QXO (NYSE:QXO) Announces Quarterly Earnings Results

QXO (NYSE:QXO) announced its quarterly earnings data on Tuesday. The company reported ($0.12) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.03), FiscalAI reports. The company had revenue of $1.73 billion for the quarter, compared to the consensus estimate of $1.73 billion. QXO had a positive return on equity of 1.93% and a negative net margin of 6.02%.The company’s quarterly revenue was up 12716.3% on a year-over-year basis.

QXO Stock Performance

QXO stock traded up $0.58 during mid-day trading on Thursday, reaching $17.60. The company’s stock had a trading volume of 9,926,578 shares, compared to its average volume of 10,544,721. The firm’s fifty day moving average price is $20.57 and its two-hundred day moving average price is $21.14. The company has a debt-to-equity ratio of 0.37, a quick ratio of 2.61 and a current ratio of 3.58. QXO has a 12-month low of $15.50 and a 12-month high of $27.61. The company has a market capitalization of $12.76 billion, a P/E ratio of -19.35, a PEG ratio of 2.50 and a beta of 2.40.

Analysts Set New Price Targets

Several brokerages have commented on QXO. Royal Bank Of Canada lowered their target price on QXO from $30.00 to $28.00 and set an “outperform” rating for the company in a research note on Monday, April 6th. Benchmark reaffirmed a “buy” rating on shares of QXO in a research report on Friday, February 20th. Oppenheimer upped their price objective on shares of QXO from $30.00 to $32.00 and gave the company an “outperform” rating in a report on Monday, April 27th. KeyCorp upped their price objective on shares of QXO from $30.00 to $32.00 and gave the company an “overweight” rating in a report on Monday, April 20th. Finally, Stephens lowered their target price on shares of QXO from $29.00 to $26.00 and set an “overweight” rating on the stock in a report on Thursday. Sixteen equities research analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $32.13.

Institutional Investors Weigh In On QXO

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Arax Advisory Partners purchased a new stake in QXO in the 4th quarter worth approximately $25,000. Russell Investments Group Ltd. bought a new stake in shares of QXO during the 2nd quarter valued at about $30,000. NewEdge Advisors LLC increased its position in shares of QXO by 42.4% in the fourth quarter. NewEdge Advisors LLC now owns 1,680 shares of the company’s stock worth $32,000 after purchasing an additional 500 shares during the last quarter. Danske Bank A S purchased a new position in QXO in the 3rd quarter worth approximately $53,000. Finally, GW&K Investment Management LLC increased its holdings in shares of QXO by 78.3% in the 4th 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.

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.