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

QXO, Inc. (NASDAQ:QXO)’s stock price traded down 4.4% during mid-day trading on Wednesday . The stock traded as low as $17.18 and last traded at $17.20. 429,684 shares traded hands during mid-day trading, a decline of 61% from the average session volume of 1,099,036 shares. The stock had previously closed at $17.99.

QXO Stock Down 5.1 %

The firm has a market cap of $6.99 billion, a PE ratio of -1.94, a price-to-earnings-growth ratio of 2.73 and a beta of 2.32. The business’s 50 day simple moving average is $15.40.

Insider Activity at QXO

In other news, major shareholder Mfn Partners, Lp sold 7,000,000 shares of the firm’s stock in a transaction 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 completion of the sale, the insider now 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 sale was disclosed in a filing with the SEC, which is available at this link. 51.30% of the stock is owned by insiders.

Institutional Trading of QXO

Several hedge funds and other institutional investors have recently modified their holdings of QXO. Virtu Financial LLC acquired a new stake in QXO during the third quarter valued at approximately $392,000. Geode Capital Management LLC raised its position in 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 purchasing an additional 2,849,269 shares during the last quarter. Y Intercept Hong Kong Ltd bought a new stake in shares of QXO during the 3rd quarter valued at $326,000. Orion Portfolio Solutions LLC bought a new stake in shares of QXO during the 3rd quarter valued at $963,000. Finally, Empirical Capital Management LLC bought a new stake in shares of QXO during the 3rd quarter valued at $473,000. 58.68% of the stock is currently owned by hedge funds and other institutional investors.

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.