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Strength Seen in QXO INC (QXO): Can Its 7.9% Jump Turn into More Strength?
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QXO, Inc. (QXO - Free Report) shares ended the last trading session 7.9% higher at $14.26. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 4.1% loss over the past four weeks.
The company has recorded this stock price increase as it has been benefiting from its financial state, having more than $5 billion of cash and no debt. This is enabling it to pursue high-value M&A opportunities.
This company is expected to post quarterly loss of $0.05 per share in its upcoming report, which represents a year-over-year change of -120.8%. Revenues are expected to be $12 million, down 16.9% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For QXO INC, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on QXO going forward to see if this recent jump can turn into more strength down the road.
QXO INC is part of the Zacks Technology Services industry. Priority Technology (PRTH - Free Report) , another stock in the same industry, closed the last trading session 4.7% higher at $7.80. PRTH has returned 10.4% in the past month.
For Priority Technology, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.20. This represents a change of +300% from what the company reported a year ago. Priority Technology currently has a Zacks Rank of #1 (Strong Buy).
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Strength Seen in QXO INC (QXO): Can Its 7.9% Jump Turn into More Strength?
QXO, Inc. (QXO - Free Report) shares ended the last trading session 7.9% higher at $14.26. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 4.1% loss over the past four weeks.
The company has recorded this stock price increase as it has been benefiting from its financial state, having more than $5 billion of cash and no debt. This is enabling it to pursue high-value M&A opportunities.
This company is expected to post quarterly loss of $0.05 per share in its upcoming report, which represents a year-over-year change of -120.8%. Revenues are expected to be $12 million, down 16.9% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For QXO INC, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on QXO going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
QXO INC is part of the Zacks Technology Services industry. Priority Technology (PRTH - Free Report) , another stock in the same industry, closed the last trading session 4.7% higher at $7.80. PRTH has returned 10.4% in the past month.
For Priority Technology, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.20. This represents a change of +300% from what the company reported a year ago. Priority Technology currently has a Zacks Rank of #1 (Strong Buy).