QXO (NASDAQ:QXO) Shares Down 3% – What’s Next?

QXO, Inc. (NASDAQ:QXO) dropped 3% during mid-day trading on Friday . The company traded as low as $15.63 and last traded at $15.64. Approximately 1,682,864 shares changed 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 Trading Down 4.2 %

The firm has a market capitalization of $6.32 billion, a P/E ratio of -1.69 and a beta of 2.32. The business has a 50 day simple moving average of $16.01.

Insiders Place Their Bets

In other QXO news, major shareholder Mfn Partners, Lp sold 7,000,000 shares of QXO stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $15.05, for a total value of $105,350,000.00. Following the transaction, the insider now directly owns 46,908,701 shares in the company, valued at approximately $705,975,950.05. This trade represents a 12.98 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 51.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Finepoint Capital LP acquired a new position in QXO in the third quarter valued at approximately $406,090,000. Geode Capital Management LLC raised its stake in shares of QXO by 64,992.4% in the 3rd 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 in the last quarter. Allspring Global Investments Holdings LLC purchased a new stake in shares of QXO during the third quarter valued at $42,593,000. Driehaus Capital Management LLC acquired a new stake in QXO during the 2nd quarter valued at $160,859,000. Finally, Millennium Management LLC acquired 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 and hedge funds.

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.