QXO (NASDAQ:QXO) Stock Price Down 4.4% – What’s Next?

Shares of QXO, Inc. (NASDAQ:QXO) dropped 4.4% during mid-day trading on Wednesday . The company traded as low as $17.18 and last traded at $17.20. Approximately 429,684 shares traded hands during trading, a decline of 61% from the average daily volume of 1,099,036 shares. The stock had previously closed at $17.99.

QXO Stock Performance

The stock has a market capitalization of $6.87 billion, a PE ratio of -1.84, a price-to-earnings-growth ratio of 2.62 and a beta of 2.32. The firm’s 50 day moving average price is $15.49.

Insider Activity at QXO

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. 51.30% of the stock is owned by insiders.

Hedge Funds Weigh In On QXO

Hedge funds have recently modified their holdings of the stock. Compagnie Lombard Odier SCmA grew its stake in shares of QXO by 2,000.0% in the third quarter. Compagnie Lombard Odier SCmA now owns 2,100 shares of the company’s stock valued at $33,000 after buying an additional 2,000 shares in the last quarter. Brown Brothers Harriman & Co. bought a new position in shares of QXO in the 3rd quarter valued at about $41,000. Gainplan LLC acquired a new position in shares of QXO during the 3rd quarter worth about $55,000. SG Americas Securities LLC bought a new stake in shares of QXO in the 3rd quarter valued at about $103,000. Finally, Claro Advisors LLC acquired a new stake in QXO in the 3rd quarter valued at about $111,000. Institutional investors 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.