Geode Capital Management LLC Significantly Increases Stake in QXO, Inc.

Geode Capital Management LLC has dramatically increased its investment in QXO, Inc. (NASDAQ:QXO) by an astonishing 64,992.4% in the third quarter of the year, according to reports from HoldingsChannel.com. This prominent institutional investor now holds 2,853,653 shares of QXO’s stock after acquiring an additional 2,849,269 shares during the past quarter. As per recent filings with the Securities and Exchange Commission, Geode Capital Management LLC's ownership of QXO is valued at approximately $45,019,000.

In addition to Geode, several other institutional investors and hedge funds have either raised or lowered their stakes in QXO recently. Notably, Finepoint Capital LP initiated a new position in QXO in the third quarter, making an investment worth $406,090,000. Furthermore, Allspring Global Investments Holdings LLC also bought a new stake, amounting to about $42,593,000. Driehaus Capital Management LLC increased its holdings with a new investment of about $160,859,000 during the second quarter, while Millennium Management LLC’s new stake was valued at approximately $159,247,000 during the same period. Finally, Massachusetts Financial Services Co. MA acquired a new stake in QXO worth about $32,559,000 in the third quarter. Together, institutional investors now own a significant 58.68% share of the company.

Insider Activity at QXO

Recent insider transactions reveal that major shareholder Mfn Partners, Lp, sold 7,000,000 shares on November 6th for an average price of $15.05 per share, totaling around $105,350,000. Following this sale, the insider now owns 46,908,701 shares, valued at approximately $705,975,950, indicating a decrease of 12.98% in their ownership position. The details of this transaction were disclosed in a legal filing to the Securities and Exchange Commission.

QXO Stock Performance Overview

On Tuesday, shares of QXO opened at $15.13. The stock’s 50-day moving average stands at $15.99, and the company has a market capitalization of $6.19 billion. The price-to-earnings ratio is -1.66, with a beta of 2.32. Over the past year, QXO’s stock has fluctuated between a low of $10.61 and a high of $290.00.

Company Profile: QXO

QXO, Inc. is a business application, technology, and consulting firm based in North America. The company specializes in delivering a wide range of solutions encompassing accounting, business management, financial reporting, enterprise resource planning, human capital management, warehouse management systems, customer relationship management, and business intelligence.

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Explore More on QXO’s Hedge Fund Holdings for current insights on institutional ownership and insider trading related to QXO, Inc. (NASDAQ:QXO).

Geode, Investment, Stocks