Short Interest in QXO, Inc. (NASDAQ:QXO) Sees 19.7% Increase

QXO, Inc. (NASDAQ:QXO) experienced a notable rise in short interest throughout February. As of February 28th, short interest reached a total of 7,480,000 shares, marking an increase of 19.7% from 6,250,000 shares reported on February 13th. With an average daily volume of 2,040,000 shares, the current days-to-cover ratio stands at 3.7 days. This indicates that approximately 1.9% of the company’s stock is currently sold short.

Institutional Investors Make Moves in QXO

Several institutional investors and hedge funds have recently adjusted their positions regarding QXO shares. Finepoint Capital LP entered the scene by acquiring a new stake valued at about $406,090,000 in the third quarter. Similarly, Affinity Partners GP LP also took a new stake valued at approximately $260,941,000 during the fourth quarter. T. Rowe Price Investment Management Inc. increased its shareholdings in QXO by 3.0% during the fourth quarter as well, now owning 10,886,193 shares valued at $173,091,000 after adding 312,299 shares. Vanguard Group Inc. made a more significant adjustment, raising its stake by 24.6% in the same quarter, owning now 10,039,864 shares valued at $159,634,000 following the purchase of an additional 1,979,147 shares. Finally, Federated Hermes Inc. also acquired a new stake in the company valued at around $50,532,000. Collectively, institutional investors and hedge funds hold approximately 58.68% of QXO's stock.

QXO Stock Performance

On Tuesday, QXO stock saw a slight uptick of $0.01, bringing the price to $13.01 during trading hours. The day recorded a trading volume of 2,482,687 shares, a bit higher than its average volume of 2,024,361. The company boasts a market capitalization of $5.32 billion, with a price-to-earnings ratio of -1.43, a P/E/G ratio of 4.09, and a beta of 2.35. Over the past year, the stock has fluctuated between a low of $10.61 and a high of $290.00. Its 50-day simple moving average is currently at $13.54, and the 200-day simple moving average stands at $14.81.

About QXO, Inc.

QXO, Inc. operates as a business application, technology, and consulting company across North America. They provide a range of solutions aimed at improving accounting and business management, including financial reporting, enterprise resource planning, human capital management, warehouse management systems, customer relationship management, and business intelligence.

Should Investors Consider QXO Stocks?

Investors pondering whether to invest $1,000 in QXO should consider recent analyses. While analysts have assigned a Hold rating to QXO, it appears that several top-rated analysts are recommending five alternative stocks they believe present better buying opportunities right now.

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