HP Inc. (NYSE:HPQ) Sees Significant Growth in Short Interest

HP Inc. (NYSE:HPQGet Rating) saw a significant increase in short interest during the month of March. As of March 31st, there was short interest totalling 66,010,000 shares, an increase of 25.3% from the March 15th total of 52,690,000 shares. Currently, 6.3% of the company’s shares are sold short. Based on an average trading volume of 15,100,000 shares, the days-to-cover ratio is presently 4.4 days.

Shares of HPQ opened at $38.43 on Tuesday. The firm has a market capitalization of $40.48 billion, a P/E ratio of 6.86, a price-to-earnings-growth ratio of 2.20 and a beta of 0.99. The stock’s fifty day simple moving average is $36.78 and its 200 day simple moving average is $35.13. HP has a twelve month low of $26.11 and a twelve month high of $41.47.

HP (NYSE:HPQGet Rating) last issued its earnings results on Monday, February 28th. The computer maker reported $1.10 earnings per share for the quarter, topping the consensus estimate of $1.04 by $0.06. HP had a negative return on equity of 164.36% and a net margin of 10.05%. The business had revenue of $17.03 billion for the quarter, compared to analyst estimates of $16.52 billion. During the same period last year, the company posted $0.92 EPS. The business’s quarterly revenue was up 8.8% on a year-over-year basis. On average, equities research analysts forecast that HP will post 4.26 EPS for the current year.

In other news, insider Harvey Anderson sold 8,939 shares of HP stock in a transaction on Tuesday, February 15th. The stock was sold at an average price of $36.84, for a total value of $329,312.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Enrique Lores sold 34,000 shares of HP stock in a transaction on Friday, April 1st. The shares were sold at an average price of $36.27, for a total value of $1,233,180.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 126,451 shares of company stock valued at $4,540,867. 0.22% of the stock is owned by insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Ironwood Wealth Management LLC. grew its stake in shares of HP by 117.9% during the second quarter. Ironwood Wealth Management LLC. now owns 2,674 shares of the computer maker’s stock valued at $81,000 after acquiring an additional 1,447 shares in the last quarter. Fisher Asset Management LLC grew its stake in shares of HP by 21.8% during the third quarter. Fisher Asset Management LLC now owns 12,130 shares of the computer maker’s stock valued at $332,000 after acquiring an additional 2,172 shares in the last quarter. M&T Bank Corp grew its stake in shares of HP by 1.9% during the third quarter. M&T Bank Corp now owns 158,973 shares of the computer maker’s stock valued at $4,349,000 after acquiring an additional 2,991 shares in the last quarter. Sigma Planning Corp grew its stake in shares of HP by 4.4% during the third quarter. Sigma Planning Corp now owns 11,542 shares of the computer maker’s stock valued at $316,000 after acquiring an additional 486 shares in the last quarter. Finally, Commonwealth Equity Services LLC grew its stake in shares of HP by 3.2% during the third quarter. Commonwealth Equity Services LLC now owns 852,606 shares of the computer maker’s stock valued at $23,327,000 after acquiring an additional 26,818 shares in the last quarter. Hedge funds and other institutional investors own 81.48% of the company’s stock.

A number of equities research analysts have recently weighed in on the company. Morgan Stanley cut HP from an “equal weight” rating to an “underweight” rating and dropped their price objective for the company from $34.00 to $31.00 in a research note on Thursday, March 31st. Barclays decreased their price target on HP from $30.00 to $29.00 and set an “underweight” rating for the company in a report on Thursday, March 31st. Evercore ISI reissued a “buy” rating and issued a $42.00 target price on shares of HP in a report on Friday, February 25th. StockNews.com cut HP from a “buy” rating to a “hold” rating in a research report on Wednesday, April 13th. Finally, JPMorgan Chase & Co. boosted their price target on HP from $38.00 to $40.00 in a research report on Thursday, January 20th. Three equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $36.07.

About HP (Get Rating)

HP Inc provides products, technologies, software, solutions, and services to individual consumers, small- and medium-sized businesses, and large enterprises, including customers in the government, health, and education sectors worldwide. It operates through Personal Systems and Printing segments. The Personal Systems segment offers commercial personal computers (PCs), consumer PCs, workstations, thin clients, commercial tablets and mobility devices, retail point-of-sale systems, displays and other related accessories, software, support, and services for the commercial and consumer markets.

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