QXO (NASDAQ:QXO) Sees Strong Trading Volume – Time to Buy?

QXO, Inc. (NASDAQ:QXO) shares saw unusually-strong trading volume on Friday . Approximately 4,242,613 shares were traded during mid-day trading, an increase of 559% from the previous session’s volume of 643,780 shares.The stock last traded at $15.87 and had previously closed at $15.37.

QXO Trading Up 3.1 %

The company has a market capitalization of $6.49 billion, a P/E ratio of -1.74 and a beta of 2.32. The firm has a 50-day moving average of $16.05.

Insider Transactions at QXO

In related news, major shareholder Mfn Partners, Lp sold 7,000,000 shares of the firm’s stock in a transaction dated 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 sale, the insider now directly owns 46,908,701 shares of the company’s stock, valued at $705,975,950.05. This trade represents a 12.98 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 51.30% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in QXO. Compagnie Lombard Odier SCmA boosted its stake in QXO by 2,000.0% in the 3rd quarter. Compagnie Lombard Odier SCmA now owns 2,100 shares of the company’s stock worth $33,000 after purchasing an additional 2,000 shares during the period. Brown Brothers Harriman & Co. purchased a new position in shares of QXO during the third quarter valued at approximately $41,000. Gainplan LLC purchased a new position in shares of QXO during the third quarter worth approximately $55,000. SG Americas Securities LLC bought a new stake in shares of QXO during the third quarter valued at approximately $103,000. Finally, Claro Advisors LLC purchased a new stake in shares of QXO in the third quarter valued at approximately $111,000. Hedge funds and other institutional investors 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.