QXO (NASDAQ:QXO) Shares Down 6.3% – Time to Sell?

QXO, Inc. (NASDAQ:QXO) dropped 6.3% during trading on Monday . The stock traded as low as $16.30 and last traded at $16.30. Approximately 981,800 shares traded hands during trading, a decline of 13% from the average daily volume of 1,134,699 shares. The stock had previously closed at $17.39.

QXO Stock Up 0.6 %

The firm has a 50-day moving average of $15.74. The stock has a market capitalization of $6.71 billion, a P/E ratio of -1.79 and a beta of 2.32.

Insider Buying and Selling at QXO

In related news, major shareholder Mfn Partners, Lp sold 7,000,000 shares of the company’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $15.05, for a total transaction of $105,350,000.00. Following the completion of the sale, the insider now owns 46,908,701 shares in the company, valued at approximately $705,975,950.05. This represents a 12.98 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 51.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On QXO

Several large investors have recently bought and sold shares of the stock. Finepoint Capital LP bought a new position in shares of QXO during the 3rd quarter worth approximately $406,090,000. Geode Capital Management LLC increased its position in shares of QXO by 64,992.4% during the third quarter. Geode Capital Management LLC now owns 2,853,653 shares of the company’s stock valued at $45,019,000 after acquiring an additional 2,849,269 shares during the last quarter. Allspring Global Investments Holdings LLC bought a new stake in QXO during the third quarter worth $42,593,000. Driehaus Capital Management LLC purchased a new position in QXO in the second quarter worth $160,859,000. Finally, Millennium Management LLC purchased a new stake in shares of QXO during the 2nd quarter valued at $159,247,000. 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.