QXO (NASDAQ:QXO) Shares Gap Up – Here’s Why

QXO, Inc. (NASDAQ:QXO)’s stock price gapped up prior to trading on Tuesday . The stock had previously closed at $12.35, but opened at $12.65. QXO shares last traded at $12.24, with a volume of 250,216 shares traded.

QXO Stock Performance

The firm has a market capitalization of $5.24 billion, a PE ratio of -1.40, a price-to-earnings-growth ratio of 4.09 and a beta of 2.27. The stock’s 50 day simple moving average is $14.08 and its two-hundred day simple moving average is $14.85.

Institutional Trading of QXO

Hedge funds and other institutional investors have recently modified their holdings of the stock. Finepoint Capital LP acquired a new stake in QXO in the 3rd quarter valued at approximately $406,090,000. T. Rowe Price Investment Management Inc. grew its stake in shares of QXO by 3.0% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 10,886,193 shares of the company’s stock worth $173,091,000 after acquiring an additional 312,299 shares in the last quarter. Vanguard Group Inc. raised its position in QXO by 24.6% in the 4th quarter. Vanguard Group Inc. now owns 10,039,864 shares of the company’s stock valued at $159,634,000 after purchasing an additional 1,979,147 shares in the last quarter. Federated Hermes Inc. purchased a new stake in shares of QXO in the 4th quarter valued at approximately $50,532,000. Finally, Geode Capital Management LLC raised its holdings in QXO by 64,992.4% during 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 in the last quarter. 58.68% of the stock is 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.