Mfn Partners, Lp Sells 7,000,000 Shares of QXO, Inc. (NASDAQ:QXO) Stock

QXO, Inc. (NASDAQ:QXO) major shareholder Mfn Partners, Lp sold 7,000,000 shares of QXO stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $15.05, for a total transaction of $105,350,000.00. Following the completion of the transaction, the insider now directly owns 46,908,701 shares of the company’s stock, valued at $705,975,950.05. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Large shareholders that own 10% or more of a company’s shares are required to disclose their transactions with the SEC.

Mfn Partners, Lp also recently made the following trade(s):

• On Monday, August 26th, Mfn Partners, Lp sold 795,894 shares of QXO stock. The shares were sold at an average price of $15.05, for a total transaction of $11,978,204.70.

QXO Price Performance

NASDAQ QXO traded up $0.38 during trading hours on Friday, hitting $16.03. 3,213,407 shares of the company’s stock traded hands, compared to its average volume of 969,496. The stock has a fifty day simple moving average of $14.89. The firm has a market capitalization of $6.56 billion, a price-to-earnings ratio of -1.27, a P/E/G ratio of 2.38 and a beta of 2.32. QXO, Inc. has a 52 week low of $10.61 and a 52 week high of $290.00.

QXO (NASDAQ:QXO) last posted its quarterly earnings results on Wednesday, August 14th. The company reported $3.22 earnings per share for the quarter. The business had revenue of $14.54 million during the quarter. QXO had a negative net margin of 3.75% and a positive return on equity of 0.51%. As a group, equities analysts predict that QXO, Inc. will post 0.32 earnings per share for the current fiscal year.

Hedge Funds Weigh In On QXO

A number of hedge funds have recently modified their holdings of QXO. Driehaus Capital Management LLC bought a new position in shares of QXO during the second quarter worth $160,859,000. Allspring Global Investments Holdings LLC bought a new position in shares of QXO during the third quarter worth $42,593,000. Wealth Enhancement Advisory Services LLC bought a new position in shares of QXO during the third quarter worth $934,000. SG Americas Securities LLC bought a new position in shares of QXO during the third quarter worth $103,000. Finally, Millennium Management LLC bought a new position in shares of QXO during the second quarter worth $159,247,000. 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.