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

QXO, Inc. (NASDAQ:QXO)’s share price was down 4.4% during trading on Wednesday . The stock traded as low as $17.18 and last traded at $17.20. Approximately 429,684 shares changed 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 company’s 50-day simple moving average is $15.40. The firm has a market cap of $6.99 billion, a P/E ratio of -1.94, a P/E/G ratio of 2.73 and a beta of 2.32.

Insider Activity

In other news, major shareholder Mfn Partners, Lp sold 7,000,000 shares of the business’s 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 completion of the transaction, the insider now owns 46,908,701 shares of the company’s stock, valued at $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 available at this hyperlink. 51.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On QXO

Several institutional investors and hedge funds have recently made changes to their positions in the company. Finepoint Capital LP acquired a new position in QXO in the 3rd quarter worth $406,090,000. Geode Capital Management LLC lifted its position in shares of QXO by 64,992.4% during 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 during the last quarter. Allspring Global Investments Holdings LLC bought a new stake in shares of QXO during the 3rd quarter worth $42,593,000. Driehaus Capital Management LLC bought a new stake in shares of QXO during the 2nd quarter worth $160,859,000. Finally, Millennium Management LLC bought a new stake in shares of QXO during the 2nd quarter worth $159,247,000. Institutional investors and hedge funds own 58.68% of the company’s stock.

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.