QXO (NYSE:QXO) Issues Earnings Results

QXO (NYSE:QXO) announced its quarterly earnings data on Thursday. The company reported $0.08 EPS for the quarter, meeting the consensus estimate 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 during the quarter, compared to analyst estimates of $3.18 billion.

QXO Stock Down 1.0%

QXO traded down $0.15 during trading on Thursday, hitting $14.88. 18,584,328 shares of the company’s stock traded hands, compared to its average volume of 15,386,821. The stock has a market capitalization 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 company’s 50 day simple moving average is $15.53 and its two-hundred day simple moving average is $19.11. QXO has a 12-month low of $13.18 and a 12-month high of $27.61. The company has a current ratio of 3.33, a quick ratio of 2.47 and a debt-to-equity ratio of 0.35.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on QXO. Morgan Stanley assumed coverage on shares of QXO in a research note on Tuesday, August 4th. They issued an “overweight” rating and a $35.00 price target for the company. Wall Street Zen raised QXO from a “strong sell” rating to a “sell” rating in a research report on Saturday, July 25th. Oppenheimer boosted their target price on QXO from $30.00 to $32.00 and gave the stock an “outperform” rating in a report on Monday, April 27th. Stephens cut their target price on QXO from $29.00 to $26.00 and set an “overweight” rating on the stock in a research note on Thursday, May 14th. Finally, Weiss Ratings restated a “sell (d)” rating on shares of QXO in a report on Friday, May 29th. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $29.71.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Osterweis Capital Management Inc. purchased a new position in shares of QXO in the 4th quarter worth $82,000. GeoWealth Management LLC purchased a new position in QXO in the fourth quarter worth about $182,000. Atlas Capital Advisors Inc. bought a new stake in shares of QXO during the 4th quarter valued at about $115,000. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of 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 buying an additional 3,091 shares during the last quarter. Finally, Sunbelt Securities Inc. bought a new stake in QXO during the third quarter valued at approximately $112,000. 58.68% of the stock is 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.