Geode Capital Management LLC Acquires 2,849,269 Shares of QXO, Inc. (NASDAQ:QXO)

Geode Capital Management LLC increased its holdings in QXO, Inc. (NASDAQ:QXO) by 64,992.4% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,853,653 shares of the company’s stock after purchasing an additional 2,849,269 shares during the quarter. Geode Capital Management LLC owned 0.70% of QXO worth $45,019,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in the business. Finepoint Capital LP purchased a new position in shares of QXO in the third quarter worth about $406,090,000. Allspring Global Investments Holdings LLC bought a new stake in QXO in the third quarter valued at approximately $42,593,000. Driehaus Capital Management LLC purchased a new stake in shares of QXO during the second quarter valued at approximately $160,859,000. Millennium Management LLC purchased a new position in shares of QXO in the second quarter worth $159,247,000. Finally, Massachusetts Financial Services Co. MA bought a new stake in QXO during the 3rd quarter valued at $32,559,000. 58.68% of the stock is owned by institutional investors.

QXO Stock Performance

Shares of QXO stock opened at $15.13 on Tuesday. The stock has a fifty day moving average price of $15.99. QXO, Inc. has a 12-month low of $10.61 and a 12-month high of $290.00. The company has a market cap of $6.19 billion, a price-to-earnings ratio of -1.66 and a beta of 2.32.

Insiders Place Their Bets

In other QXO news, major shareholder Mfn Partners, Lp sold 7,000,000 shares of the stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $15.05, for a total value of $105,350,000.00. Following the completion of the transaction, the insider now owns 46,908,701 shares in the company, valued at approximately $705,975,950.05. This represents a 12.98 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 51.30% of the company’s stock.

QXO Company Profile

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.