Sheets Smith Wealth Management Takes Position in QXO, Inc. (NASDAQ:QXO)

Sheets Smith Wealth Management purchased a new stake in shares of QXO, Inc. (NASDAQ:QXO) during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 17,134 shares of the company’s stock, valued at approximately $272,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of QXO. Finepoint Capital LP bought a new position in shares of QXO in the third quarter worth approximately $406,090,000. Geode Capital Management LLC increased its position in shares of QXO by 64,992.4% in 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 last quarter. Allspring Global Investments Holdings LLC bought a new position in shares of QXO in the third quarter worth approximately $42,593,000. Driehaus Capital Management LLC purchased a new stake in QXO in the second quarter worth approximately $160,859,000. Finally, Millennium Management LLC purchased a new stake in QXO in the second quarter worth approximately $159,247,000. 58.68% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, major shareholder Mfn Partners, Lp sold 7,000,000 shares of the stock in a transaction that occurred 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 of the company’s stock, valued at approximately $705,975,950.05. This represents a 12.98 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 51.30% of the stock is owned by insiders.

QXO Stock Performance

Shares of QXO opened at $13.98 on Thursday. The stock has a market capitalization of $5.73 billion, a price-to-earnings ratio of 3.34, a P/E/G ratio of 3.42 and a beta of 2.32. The stock has a 50 day moving average price of $15.93. QXO, Inc. has a 1 year low of $10.61 and a 1 year high of $290.00.

QXO 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.