QXO (NASDAQ:QXO) Shares Gap Up – Should You Buy?

QXO, Inc. (NASDAQ:QXO)’s stock price gapped up prior to trading on Thursday . The stock had previously closed at $13.05, but opened at $13.42. QXO shares last traded at $13.64, with a volume of 879,813 shares trading hands.

QXO Stock Down 5.5 %

The firm’s 50 day simple moving average is $13.34 and its 200 day simple moving average is $14.78. The company has a market cap of $5.19 billion, a price-to-earnings ratio of -1.39, a price-to-earnings-growth ratio of 4.09 and a beta of 2.35.

Institutional Investors Weigh In On QXO

Several large investors have recently made changes to their positions in QXO. Finepoint Capital LP acquired a new stake in shares of QXO in the third quarter valued at approximately $406,090,000. Affinity Partners GP LP acquired a new stake in shares of QXO in the fourth quarter valued at approximately $260,941,000. Federated Hermes Inc. acquired a new position in shares of QXO during the fourth quarter valued at approximately $50,532,000. Geode Capital Management LLC increased its stake in shares of QXO by 64,992.4% during the third 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 during the period. Finally, Massachusetts Financial Services Co. MA acquired a new position in shares of QXO during the third quarter valued at approximately $32,559,000. Institutional investors and hedge funds own 58.68% of the company’s stock.

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.