QXO, Inc. (NASDAQ:QXO - Get Free Report) dropped 3% on Friday . The stock traded as low as $15.63 and last traded at $15.64. Approximately 1,682,864 shares traded hands during trading, an increase of 45% from the average daily volume of 1,158,736 shares. The stock had previously closed at $16.12.
QXO Stock Performance
The firm's 50-day moving average is $16.01. The firm has a market cap of $6.32 billion, a price-to-earnings ratio of -1.69 and a beta of 2.32.
Insider Activity at QXO
In other news, major shareholder Mfn Partners, Lp sold 7,000,000 shares of the firm's stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $15.05, for a total transaction of $105,350,000.00. Following the transaction, the insider now directly owns 46,908,701 shares of the company's stock, valued at approximately $705,975,950.05. This trade represents a 12.98 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 51.30% of the stock is owned by company insiders.
Hedge Funds Weigh In On QXO
Several institutional investors have recently made changes to their positions in the company. Finepoint Capital LP purchased a new stake in shares of QXO in the 3rd quarter worth approximately $406,090,000. Geode Capital Management LLC lifted its holdings in QXO by 64,992.4% during the third quarter. Geode Capital Management LLC now owns 2,853,653 shares of the company's stock worth $45,019,000 after buying an additional 2,849,269 shares during the period. Allspring Global Investments Holdings LLC purchased a new stake in QXO during the third quarter worth $42,593,000. Driehaus Capital Management LLC bought a new stake in QXO during the 2nd quarter valued at $160,859,000. Finally, Millennium Management LLC purchased a new position in shares of QXO in the 2nd quarter valued at $159,247,000. Hedge funds and other institutional investors own 58.68% of the company's stock.
QXO Company Profile
(
Get Free Report)
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.
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