QXO (NASDAQ:QXO) Trading Down 3% – Should You Sell?

QXO, Inc. (NASDAQ:QXO)’s stock price was down 3% during trading on Friday . The stock traded as low as $15.63 and last traded at $15.64. Approximately 1,682,864 shares traded hands during trading, an increase of 45% from the average daily volume of 1,158,736 shares. The stock had previously closed at $16.12.

QXO Price Performance

The business’s 50 day moving average price is $16.01. The stock has a market cap of $6.31 billion, a PE ratio of -1.69 and a beta of 2.32.

Insider Buying and Selling

In other QXO news, major shareholder Mfn Partners, Lp sold 7,000,000 shares of the stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $15.05, for a total value of $105,350,000.00. Following the transaction, the insider now directly owns 46,908,701 shares in the company, valued at approximately $705,975,950.05. This trade represents a 12.98 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 51.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On QXO

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Compagnie Lombard Odier SCmA grew its holdings in shares of QXO by 2,000.0% in the 3rd quarter. Compagnie Lombard Odier SCmA now owns 2,100 shares of the company’s stock valued at $33,000 after buying an additional 2,000 shares during the period. Brown Brothers Harriman & Co. bought a new position in QXO during the third quarter worth about $41,000. Gainplan LLC acquired a new position in QXO in the third quarter valued at about $55,000. SG Americas Securities LLC bought a new stake in shares of QXO in the third quarter worth about $103,000. Finally, Claro Advisors LLC acquired a new stake in shares of QXO during the third quarter worth about $111,000. Institutional investors 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.