QXO (NASDAQ:QXO) Shares Down 6.3% – Should You Sell?

QXO, Inc. (NASDAQ:QXO) shares were down 6.3% on Monday . The company traded as low as $16.30 and last traded at $16.30. Approximately 981,800 shares changed hands during trading, a decline of 13% from the average daily volume of 1,134,699 shares. The stock had previously closed at $17.39.

QXO Stock Up 0.6 %

The business’s 50-day moving average is $15.74. The firm has a market cap of $6.71 billion, a PE ratio of -1.79 and a beta of 2.32.

Insider Buying and Selling

In related news, major shareholder Mfn Partners, Lp sold 7,000,000 shares of QXO stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $15.05, for a total transaction of $105,350,000.00. Following the completion of the transaction, the insider now owns 46,908,701 shares of the company’s stock, valued at $705,975,950.05. This trade represents a 12.98 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 51.30% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. Compagnie Lombard Odier SCmA increased its stake 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 acquiring an additional 2,000 shares in the last quarter. Brown Brothers Harriman & Co. bought a new stake in QXO in the third quarter valued at $41,000. Gainplan LLC acquired a new position in shares of QXO during the third quarter valued at about $55,000. Renaissance Technologies LLC bought a new position in shares of QXO during the 2nd quarter worth about $432,000. Finally, SG Americas Securities LLC acquired a new stake in shares of QXO in the 3rd quarter valued at about $103,000. 58.68% of the stock is owned by 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.