QXO (NASDAQ:QXO) Trading Down 6.3% – Here’s What Happened

QXO, Inc. (NASDAQ:QXO) was down 6.3% during mid-day trading on Monday . The company traded as low as $16.30 and last traded at $16.30. Approximately 981,800 shares were traded during mid-day 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 Performance

The company’s fifty day moving average price is $15.70.

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 shares were sold at an average price of $15.05, for a total value 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 approximately $705,975,950.05. This trade represents a 12.98 % decrease in their position. The sale 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 company insiders.

Institutional Investors Weigh In On QXO

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Compagnie Lombard Odier SCmA lifted its position in shares of QXO by 2,000.0% during the third quarter. Compagnie Lombard Odier SCmA now owns 2,100 shares of the company’s stock worth $33,000 after purchasing an additional 2,000 shares during the last quarter. Brown Brothers Harriman & Co. purchased a new stake in shares of QXO in the third quarter valued at approximately $41,000. Gainplan LLC bought a new position in QXO in the third quarter worth approximately $55,000. Renaissance Technologies LLC purchased a new position in QXO during the 2nd quarter worth $432,000. Finally, SG Americas Securities LLC bought a new stake in QXO during the 3rd quarter valued at $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.