QXO (NASDAQ:QXO) Shares Gap Up - Here's Why

QXO, Inc. (NASDAQ:QXO - Get Free Report)'s share price gapped up prior to trading on Tuesday . The stock had previously closed at $12.35, but opened at $12.65. QXO shares last traded at $12.24, with a volume of 250,216 shares trading hands.

QXO Price Performance

The stock has a market capitalization of $5.46 billion, a P/E ratio of -1.46, a P/E/G ratio of 4.09 and a beta of 2.35. The firm has a 50-day simple moving average of $13.87 and a 200 day simple moving average of $14.85.

Hedge Funds Weigh In On QXO

Several large investors have recently bought and sold shares of QXO. JPMorgan Chase & Co. acquired a new stake in shares of QXO in the third quarter valued at about $2,219,000. Advyzon Investment Management LLC acquired a new stake in shares of QXO in the fourth quarter valued at about $527,000. Finepoint Capital LP acquired a new stake in shares of QXO in the third quarter valued at about $406,090,000. State Street Corp acquired a new stake in shares of QXO in the third quarter valued at about $16,245,000. Finally, Summit Trail Advisors LLC acquired a new stake in shares of QXO in the third quarter valued at about $1,805,000. 58.68% of the stock is currently owned by institutional investors.

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.