QXO (NASDAQ:QXO) Shares Gap Down – Here’s What Happened

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 Trading Down 0.2 %

The firm’s 50 day simple moving average is $15.09. The firm has a market capitalization of $6.24 billion, a price-to-earnings ratio of -1.28, a price-to-earnings-growth ratio of 2.53 and a beta of 2.32.

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

Insider Buying and Selling

In related 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 transaction of $105,350,000.00. Following the transaction, the insider now owns 46,908,701 shares of the company’s stock, 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 Securities & Exchange Commission, which is accessible through this hyperlink. 51.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On QXO

Several hedge funds have recently bought and sold shares of the company. Compagnie Lombard Odier SCmA lifted its stake in QXO by 2,000.0% during the 3rd quarter. Compagnie Lombard Odier SCmA now owns 2,100 shares of the company’s stock worth $33,000 after acquiring an additional 2,000 shares in the last quarter. Brown Brothers Harriman & Co. acquired a new stake in QXO in the 3rd quarter valued at about $41,000. Gainplan LLC acquired a new stake in QXO in 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. Institutional investors and hedge funds own 58.68% of the company’s stock.

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.