QXO (NASDAQ:QXO) Shares Gap Down – Time to Sell?

QXO, Inc. (NASDAQ:QXO)’s share price gapped down prior to trading on Wednesday . The stock had previously closed at $16.22, but opened at $15.66. QXO shares last traded at $16.15, with a volume of 136,159 shares trading hands.

QXO Stock Down 1.8 %

The business’s 50 day moving average price is $15.04. The firm has a market cap of $6.52 billion, a P/E ratio of -1.29, a PEG ratio of 2.53 and a beta of 2.32.

QXO (NASDAQ:QXO) last announced its quarterly earnings data on Wednesday, August 14th. The company reported $3.22 earnings per share for the quarter. The business had revenue of $14.54 million for the quarter. QXO had a positive return on equity of 0.51% and a negative net margin of 3.75%. Equities research analysts forecast that QXO, Inc. will post 0.32 earnings per share for the current fiscal year.

Insider Activity

In other news, major shareholder Mfn Partners, Lp sold 7,000,000 shares of the stock in a transaction dated 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 of the company’s stock, valued at approximately $705,975,950.05. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 51.30% of the company’s stock.

Hedge Funds Weigh In On QXO

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Compagnie Lombard Odier SCmA boosted its holdings in QXO by 2,000.0% during the 3rd quarter. Compagnie Lombard Odier SCmA now owns 2,100 shares of the company’s stock valued at $33,000 after acquiring an additional 2,000 shares during the period. Brown Brothers Harriman & Co. purchased a new position in QXO during the 3rd quarter valued at about $41,000. Gainplan LLC purchased a new position in QXO during the 3rd quarter valued at about $55,000. Renaissance Technologies LLC acquired a new stake in QXO in the 2nd quarter valued at about $432,000. Finally, SG Americas Securities LLC acquired a new stake in QXO in the 3rd quarter valued at about $103,000. 58.68% of the stock is currently owned by hedge funds and other institutional investors.

QXO Company Profile

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.