Short Interest in QXO, Inc. (NASDAQ:QXO) Grows By 24.4%

QXO, Inc. (NASDAQ:QXO) was the target of a large increase in short interest in November. As of November 30th, there was short interest totalling 6,210,000 shares, an increase of 24.4% from the November 15th total of 4,990,000 shares. Based on an average daily trading volume, of 2,440,000 shares, the short-interest ratio is currently 2.5 days. Approximately 1.6% of the company’s stock are sold short.

Insider Activity at QXO

In related 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 value of $105,350,000.00. Following the completion of the sale, the insider now directly owns 46,908,701 shares of the company’s stock, valued at $705,975,950.05. This represents a 12.98 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 51.30% of the company’s stock.

Institutional Trading of QXO

Several institutional investors and hedge funds have recently added to or reduced their stakes in QXO. Compagnie Lombard Odier SCmA grew 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 purchasing an additional 2,000 shares during the last quarter. Brown Brothers Harriman & Co. acquired a new stake in shares of QXO during the third quarter worth $41,000. Gainplan LLC purchased a new position in QXO in the 3rd quarter valued at $55,000. Renaissance Technologies LLC acquired a new position in QXO in the 2nd quarter valued at $432,000. Finally, SG Americas Securities LLC purchased a new position in QXO during the 3rd quarter worth $103,000. 58.68% of the stock is owned by hedge funds and other institutional investors.

QXO Stock Up 0.9 %

Shares of NASDAQ:QXO traded up $0.15 on Friday, reaching $16.14. The company’s stock had a trading volume of 912,957 shares, compared to its average volume of 2,841,810. QXO has a 52-week low of $10.61 and a 52-week high of $290.00. The company has a market cap of $6.61 billion, a PE ratio of -1.77 and a beta of 2.32. The business has a 50-day moving average price of $15.87.

About QXO

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.