QXO (NASDAQ:QXO) Trading Down 3% - Here's Why

On Friday, shares of QXO, Inc. (NASDAQ:QXO) experienced a decline of 3% in trading. The stock hit a low of $15.63 and was last seen trading at $15.64. The trading volume was significant, with approximately 1,682,864 shares changing hands, which is a 45% increase from the average daily trading volume of 1,158,736 shares. The stock had previously closed at $16.12.

QXO Price Performance

The company's current market capitalization stands at $6.31 billion, with a price-to-earnings (PE) ratio of -1.69 and a beta value of 2.32. The 50-day moving average price for QXO is recorded at $16.01.

Insider Trading Activity

Recent insider trading activity has also garnered attention. On Wednesday, November 6th, a significant shareholder, Mfn Partners, LP, sold 7,000,000 shares at an average price of $15.05. This sale amounted to a total value of $105,350,000.00. Post-transaction, Mfn Partners now directly holds 46,908,701 shares, valued at approximately $705,975,950.05. This sale represents a 12.98% reduction in their overall position. Currently, corporate insiders own 51.30% of QXO stock.

Institutional Investor Trends

Institutional investors have also made recent adjustments to their holdings in QXO. For instance, Compagnie Lombard Odier SCMa significantly increased its stake by 2,000.0% in the third quarter, acquiring 2,100 shares now valued at $33,000. Other notable investments include Brown Brothers Harriman & Co., which entered a new position valued at around $41,000, and Gainplan LLC, which invested about $55,000 during the same period. SG Americas Securities LLC has bought a stake valuing approximately $103,000, and Claro Advisors LLC has invested roughly $111,000. Overall, institutional investors hold about 58.68% of the company's shares.

About QXO

QXO, Inc. operates as a business applications, technology, and consulting firm in North America. The company offers a variety of solutions which include accounting and business management, financial reporting, enterprise resource planning, human capital management, warehouse management systems, customer relationship management, and business intelligence.

Conclusion and Considerations

Considering the recent market activity, analysts currently hold a "Hold" rating on QXO. Investors looking for new opportunities may want to explore alternative stocks recommended by top analysts. Although QXO has shown resilience, it is important to evaluate broader market trends and individual stock performance before making investment decisions.

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