QXO (NASDAQ:QXO) Shares Gap Up – What’s Next?

Shares of QXO, Inc. (NASDAQ:QXO) gapped up prior to trading on Wednesday . The stock had previously closed at $14.19, but opened at $14.71. QXO shares last traded at $14.71, with a volume of 308,457 shares traded.

QXO Stock Performance

The firm has a market capitalization of $5.95 billion, a P/E ratio of -1.59, a P/E/G ratio of 3.32 and a beta of 2.28. The stock’s 50 day simple moving average is $15.48 and its 200 day simple moving average is $17.90.

Institutional Investors Weigh In On QXO

Several hedge funds have recently modified their holdings of the business. Finepoint Capital LP purchased a new stake in shares of QXO in the 3rd quarter worth approximately $406,090,000. Geode Capital Management LLC lifted its position in shares of QXO by 64,992.4% in 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 period. Allspring Global Investments Holdings LLC purchased a new stake in shares of QXO in the 3rd quarter worth approximately $42,593,000. Massachusetts Financial Services Co. MA purchased a new stake in shares of QXO in the 3rd quarter worth approximately $32,559,000. Finally, Charles Schwab Investment Management Inc. purchased a new stake in shares of QXO in the 3rd quarter worth approximately $24,130,000. Hedge funds and other institutional investors own 58.68% of the company’s stock.

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.