QXO (NYSE:QXO) Issues Earnings Results

Key Points

• QXO matched earnings expectations, reporting quarterly EPS of $0.08, while revenue of $3.25 billion exceeded the $3.18 billion consensus estimate.
• Shares fell 1.0% to $14.88, with the stock trading well below its 52-week high of $27.61. QXO reported a negative net margin of 6.02% and a negative price-to-earnings ratio.
• Institutional investors own 58.68% of QXO, while analysts maintain a generally positive outlook with a “Moderate Buy” consensus rating and an average price target of $29.71.

QXO (NYSE:QXO - Get Free Report) issued its quarterly earnings data on Thursday. The company reported $0.08 EPS for the quarter, hitting the consensus estimate of $0.08, FiscalAI reports. The firm had revenue of $3.25 billion during the quarter, compared to the consensus estimate of $3.18 billion. QXO had a positive return on equity of 1.91% and a negative net margin of 6.02%.

QXO Trading Down 1.0%

QXO traded down $0.15 during midday trading on Thursday, reaching $14.88. 18,584,328 shares of the company's stock traded hands, compared to its average volume of 15,386,821. QXO has a 52 week low of $13.18 and a 52 week high of $27.61. The company has a debt-to-equity ratio of 0.35, a current ratio of 3.33 and a quick ratio of 2.47. The firm has a fifty day moving average of $15.53 and a two-hundred day moving average of $19.11. The stock has a market capitalization of $15.44 billion, a price-to-earnings ratio of -16.35, a P/E/G ratio of 2.62 and a beta of 2.28.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in QXO. Royal Bank of Canada boosted its stake in shares of QXO by 67.5% during the 1st quarter. Royal Bank of Canada now owns 119,688 shares of the company's stock valued at $1,620,000 after purchasing an additional 48,248 shares in the last quarter. AQR Capital Management LLC bought a new position in QXO in the first quarter worth about $615,000. Millennium Management LLC boosted its position in QXO by 6.6% during the 1st quarter. Millennium Management LLC now owns 322,115 shares of the company's stock valued at $4,361,000 after acquiring an additional 20,067 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of QXO by 13.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 697,889 shares of the company's stock worth $9,449,000 after acquiring an additional 81,758 shares during the period. Finally, American Century Companies Inc. purchased a new position in shares of QXO during the 2nd quarter worth approximately $837,000. 58.68% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

QXO has been the subject of a number of research analyst reports. KeyCorp decreased their price target on QXO from $32.00 to $28.00 and set an "overweight" rating for the company in a research report on Wednesday, July 1st. Royal Bank Of Canada reissued an "outperform" rating and issued a $27.00 price objective on shares of QXO in a research report on Friday, July 10th. Zacks Research upgraded QXO from a "strong sell" rating to a "hold" rating in a research note on Monday, July 27th. Weiss Ratings reiterated a "sell (d)" rating on shares of QXO in a research note on Friday, May 29th. Finally, Wells Fargo & Company set a $18.00 price objective on shares of QXO in a report on Tuesday, July 28th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, QXO has an average rating of "Moderate Buy" and a consensus target price of $29.71.

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.

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