QXO (NASDAQ:QXO) Sees Strong Trading Volume – Here’s What Happened

QXO, Inc. (NASDAQ:QXO) saw an uptick in trading volume on Friday . 4,242,613 shares changed hands during trading, an increase of 559% from the previous session’s volume of 643,780 shares.The stock last traded at $15.87 and had previously closed at $15.37.

QXO Stock Performance

The company has a market capitalization of $6.49 billion, a price-to-earnings ratio of -1.74 and a beta of 2.32. The stock’s 50-day simple moving average is $16.05.

Insider Activity at QXO

In related news, major shareholder Mfn Partners, Lp sold 7,000,000 shares of QXO stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $15.05, for a total transaction of $105,350,000.00. Following the transaction, the insider now owns 46,908,701 shares in the company, valued at approximately $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 can be accessed through this link. 51.30% of the stock is currently owned by corporate insiders.

Institutional Trading of QXO

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Compagnie Lombard Odier SCmA increased its stake in shares of QXO by 2,000.0% during the 3rd quarter. Compagnie Lombard Odier SCmA now owns 2,100 shares of the company’s stock worth $33,000 after purchasing an additional 2,000 shares in the last quarter. Brown Brothers Harriman & Co. acquired a new position in shares of QXO in the third quarter valued at approximately $41,000. Gainplan LLC purchased a new position in shares of QXO during the third quarter valued at approximately $55,000. SG Americas Securities LLC acquired a new position in QXO in the 3rd quarter valued at $103,000. Finally, Claro Advisors LLC acquired a new stake in shares of QXO during the third quarter worth $111,000. 58.68% of the stock is currently owned by institutional investors and hedge funds.

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.