QXO (NYSE:QXO) Posts Earnings Results, Beats Expectations By $0.02 EPS

QXO (NYSE:QXO) announced its quarterly earnings data on Thursday. The company reported $0.14 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.12 by $0.02, Zacks reports. The company had revenue of $2.73 billion during the quarter, compared to analysts’ expectations of $2.78 billion. QXO had a negative net margin of 1.09% and a positive return on equity of 2.15%. The business’s revenue for the quarter was up 20726.7% compared to the same quarter last year.

QXO Trading Up 6.2%

Shares of QXO stock traded up $1.01 during trading hours on Friday, reaching $17.15. The company’s stock had a trading volume of 13,184,664 shares, compared to its average volume of 6,480,989. The stock has a market capitalization of $11.55 billion, a P/E ratio of -81.64, a P/E/G ratio of 2.58 and a beta of 2.26. QXO has a one year low of $11.85 and a one year high of $24.69. The firm’s fifty day simple moving average is $19.41 and its 200 day simple moving average is $19.16. The company has a current ratio of 3.00, a quick ratio of 2.15 and a debt-to-equity ratio of 0.38.

Institutional Trading of QXO

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Schf GPE LLC increased its position in QXO by 204.3% during the 2nd quarter. Schf GPE LLC now owns 13,319,457 shares of the company’s stock valued at $286,901,000 after purchasing an additional 8,943,089 shares during the period. Select Equity Group L.P. bought a new position in QXO in the second quarter worth about $70,010,000. Sculptor Capital LP bought a new position in QXO in the second quarter worth about $7,802,000. Treasurer of the State of North Carolina purchased a new stake in QXO in the second quarter worth about $5,988,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in QXO during the 2nd quarter valued at approximately $4,667,000. Hedge funds and other institutional investors own 58.68% of the company’s stock.

Analyst Ratings Changes

Several analysts have issued reports on QXO shares. Vertical Research initiated coverage on shares of QXO in a research report on Tuesday, October 21st. They set a “buy” rating and a $30.00 price target for the company. Morgan Stanley assumed coverage on QXO in a research note on Tuesday, September 2nd. They issued an “overweight” rating and a $35.00 target price for the company. Benchmark upgraded QXO to a “strong-buy” rating in a report on Monday, August 25th. KeyCorp set a $28.00 price target on QXO in a research note on Wednesday, October 1st. Finally, Citigroup started coverage on QXO in a research report on Wednesday, July 16th. They issued a “buy” rating and a $33.00 price objective for the company. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $32.85.

QXO Company Profile

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.