QXO (NASDAQ:QXO) Sees Large Volume Increase – Time to Buy?

Shares of QXO, Inc. (NASDAQ:QXO) saw unusually-high trading volume on Friday . Approximately 4,242,613 shares changed hands during mid-day trading, an increase of 559% from the previous session’s volume of 643,780 shares.The stock last traded at $15.87 and had previously closed at $15.37.

QXO Trading Up 3.8 %

The stock has a market capitalization of $6.53 billion, a P/E ratio of -1.75 and a beta of 2.32. The firm has a fifty day moving average of $16.07.

Insider Buying and Selling

In other news, major shareholder Mfn Partners, Lp sold 7,000,000 shares of the stock in a transaction that occurred on 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 transaction, the insider now directly 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 sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 51.30% of the stock is owned by company insiders.

Institutional Trading of QXO

A number of large investors have recently bought and sold shares of QXO. Compagnie Lombard Odier SCmA increased its holdings 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 buying an additional 2,000 shares in the last quarter. Brown Brothers Harriman & Co. acquired a new stake in QXO during the 3rd quarter valued at $41,000. Gainplan LLC bought a new position in QXO in the 3rd quarter valued at $55,000. Renaissance Technologies LLC acquired a new position in QXO in the second quarter worth $432,000. Finally, SG Americas Securities LLC bought a new stake in shares of QXO during the third quarter worth $103,000. 58.68% of the stock is currently owned by institutional investors.

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.