Saturday, June 25, 2022

Insider Selling: MYERS MARIE, HP Inc. [HPQ] Chief Financial Officer divested 6,219 shares

Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. HP Inc. shares valued at $242,230 were sold by MYERS MARIE on Jun 08. At $38.95 per share, MYERS MARIE sold 6,219 shares. The insider’s holdings dropped to 22,500 shares worth approximately $0.76 million following the completion of this transaction.

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Also, MYERS MARIE sold 4,500 shares, netting a total of over 179,595 in proceeds. Following the sale of shares at $39.91 each, the insider now holds 28,719 shares.

Before that, MYERS MARIE had sold 4,500 shares from its account. In a trade valued at $164,790, the Chief Financial Officer traded HP Inc. shares for $36.62 each. Upon closing the transaction, the insider’s holdings decreased to 4,500 shares, worth approximately $1.12 million.

As published in a research note from Citigroup on May 23, 2022, HP Inc. [HPQ] has been rated down from a Buy to a Neutral and the price target has been revised to $38 from $40. This represents a 11.21% premium over Wednesday’s closing price. Analysts at UBS downgraded the stock from ‘”a Buy”‘ to ‘”a Neutral”‘ outlook in a report released in early April. As of March 31, 2022, Morgan Stanley has decreased its “an Equal-weight” rating to a “an Underweight” for HPQ. Earlier on September 29, 2021, JP Morgan downgraded its rating. Their new recommendation was “a Neutral” for HPQ stock which previously was a “an Overweight”.

Analyzing HPQ’s Price Performance

On Wednesday, HP Inc. [NYSE: HPQ] plunged -1.60% to $33.74. The stock’s lowest price that day was $33.405, but it reached a high of $34.12 in the same session. During the last five days, there has been a drop of approximately -0.03%. Over the course of the year, HP Inc. shares have dropped approximately -10.43%. Shares of the company reached a 52-week high of $41.47 on 04/07/22 and a 52-week low of $32.31 on 06/16/22. A 50-day SMA is recorded $36.97, while a 200-day SMA reached $34.78. Nevertheless, trading volume fell to 10.69 million shares from 11.28 million shares the previous day.

Support And Resistance Levels for HP Inc. (HPQ)

According to the 24-hour chart, there is a support level at 33.39, which, if violated, would cause prices to drop to 33.04. In the upper region, resistance lies at 34.10. The next price resistance is at 34.47. RSI (Relative Strength Index) is 40.12 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -2.19, which suggests the price will decrease in the coming days. Percent R is at 82.68%, indicating bearish price movement. Stochastics %K at buying indicates that the stock is to be held.

Is HP Inc. subject to short interest?

Stocks of HP Inc. saw a sharp steep in short interest on Apr 28, 2022 dropping by -5.41 million shares to 60.6 million. Data from Yahoo Finance shows that the short interest on Mar 30, 2022 was 66.01 million shares. A decline of -8.93% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 3.55 of the overall float, the days-to-cover ratio (short ratio) decline to 3.55.

Which companies own the most shares of HP Inc. (HPQ)?

According to Berkshire Hathaway, Inc. filings, the company currently owns 120,952,818 shares, which is about 11.48% of the total HPQ shares outstanding. The investor’s shares have appreciated by 16,476,783 from its previous 13-F filing of 104476035.0 shares. With the completion of the sale, The Vanguard Group, Inc.’s stake is now worth $3,911,170,367. Dodge & Cox reduced a -25.35% interest valued at $3.02 billion while BlackRock Fund Advisors sold a -1,353,650 stake. A total of 980,653 shares of HP Inc. were sold by SSgA Funds Management, Inc. during the quarter, and -1,226,190 were sold by PRIMECAP Management Co. In its current portfolio, Geode Capital Management LLC holds 21,674,369 shares valued at $841.83 million.

In terms of HP Inc. share price expectations, FactSet research, analysts set an average price target of $36.79 in the next 12 months, up nearly 10.09% from the previous closing price of $34.29. Analysts anticipate HP Inc. stock to reach $43.00 by 2022, with the lowest price target being $29.00. In spite of this, 17 analysts ranked HP Inc. stock as a Hold at the end of 2022. On August 27, 2021, Morgan Stanley assigned a price target of “an Equal-weight” to the stock and downgraded coverage with a $31.

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