QXO (NASDAQ:QXO) Sees Large Volume Increase – Should You Buy?

Shares of QXO, Inc. (NASDAQ:QXO) saw unusually-strong trading volume on Wednesday . Approximately 8,301,931 shares traded hands during trading, an increase of 788% from the previous session’s volume of 934,929 shares.The stock last traded at $15.21 and had previously closed at $15.39.

QXO Stock Down 0.9 %

The company has a market cap of $6.24 billion, a PE ratio of -1.24, a price-to-earnings-growth ratio of 2.38 and a beta of 2.32. The firm’s fifty day simple moving average is $14.85.

QXO (NASDAQ:QXO) last released its quarterly earnings results on Wednesday, August 14th. The company reported $3.22 EPS for the quarter. The business had revenue of $14.54 million for the quarter. QXO had a negative net margin of 3.75% and a positive return on equity of 0.51%. On average, analysts anticipate that QXO, Inc. will post 0.32 EPS for the current year.

Insider Activity at QXO

In other news, major shareholder Mfn Partners, Lp sold 795,894 shares of the firm’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $15.05, for a total transaction of $11,978,204.70. Following the completion of the sale, the insider now owns 53,908,701 shares of the company’s stock, valued at $811,325,950.05. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. 90.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On QXO

Large investors have recently bought and sold shares of the stock. Compagnie Lombard Odier SCmA raised its stake in shares of QXO by 2,000.0% during the 3rd 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 period. Gainplan LLC bought a new stake in shares of QXO during the third quarter valued at about $55,000. Renaissance Technologies LLC bought a new position in shares of QXO in the second quarter worth approximately $432,000. SG Americas Securities LLC bought a new position in shares of QXO in the third quarter worth approximately $103,000. Finally, Claro Advisors LLC bought a new position in QXO during the third quarter valued at approximately $111,000. 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.