QXO (NASDAQ:QXO) Stock Price Down 2.9% – Should You Sell?

QXO, Inc. (NASDAQ:QXOGet Free Report) fell 2.9% on Wednesday . The stock traded as low as $14.73 and last traded at $14.93. 767,377 shares were traded during trading, a decline of 47% from the average session volume of 1,444,708 shares. The stock had previously closed at $15.37.

QXO Stock Performance

The business’s fifty day moving average price is $16.11. The firm has a market cap of $6.16 billion, a P/E ratio of -1.65 and a beta of 2.32.

Insider Buying and Selling

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 shares were sold at an average price of $15.05, for a total value of $105,350,000.00. Following the transaction, the insider now owns 46,908,701 shares of the company’s stock, valued at approximately $705,975,950.05. This trade represents a 12.98 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 51.30% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in QXO. Compagnie Lombard Odier SCmA boosted its position in shares of QXO by 2,000.0% in the third quarter. Compagnie Lombard Odier SCmA now owns 2,100 shares of the company’s stock worth $33,000 after buying an additional 2,000 shares during the period. Brown Brothers Harriman & Co. purchased a new position in QXO in the 3rd quarter worth approximately $41,000. Gainplan LLC purchased a new position in QXO in the 3rd quarter worth approximately $55,000. SG Americas Securities LLC purchased 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 during the third quarter valued at approximately $111,000. 58.68% of the stock is owned by hedge funds and other institutional investors.

QXO Company Profile

(Get Free Report)

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.

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