Geode Capital Management LLC Increases Holdings in QXO, Inc. (NASDAQ:QXO)

Geode Capital Management LLC grew its position in QXO, Inc. (NASDAQ:QXO - Free Report) by 64,992.4% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 2,853,653 shares of the company's stock after acquiring an additional 2,849,269 shares during the period. Geode Capital Management LLC owned about 0.70% of QXO worth $45,019,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Compagnie Lombard Odier SCmA raised its holdings in QXO by 2,000.0% in the 3rd quarter. Compagnie Lombard Odier SCmA now owns 2,100 shares of the company's stock worth $33,000 after purchasing an additional 2,000 shares during the period. Brown Brothers Harriman & Co. acquired a new position in shares of QXO during the 3rd quarter worth approximately $41,000. Gainplan LLC purchased a new position in shares of QXO during the 3rd quarter valued at approximately $55,000. Renaissance Technologies LLC acquired a new stake in QXO in the 2nd quarter valued at $432,000. Finally, SG Americas Securities LLC purchased a new stake in QXO in the 3rd quarter worth $103,000. 58.68% of the stock is owned by hedge funds and other institutional investors.

QXO Stock Up 3.6 %

Shares of NASDAQ QXO traded up $0.55 during trading on Tuesday, hitting $15.68. The company had a trading volume of 707,523 shares, compared to its average volume of 1,185,140. The firm has a market capitalization of $6.42 billion, a price-to-earnings ratio of -1.72 and a beta of 2.32. The firm's fifty day simple moving average is $15.99. QXO, Inc. has a fifty-two week low of $10.61 and a fifty-two week high of $290.00.

Insiders Place Their Bets

In other news, major shareholder Mfn Partners, Lp sold 7,000,000 shares of the stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $15.05, for a total value of $105,350,000.00. Following the completion of the sale, the insider now directly owns 46,908,701 shares in the company, valued at $705,975,950.05. This represents a 12.98 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 51.30% of the stock is owned by company insiders.

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.