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

QXO, Inc. (NASDAQ:QXO - Get Free Report) gapped up prior to trading on Wednesday . The stock had previously closed at $14.19, but opened at $14.71. QXO shares last traded at $14.71, with a volume of 308,457 shares traded.

QXO Stock Down 2.1 %

The firm has a market capitalization of $5.43 billion, a price-to-earnings ratio of -1.45, a price-to-earnings-growth ratio of 3.39 and a beta of 2.27. The firm's 50 day moving average is $15.23 and its 200 day moving average is $16.77.

Institutional Investors Weigh In On QXO

A number of institutional investors and hedge funds have recently modified their holdings of the stock. HighTower Advisors LLC grew its holdings in shares of QXO by 87.5% in the 4th quarter. HighTower Advisors LLC now owns 177,122 shares of the company's stock worth $2,816,000 after acquiring an additional 82,675 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in shares of QXO in the 4th quarter valued at $1,384,000. Amundi increased its stake in QXO by 174.8% in the 4th quarter. Amundi now owns 565,583 shares of the company's stock worth $8,642,000 after purchasing an additional 359,780 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in QXO during the 4th quarter worth about $1,235,000. Finally, Arizona State Retirement System purchased a new stake in QXO during the fourth quarter valued at about $1,606,000. Institutional investors and hedge funds own 58.68% of the company's stock.

QXO Company Profile

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.