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

QXO, Inc. (NASDAQ:QXO) shares fell 2.9% on Wednesday . The company 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 Up 2.2 %

The firm has a market cap of $5.74 billion, a PE ratio of -1.54, a price-to-earnings-growth ratio of 3.91 and a beta of 2.32. The business’s 50-day moving average is $16.06.

Insider Buying and Selling at QXO

In other QXO news, major shareholder Mfn Partners, Lp sold 7,000,000 shares of the company’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $15.05, for a total transaction of $105,350,000.00. Following the sale, the insider now owns 46,908,701 shares of the company’s stock, valued at approximately $705,975,950.05. This represents a 12.98 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 51.30% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Finepoint Capital LP acquired a new stake in QXO during the third quarter worth approximately $406,090,000. State Street Corp bought a new position in shares of QXO during the 3rd quarter worth approximately $16,245,000. Driehaus Capital Management LLC acquired a new stake in shares of QXO during the 2nd quarter worth approximately $160,859,000. Summit Trail Advisors LLC bought a new stake in shares of QXO in the 3rd quarter valued at $1,805,000. Finally, Stifel Financial Corp acquired a new position in shares of QXO during the 3rd quarter valued at $568,000. 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.