QXO (NYSE:QXO) Posts Quarterly Earnings Results, Misses Expectations By $0.01 EPS

QXO (NYSE:QXO) issued its quarterly earnings data on Wednesday. The company reported $0.02 EPS for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.01), FiscalAI reports. QXO had a positive return on equity of 3.70% and a negative net margin of 3.81%.The company had revenue of $2.19 billion for the quarter, compared to the consensus estimate of $2.19 billion.

QXO Price Performance

QXO traded down $1.00 during trading on Wednesday, reaching $24.14. The stock had a trading volume of 4,051,210 shares, compared to its average volume of 8,856,520. The stock has a 50 day moving average of $23.46 and a two-hundred day moving average of $20.86. The company has a quick ratio of 2.24, a current ratio of 3.06 and a debt-to-equity ratio of 0.37. The firm has a market capitalization of $16.29 billion, a price-to-earnings ratio of -54.87, a price-to-earnings-growth ratio of 3.09 and a beta of 2.55. QXO has a 1-year low of $11.95 and a 1-year high of $27.61.

Wall Street Analysts Forecast Growth

QXO has been the subject of several analyst reports. Benchmark reissued a “buy” rating on shares of QXO in a report on Friday, February 20th. Oppenheimer upped their target price on shares of QXO from $27.00 to $30.00 and gave the stock an “outperform” rating in a research report on Friday, January 16th. Loop Capital assumed coverage on shares of QXO in a research note on Thursday, December 11th. They issued a “buy” rating and a $31.00 price target on the stock. Truist Financial decreased their price objective on QXO from $28.00 to $26.00 and set a “buy” rating for the company in a report on Friday, December 19th. Finally, Weiss Ratings reaffirmed a “sell (d+)” rating on shares of QXO in a research note on Monday, December 29th. One analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $32.43.

Institutional Trading of QXO

Several institutional investors have recently modified their holdings of QXO. Arax Advisory Partners acquired a new position in QXO during the fourth quarter worth about $25,000. Russell Investments Group Ltd. bought a new position in shares of QXO during the 2nd quarter valued at about $30,000. NewEdge Advisors LLC grew its stake in shares of QXO by 42.4% in the 4th 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 acquired a new position in shares of QXO in the 3rd quarter worth approximately $53,000. Finally, GW&K Investment Management LLC raised 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 purchasing an additional 1,265 shares in the last quarter. 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. 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.