QXO (NASDAQ:QXO) Trading Down 3% – Here’s What Happened

by · The Cerbat Gem

QXO, Inc. (NASDAQ:QXO – Get Free Report)’s share price 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 mid-day trading, an increase of 45% from the average daily volume of 1,158,736 shares. The stock had previously closed at $16.12.

QXO Trading Down 4.4 %

The company has a 50-day simple moving average of $16.01. The company has a market capitalization of $6.31 billion, a P/E ratio of -1.69 and a beta of 2.32.

Insider Activity

In other QXO news, major shareholder Mfn Partners, Lp sold 7,000,000 shares of QXO stock in a transaction on 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 sale, the insider now directly owns 46,908,701 shares in the company, valued at approximately $705,975,950.05. The trade was a 12.98 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 51.30% of the company’s stock.

Hedge Funds Weigh In On QXO

Hedge funds have recently modified their holdings of the stock. Finepoint Capital LP acquired a new position in shares of QXO during the 3rd quarter worth about $406,090,000. Geode Capital Management LLC grew 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 purchasing an additional 2,849,269 shares during the period. Allspring Global Investments Holdings LLC acquired a new position in QXO during the third quarter worth approximately $42,593,000. Driehaus Capital Management LLC bought a new stake in QXO in the second quarter valued at approximately $160,859,000. Finally, Millennium Management LLC acquired a new stake in shares of QXO in the second quarter valued at approximately $159,247,000. 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.

Featured Stories