QXO (NYSE:QXO) Posts Earnings Results, Misses Expectations By $0.03 EPS

QXO (NYSE:QXO) announced its quarterly earnings results on Tuesday. The company reported ($0.12) EPS for the quarter, missing analysts’ consensus estimates 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 Trading Down 3.8%

Shares of QXO stock traded down $0.70 during midday trading on Tuesday, reaching $17.74. The company had a trading volume of 16,591,646 shares, compared to its average volume of 10,502,205. The stock has a fifty day moving average price of $20.81 and a 200 day moving average price of $21.16. The company has a debt-to-equity ratio of 0.37, a current ratio of 3.58 and a quick ratio of 2.61. The firm has a market cap of $12.86 billion, a PE ratio of -30.07, a P/E/G ratio of 2.64 and a beta of 2.40. QXO has a fifty-two week low of $14.41 and a fifty-two week high of $27.61.

Wall Street Analyst Weigh In

QXO has been the topic of a number of recent analyst reports. Oppenheimer lifted their price objective on QXO from $30.00 to $32.00 and gave the stock an “outperform” rating in a research note on Monday, April 27th. Royal Bank Of Canada cut their price objective on QXO from $30.00 to $28.00 and set an “outperform” rating on the stock in a research note on Monday, April 6th. Benchmark reaffirmed a “buy” rating on shares of QXO in a research note on Friday, February 20th. KeyCorp lifted their price objective on QXO from $30.00 to $32.00 and gave the stock an “overweight” rating in a research note on Monday, April 20th. Finally, Citigroup cut their price objective on QXO from $31.00 to $30.00 and set a “buy” rating on the stock in a research note on Thursday, May 7th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $32.47.

Hedge Funds Weigh In On QXO

Several institutional investors have recently added to or reduced their stakes in QXO. Arax Advisory Partners acquired a new position in QXO in the fourth quarter valued at approximately $25,000. Russell Investments Group Ltd. acquired a new position in QXO in the second quarter valued at approximately $30,000. NewEdge Advisors LLC lifted its stake in QXO by 42.4% in the fourth quarter. NewEdge Advisors LLC now owns 1,680 shares of the company’s stock valued at $32,000 after buying an additional 500 shares during the period. Danske Bank A S acquired a new position in QXO in the third quarter valued at approximately $53,000. Finally, GW&K Investment Management LLC lifted its stake in QXO by 78.3% in the fourth quarter. GW&K Investment Management LLC now owns 2,880 shares of the company’s stock valued at $56,000 after buying an additional 1,265 shares during the period. 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.