QXO (NASDAQ:QXO) Sees Large Volume Increase – Still a Buy?

QXO, Inc. (NASDAQ:QXO) saw unusually-high trading volume on Friday . Approximately 4,242,613 shares were traded during trading, an increase of 559% from the previous session’s volume of 643,780 shares.The stock last traded at $15.87 and had previously closed at $15.37.

QXO Price Performance

The stock has a market cap of $6.53 billion, a price-to-earnings ratio of -1.75 and a beta of 2.32. The company’s fifty day moving average price is $16.07.

Insider Buying and Selling at QXO

In other news, major shareholder Mfn Partners, Lp sold 7,000,000 shares of the company’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $15.05, for a total transaction of $105,350,000.00. Following the completion of the sale, the insider now owns 46,908,701 shares in the company, valued at approximately $705,975,950.05. This represents a 12.98 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 51.30% of the company’s stock.

Institutional Investors Weigh In On QXO

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. bought a new position in QXO in the 3rd quarter worth $2,219,000. Virtu Financial LLC bought a new position in shares of QXO in the third quarter worth about $392,000. Geode Capital Management LLC lifted its position in shares of QXO by 64,992.4% during the 3rd quarter. Geode Capital Management LLC now owns 2,853,653 shares of the company’s stock worth $45,019,000 after purchasing an additional 2,849,269 shares during the last quarter. Y Intercept Hong Kong Ltd bought a new stake in QXO during the 3rd quarter valued at approximately $326,000. Finally, Orion Portfolio Solutions LLC acquired a new stake in QXO in the 3rd quarter valued at approximately $963,000. 58.68% of the stock is currently owned by institutional investors and hedge funds.

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.