Why HP Inc (HPQ) stock jumped over 17% on Thursday?

Be the First to Comment Read

Why HP Inc (HPQ) stock jumped over 17% on Thursday?

Why is HP Inc (HPQ) stock rising Thursday?
Image source: © Alexeynovikov | Megapixl.com


  • Warren Buffett's Berkshire Hathaway bought around 11% stake for US$4.2 billion in HP Inc.
  • HPQ stock returned over 8.15% gains in the last 12 months.
  • Berkshire Hathaway’s stake in the company fuelled a massive HP stock rally on Thursday despite a slump in intraday trading.

The HP Inc. (NYSE: HPQ) stock jumped over 17% on Thursday morning after Warren Buffett's Berkshire Hathaway announced buying an 11% stake worth US$4.2 billion in the software firm.

Berkshire Hathaway bought around 121 million HP shares valued at about US$4.2 billion, based on Wednesday’s closing price of US$34.91 per share.

It was disclosed in two securities filings on Wednesday. It marks another push at bolstering the once technology-averse billionaire investor's tech portfolio.

Also Read: What is Minifootball (MINIFOOTBALL) crypto and why is it rising?

Warren Buffett has acquired substantial stakes in some of the top technology companies in recent years, such as Apple Inc. (AAPL) after initial investments in IBM Corp. (CORP).

Berkshire Hathaway’s significant stake in the company fuelled a huge HP stock rally on Thursday despite a slump in intraday trading.

Also Read: Why is CEEK VR (CEEK) crypto rising?

HPQ stock performance and financial highlights:

Shares of HPQ traded at US$40.98 at 9:59 am ET on April 7, up 17.39% from its previous close. Its stock price increased by 8.15% over the past 12 months, while declining 8.18% YTD.

HP has a market capitalization of US$36.77 billion, a P/E ratio of 6.23, and a forward P/E one-year of 8.19. Its current yield is 2.78%, and its annualized dividend is US$1.00.

Also Read: Why is MiamiCoin (MIA) gaining attention?

The HPQ stock saw the highest price of US$40.37 and the lowest price of US$26.11 in the last 52 weeks. Its trading volume was 17,612,870 on April 6.

The company reported net revenue of US$17 billion in the first quarter of fiscal 2022, up 8.8% from US$15.6 billion in the same quarter of the previous year. On a GAAP basis, its net earnings came in at US$1.1 billion, or US$0.99 per diluted share in the quarter.

Also Read: Why Web3 Project (WEB3) crypto skyrocketed 128% in one week?

HP Inc. (HPQ) stock performance

Also Read: Why is Synapse (SYN) crypto gaining attention?

Bottom line:

The technology sector was among the top performers in the market in 2021. This year, the market has cooled down amid various negative market conditions. The S&P 500 information technology sector gained 12.02% over the past 12 months while declining 11.32% YTD.


Speak your Mind

Featured Articles