Xerox (NYSE:XRX) Shares Gap Down – Here’s What Happened

Xerox Holdings Co. (NYSE:XRX)’s share price gapped down prior to trading on Tuesday . The stock had previously closed at $9.71, but opened at $9.46. Xerox shares last traded at $8.45, with a volume of 726,232 shares changing hands.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. StockNews.com upgraded shares of Xerox from a “hold” rating to a “buy” rating in a research note on Tuesday. Morgan Stanley lowered their price target on Xerox from $10.00 to $8.00 and set an “underweight” rating on the stock in a report on Wednesday, October 30th. Finally, JPMorgan Chase & Co. reduced their price objective on Xerox from $11.00 to $8.00 and set an “underweight” rating for the company in a research note on Wednesday, October 30th. Three analysts have rated the stock with a sell rating, one has issued a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $9.50.

Xerox Trading Down 5.8 %

The firm has a market cap of $1.07 billion, a PE ratio of -0.78 and a beta of 1.59. The company’s fifty day moving average price is $8.94 and its two-hundred day moving average price is $9.75. The company has a quick ratio of 0.95, a current ratio of 1.26 and a debt-to-equity ratio of 2.11.

Xerox (NYSE:XRX) last released its earnings results on Tuesday, October 29th. The information technology services provider reported $0.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.51 by ($0.26). The business had revenue of $1.53 billion for the quarter, compared to analyst estimates of $1.63 billion. Xerox had a positive return on equity of 6.60% and a negative net margin of 21.31%. The business’s revenue for the quarter was down 7.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.46 EPS. As a group, sell-side analysts forecast that Xerox Holdings Co. will post 1.12 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Yousif Capital Management LLC boosted its position in shares of Xerox by 2.8% during the 4th quarter. Yousif Capital Management LLC now owns 53,816 shares of the information technology services provider’s stock worth $454,000 after purchasing an additional 1,486 shares in the last quarter. The Manufacturers Life Insurance Company boosted its holdings in Xerox by 2.6% during the second quarter. The Manufacturers Life Insurance Company now owns 63,666 shares of the information technology services provider’s stock worth $740,000 after buying an additional 1,627 shares in the last quarter. US Bancorp DE grew its position in Xerox by 42.3% during the third quarter. US Bancorp DE now owns 6,353 shares of the information technology services provider’s stock worth $66,000 after buying an additional 1,888 shares during the period. Gladius Capital Management LP purchased a new position in Xerox in the third quarter valued at about $29,000. Finally, Coastwise Capital Group LLC lifted its position in shares of Xerox by 13.8% during the 3rd quarter. Coastwise Capital Group LLC now owns 24,075 shares of the information technology services provider’s stock valued at $250,000 after acquiring an additional 2,924 shares during the period. Institutional investors and hedge funds own 85.36% of the company’s stock.

About Xerox

Xerox Holdings Corporation, together with its subsidiaries, operates as a workplace technology company that integrates hardware, services, and software for enterprises in the Americas, Europe, the Middle East, Africa, India, and internationally. The company operates through two segments, Print and Other; and FITTLE.