QXO, Inc. Experiences Notable Drop in Short Interest

QXO, Inc. (NASDAQ:QXO) has recently experienced a significant decrease in short interest throughout the month of December. According to the latest data as of December 15th, the short interest reached a total of 4,460,000 shares, marking a substantial decline of 28.2% compared to the total of 6,210,000 shares reported on November 30th. This decline indicates that around 1.2% of the company's total shares are currently being short sold. Moreover, with an average daily trading volume of 2,060,000 shares, the current short-interest ratio stands at 2.2 days.

QXO Stock Performance Analysis

During trading on Friday, the stock of QXO saw a drop of $0.32, closing at $15.56. In total, 1,063,858 shares changed hands, which is somewhat lower than the average volume of 1,183,511 shares. Over the past year, QXO has recorded a low price of $10.61 and a peak price of $290.00. The stock's fifty-day moving average is noted as $16.01. With a market capitalization of $6.37 billion, QXO is trading at a price-to-earnings ratio of -1.71 and has a beta value of 2.32.

Insider Trading at QXO

In related news, a significant move was made by major shareholder Mfn Partners, Lp who sold 7,000,000 shares of QXO on November 6th. The shares were sold at an average price of $15.05, culminating in a total transaction value of $105,350,000. Post-transaction, the insider retains ownership of 46,908,701 shares valued at approximately $705,975,950.05, which reflects a 12.98% reduction in their shareholding. Details of this trade were filed with the SEC and can be accessed through the respective channels. Company insiders currently hold around 51.30% of QXO's stock.

Hedge Fund Involvement in QXO

Additionally, there have been recent adjustments made by various hedge funds regarding their positions in QXO. In the third quarter, Compagnie Lombard Odier SCmA notably increased its stake by an impressive 2,000.0%, now holding 2,100 shares worth around $33,000 after acquiring an additional 2,000 shares during this period. Brown Brothers Harriman & Co. also entered the market with a new position in QXO, valued at around $41,000. Gainplan LLC and Renaissance Technologies LLC likewise made new investments valued at approximately $55,000 and $432,000 respectively in the third and second quarter. Furthermore, SG Americas Securities LLC took a new position worth about $103,000. Overall, institutional investors and hedge funds collectively own 58.68% of the company's stock.

About QXO, Inc.

QXO, Inc. operates extensively within the technology and consulting sector in North America, focusing on business applications. The company is known for offering various solutions including those for accounting and business management, financial reporting, enterprise resource planning, human capital management, warehouse management systems, customer relationship management, and business intelligence.

Investment Insights

For those contemplating investment decisions, it is worth noting that QXO is currently rated as a "Hold" among analysts. However, top-rated analysts have identified five other stocks that they recommend as potential better buys compared to QXO.

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