QXO (NASDAQ:QXO) Shares Gap Down – Here’s What Happened

QXO, Inc. (NASDAQ:QXO) shares gapped down before the market opened on Thursday . The stock had previously closed at $14.26, but opened at $12.99. QXO shares last traded at $12.97, with a volume of 8,159,139 shares trading hands.

QXO Stock Performance

The stock has a market cap of $5.39 billion, a P/E ratio of -1.44, a P/E/G ratio of 4.09 and a beta of 2.16. The firm has a 50 day simple moving average of $13.27 and a two-hundred day simple moving average of $14.64.

Institutional Investors Weigh In On QXO

Several hedge funds and other institutional investors have recently added to or reduced their stakes in QXO. BNP Paribas Financial Markets acquired a new position in shares of QXO during the 3rd quarter valued at $166,000. Stifel Financial Corp bought a new stake in QXO in the third quarter worth about $568,000. State Street Corp acquired a new stake in QXO in the 3rd quarter valued at about $16,245,000. Y Intercept Hong Kong Ltd bought a new position in shares of QXO during the 3rd quarter valued at about $326,000. Finally, Geode Capital Management LLC raised its holdings in shares of QXO by 64,992.4% in the 3rd quarter. Geode Capital Management LLC now owns 2,853,653 shares of the company’s stock worth $45,019,000 after purchasing an additional 2,849,269 shares in the last quarter. Institutional investors own 58.68% of the company’s stock.

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.