000. Atlas Capital Advisors Inc. acquired a new stake in QXO in the fourth quarter worth about $115,000. Northwestern Mutual Wealth Management Co. boosted its holdings in QXO by 11,448.1% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 3,118 shares of the company’s stock worth $60,000 after acquiring an additional 3,091 shares in the last quarter. Finally, Sunbelt Securities Inc. purchased a new stake in shares of QXO during the third quarter worth about $112,000. Hedge funds and other institutional investors 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. 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.