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

QXO, Inc. (NASDAQ:QXO) saw a large growth in short interest in the month of March. As of March 15th, there was short interest totalling 9,350,000 shares, a growth of 25.0% from the February 28th total of 7,480,000 shares. Based on an average daily volume of 2,440,000 shares, the days-to-cover ratio is currently 3.8 days. Currently, 2.4% of the company’s shares are sold short.

QXO Price Performance

Shares of QXO stock traded up $0.55 during mid-day trading on Wednesday, hitting $14.73. The stock had a trading volume of 2,888,354 shares, compared to its average volume of 2,186,634. The firm has a market capitalization of $6.03 billion, a P/E ratio of -1.62, a price-to-earnings-growth ratio of 4.09 and a beta of 2.35. QXO has a 12-month low of $10.61 and a 12-month high of $290.00. The firm’s 50-day moving average is $13.25 and its two-hundred day moving average is $14.75.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in QXO. Affinity Partners GP LP purchased a new stake in shares of QXO in the 4th quarter worth approximately $260,941,000. Federated Hermes Inc. purchased a new stake in QXO during the fourth quarter worth $50,532,000. Geode Capital Management LLC boosted its position in QXO by 64,992.4% during the 3rd quarter. Geode Capital Management LLC now owns 2,853,653 shares of the company’s stock valued at $45,019,000 after acquiring an additional 2,849,269 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of QXO by 24.6% in the 4th quarter. Vanguard Group Inc. now owns 10,039,864 shares of the company’s stock valued at $159,634,000 after acquiring an additional 1,979,147 shares during the period. Finally, Charles Schwab Investment Management Inc. bought a new position in shares of QXO in the 3rd quarter worth $24,130,000. 58.68% of the stock is currently owned by institutional investors.

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.