Investors Purchase Large Volume of Put Options on Xerox (NYSE:XRX)

Xerox Holdings Co. (NYSE:XRX) saw some unusual options trading activity on Wednesday. Investors purchased 1,689 put options on the stock. This is an increase of 1,369% compared to the typical daily volume of 115 put options.

Institutional Trading of Xerox

Several institutional investors and hedge funds have recently bought and sold shares of XRX. AQR Capital Management LLC increased its position in shares of Xerox by 75.2% in the second quarter. AQR Capital Management LLC now owns 179,118 shares of the information technology services provider’s stock valued at $2,081,000 after acquiring an additional 76,886 shares during the period. The Manufacturers Life Insurance Company grew its holdings in shares of Xerox by 2.6% during the second quarter. The Manufacturers Life Insurance Company now owns 63,666 shares of the information technology services provider’s stock valued at $740,000 after buying an additional 1,627 shares during the last quarter. Algert Global LLC bought a new position in Xerox during the second quarter valued at approximately $138,000. Sanctuary Advisors LLC bought a new position in shares of Xerox in the 2nd quarter worth approximately $704,000. Finally, Cubist Systematic Strategies LLC grew its position in shares of Xerox by 21.2% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 49,881 shares of the information technology services provider’s stock valued at $580,000 after acquiring an additional 8,736 shares during the period. 85.36% of the stock is currently owned by hedge funds and other institutional investors.

Xerox Stock Down 0.1 %

XRX stock opened at $8.39 on Friday. Xerox has a 1-year low of $8.02 and a 1-year high of $19.48. The stock’s fifty day simple moving average is $8.87 and its two-hundred day simple moving average is $9.62. The company has a current ratio of 1.11, a quick ratio of 0.84 and a debt-to-equity ratio of 2.61. The stock has a market cap of $1.04 billion, a P/E ratio of -0.78 and a beta of 1.59.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on XRX shares. JPMorgan Chase & Co. dropped their price target on shares of Xerox from $11.00 to $8.00 and set an “underweight” rating for the company in a research note on Wednesday, October 30th. StockNews.com lowered Xerox from a “buy” rating to a “hold” rating in a research report on Wednesday. Finally, Morgan Stanley reduced their price objective on Xerox from $10.00 to $8.00 and set an “underweight” rating for the company in a research note on Wednesday, October 30th. Three research analysts have rated the stock with a sell rating and two have given a hold rating to the company. According to data from MarketBeat, Xerox has a consensus rating of “Reduce” and an average target price of $9.50.

About Xerox

Xerox Holdings Corporation, together with its subsidiaries, operates as a workplace technology company that integrates hardware, services, and software for enterprises in the Americas, Europe, the Middle East, Africa, India, and internationally. The company operates through two segments, Print and Other; and FITTLE.