QXO (NASDAQ:QXO) Trading Up 3.1% – Time to Buy?

QXO, Inc. (NASDAQ:QXO) was up 3.1% during mid-day trading on Tuesday . The stock traded as high as $13.57 and last traded at $13.40. Approximately 266,178 shares were traded during mid-day trading, a decline of 87% from the average daily volume of 2,013,499 shares. The stock had previously closed at $13.00.

QXO Price Performance

The company has a market cap of $5.28 billion, a P/E ratio of -1.41, a PEG ratio of 4.09 and a beta of 2.35. The company has a fifty day simple moving average of $13.54 and a 200-day simple moving average of $14.81.

Hedge Funds Weigh In On QXO

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. purchased a new position in QXO during the 3rd quarter worth approximately $2,219,000. Advyzon Investment Management LLC purchased a new position in QXO during the 4th quarter worth approximately $527,000. Finepoint Capital LP purchased a new position in QXO during the 3rd quarter worth approximately $406,090,000. Summit Trail Advisors LLC purchased a new position in shares of QXO during the 3rd quarter valued at $1,805,000. Finally, State Street Corp purchased a new position in shares of QXO during the 3rd quarter valued at $16,245,000. 58.68% of the stock is currently owned by hedge funds and other institutional investors.

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.