QXO, Inc. (NASDAQ:QXO) Sees Significant Decrease in Short Interest

QXO, Inc. (NASDAQ:QXO) was the recipient of a significant decline in short interest in December. As of December 15th, there was short interest totalling 4,460,000 shares, a decline of 28.2% from the November 30th total of 6,210,000 shares. Approximately 1.2% of the shares of the stock are short sold. Based on an average daily trading volume, of 2,060,000 shares, the days-to-cover ratio is presently 2.2 days.

QXO Price Performance

Shares of QXO stock traded down $0.32 during trading hours on Friday, reaching $15.56. 1,063,858 shares of the company’s stock were exchanged, compared to its average volume of 1,183,511. QXO has a 52-week low of $10.61 and a 52-week high of $290.00. The company’s fifty day moving average is $16.01. The company has a market capitalization of $6.37 billion, a price-to-earnings ratio of -1.71 and a beta of 2.32.

Insider Activity at QXO

In other news, major shareholder Mfn Partners, Lp sold 7,000,000 shares of QXO stock in a transaction on 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 transaction, the insider now owns 46,908,701 shares of the company’s stock, valued at $705,975,950.05. The trade was a 12.98 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Company insiders own 51.30% of the company’s stock.

Hedge Funds Weigh In On QXO

A number of hedge funds have recently made changes to their positions in QXO. Compagnie Lombard Odier SCmA raised 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 acquiring an additional 2,000 shares during the period. Brown Brothers Harriman & Co. purchased a new position in QXO in the third quarter valued at about $41,000. Gainplan LLC purchased a new position in QXO in the third quarter valued at about $55,000. Renaissance Technologies LLC acquired a new stake in shares of QXO in the second quarter valued at about $432,000. Finally, SG Americas Securities LLC purchased a new position in QXO in the 3rd quarter worth approximately $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.