QXO (NASDAQ:QXO) Trading Down 3% - Here's Why

QXO, Inc. (NASDAQ:QXO) saw its stock price decline by 3% during trading on Friday. The stock reached a low of $15.63 and was last seen trading at $15.64. Approximately 1,682,864 shares changed hands throughout the day, reflecting a 45% increase from the average daily volume of 1,158,736 shares. The previous closing price for the stock was $16.12.

QXO Price Performance

The company’s 50-day moving average price stands at $16.01, and it has a market capitalization of $6.31 billion. The stock has a price-to-earnings (PE) ratio of -1.69 and a beta of 2.32, indicating higher volatility compared to the overall market.

Insider Buying and Selling

In other news related to QXO, Mfn Partners, Lp, a major shareholder, sold 7,000,000 shares of stock in a transaction conducted on Wednesday, November 6th. The shares were sold at an average price of $15.05, amounting to a total value of approximately $105.35 million. Post-transaction, the insider retains ownership of 46,908,701 shares in the company, which are valued at around $705.98 million. This sale translates to a 12.98% reduction in their holdings. The transaction details were filed with the Securities and Exchange Commission and are publicly available. Approximately 51.30% of QXO’s stock is owned by corporate insiders.

Institutional Investors Weigh In On QXO

Recent activity among institutional investors and hedge funds shows a mixed approach to QXO shares. Compagnie Lombard Odier SCmA significantly increased its stake by 2,000.0% in the third quarter, acquiring 2,100 shares valued at $33,000 after buying an additional 2,000 shares. Additionally, Brown Brothers Harriman & Co. initiated a new position worth about $41,000 in QXO during the third quarter. Gainplan LLC and SG Americas Securities LLC also entered new stakes valued at approximately $55,000 and $103,000, respectively. Claro Advisors LLC has also invested, acquiring shares worth about $111,000. Overall, institutional investors control 58.68% of the company’s stock.

About QXO

QXO, Inc is a provider of business applications, technology, and consulting services in North America. The company specializes in solutions for key areas such as 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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