QXO (NYSE:QXO) Issues Quarterly Earnings Results

QXO (NYSE:QXO) issued its quarterly earnings results on Tuesday. The company reported ($0.12) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.03), FiscalAI reports. QXO had a negative net margin of 4.08% and a positive return on equity of 3.45%.

QXO Stock Down 3.8%

Shares of NYSE:QXO traded down $0.70 during trading on Tuesday, reaching $17.74. 16,591,646 shares of the stock were exchanged, compared to its average volume of 10,502,205. The company has a debt-to-equity ratio of 0.37, a current ratio of 3.58 and a quick ratio of 2.61. QXO has a 1-year low of $14.41 and a 1-year high of $27.61. The stock has a fifty day moving average of $20.81 and a two-hundred day moving average of $21.16. The firm has a market cap of $12.86 billion, a price-to-earnings ratio of -30.07, a price-to-earnings-growth ratio of 2.64 and a beta of 2.40.

Analyst Ratings Changes

QXO has been the topic of several recent analyst reports. Wall Street Zen lowered QXO from a “sell” rating to a “strong sell” rating in a research note on Saturday. KeyCorp upped their target price on QXO from $30.00 to $32.00 and gave the stock an “overweight” rating in a research report on Monday, April 20th. Royal Bank Of Canada lowered their target price on QXO from $30.00 to $28.00 and set an “outperform” rating on the stock in a research report on Monday, April 6th. Oppenheimer upped their target price on QXO from $30.00 to $32.00 and gave the stock an “outperform” rating in a research report on Monday, April 27th. Finally, BNP Paribas Exane initiated coverage on QXO in a research report on Monday, March 16th. They set an “outperform” rating and a $30.00 target price on the stock. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $32.47.

Hedge Funds Weigh In On QXO

Institutional investors have recently modified their holdings of the company. One68 Global Capital LLC bought a new stake in QXO during the third quarter worth $229,000. GeoWealth Management LLC bought a new stake in QXO during the fourth quarter worth $182,000. Sunbelt Securities Inc. grew its holdings in QXO by 6.8% during the fourth quarter. Sunbelt Securities Inc. now owns 6,300 shares of the company’s stock worth $122,000 after buying an additional 400 shares in the last quarter. Atlas Capital Advisors Inc. bought a new stake in QXO during the fourth quarter worth $115,000. Finally, Advisory Services Network LLC bought a new stake in QXO during the third quarter worth $86,000. 58.68% of the stock is owned by institutional investors and hedge funds.

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.