QXO (NYSE:QXO) Issues Earnings Results

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

QXO Price Performance

NYSE:QXO traded up $1.01 during mid-day trading on Friday, reaching $17.15. The stock had a trading volume of 13,184,664 shares, compared to its average volume of 6,480,989. QXO has a 12 month low of $11.85 and a 12 month high of $24.69. The stock has a market capitalization of $11.55 billion, a PE ratio of -81.64, a P/E/G ratio of 2.58 and a beta of 2.26. The company has a debt-to-equity ratio of 0.38, a current ratio of 3.00 and a quick ratio of 2.15. The stock has a 50-day simple moving average of $19.41 and a two-hundred day simple moving average of $19.16.

Analysts Set New Price Targets

QXO has been the topic of several research reports. Citigroup assumed coverage on shares of QXO in a research note on Wednesday, July 16th. They issued a “buy” rating and a $33.00 price target on the stock. 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 target price on the stock. Weiss Ratings reaffirmed a “sell (d)” rating on shares of QXO in a report on Wednesday, October 8th. Benchmark upgraded QXO to a “strong-buy” rating in a research note on Monday, August 25th. Finally, Stephens started coverage on QXO in a research report on Wednesday, August 13th. They set an “overweight” rating and a $29.00 price target on the stock. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $32.85.

Institutional Investors Weigh In On QXO

A number of large investors have recently modified their holdings of the business. Russell Investments Group Ltd. acquired a new position in shares of QXO in the second quarter valued at approximately $30,000. Tower Research Capital LLC TRC bought a new stake in QXO during the 2nd quarter worth approximately $71,000. Cerity Partners LLC bought a new stake in QXO during the 2nd quarter worth approximately $244,000. Merit Financial Group LLC acquired a new position in QXO in the 3rd quarter valued at approximately $314,000. Finally, Sender Co & Partners Inc. acquired a new position in QXO in the 2nd quarter valued at approximately $373,000. 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.