Empirical Capital Management LLC Acquires Stake in QXO, Inc.

Empirical Capital Management LLC recently established a new investment in QXO, Inc. (NASDAQ:QXO - Free Report) in the third quarter of this year. According to the latest filing with the Securities and Exchange Commission, the firm acquired 30,000 shares of QXO, which are valued at approximately $473,000. This investment represents 0.3% of Empirical Capital Management LLC's overall portfolio, making QXO its 18th largest investment position.

In addition to Empirical Capital Management, several other institutional investors have also made adjustments to their holdings in QXO. Finepoint Capital LP joined in the third quarter, acquiring a stake worth around $406,090,000. Allspring Global Investments Holdings LLC also entered, investing approximately $42,593,000 during the same period. Furthermore, Driehaus Capital Management LLC and Millennium Management LLC each bought new shares in the second quarter, valued at about $160,859,000 and $159,247,000, respectively. Massachusetts Financial Services Company added about $32,559,000 worth of QXO shares in the third quarter. Currently, institutional investors own 58.68% of the company’s stock, indicating a strong interest from larger financial entities.

QXO Stock Performance

On Friday, QXO's stock opened at $17.10. The company's stock has a 50-day moving average price of $15.67 and boasts a market capitalization of $7.00 billion. The price-to-earnings ratio stands at -1.88, while the stock's beta is 2.32, indicating its volatility compared to the overall market. In the past year, QXO has experienced a low of $10.61 and a high of $290.00, demonstrating significant price fluctuation.

Insider Trading Activity

In recent news regarding QXO, a major shareholder, Mfn Partners, LP, sold a significant portion of its holdings. On November 6, the firm offloaded 7,000,000 shares at an average price of $15.05, totaling approximately $105,350,000. Following this transaction, Mfn Partners now owns 46,908,701 shares valued at around $705,975,950.05, reflecting a 12.98% decrease in their ownership. This information was disclosed in an SEC filing accessible through the commission's website. Currently, insiders hold about 51.30% of the company's stock, indicating a strong insider presence.

Company Profile: QXO, Inc.

QXO, Inc. operates as a business application, technology, and consulting firm primarily based in North America. The company specializes in providing various solutions, including accounting software, financial reporting, enterprise resource planning (ERP), human capital management, warehouse management systems, customer relationship management (CRM), and business intelligence services.

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This information was generated through advanced narrative science technology and incorporated financial data to provide a timely report. The article was reviewed for accuracy before publication.

Investment Consideration

Prospective investors should evaluate whether to invest in QXO at this time. According to market analysis, while QXO currently maintains a “Hold” rating, analysts have identified other stocks as potentially better investment opportunities.

For further investment insights, consider consulting financial experts' recommendations and analysis.

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