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

QXO (NYSE:QXO) announced its quarterly earnings results on Wednesday. The company reported $0.02 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.01), FiscalAI reports. QXO had a negative net margin of 4.08% and a positive return on equity of 3.59%. The business had revenue of $2.19 billion during the quarter, compared to analyst estimates of $2.19 billion. The firm’s revenue for the quarter was up 14725.0% compared to the same quarter last year.

QXO Stock Performance

Shares of QXO traded down $0.30 during mid-day trading on Friday, hitting $23.58. 3,176,476 shares of the company’s stock were exchanged, compared to its average volume of 8,625,239. The business’s 50 day moving average is $23.57 and its two-hundred day moving average is $20.90. QXO has a fifty-two week low of $11.97 and a fifty-two week high of $27.61. The firm has a market capitalization of $15.91 billion, a P/E ratio of -40.00, a P/E/G ratio of 3.27 and a beta of 2.55. The company has a current ratio of 3.06, a quick ratio of 2.24 and a debt-to-equity ratio of 0.37.

Institutional Investors Weigh In On QXO

Several hedge funds have recently modified their holdings of the stock. Schf GPE LLC increased its stake in QXO by 204.3% in the 2nd quarter. Schf GPE LLC now owns 13,319,457 shares of the company’s stock valued at $286,901,000 after buying an additional 8,943,089 shares during the period. T. Rowe Price Investment Management Inc. boosted its holdings in shares of QXO by 110.4% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 6,513,588 shares of the company’s stock valued at $125,648,000 after acquiring an additional 3,417,670 shares in the last quarter. Federated Hermes Inc. boosted its holdings in shares of QXO by 4.1% in the fourth quarter. Federated Hermes Inc. now owns 3,307,600 shares of the company’s stock valued at $63,804,000 after acquiring an additional 129,500 shares in the last quarter. Select Equity Group L.P. acquired a new position in shares of QXO during the second quarter worth about $70,010,000. Finally, Charles Schwab Investment Management Inc. increased its stake in shares of QXO by 1.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,906,891 shares of the company’s stock worth $56,074,000 after acquiring an additional 45,285 shares during the period. 58.68% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have recently issued reports on the stock. Royal Bank Of Canada set a $30.00 target price on shares of QXO in a report on Friday, January 9th. Weiss Ratings reissued a “sell (d+)” rating on shares of QXO in a research report on Monday, December 29th. William Blair reaffirmed an “outperform” rating on shares of QXO in a report on Wednesday, December 31st. Benchmark reiterated a “buy” rating on shares of QXO in a research report on Friday, February 20th. Finally, Oppenheimer boosted their target price on QXO from $27.00 to $30.00 and gave the company an “outperform” rating in a report on Friday, January 16th. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, QXO has a consensus rating of “Moderate Buy” and an average target price of $32.43.

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. 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.