Why is the Hipages (ASX:HPG) share price leaping 6% on Wednesday?

An older man in an orange shirt paints the ceiling of a house.

The Hipages Group Holdings Ltd (ASX: HPG) share price is soaring higher today despite silence from the company.

In fact, Hipages hasn’t released any price-sensitive news to the market since it published its earnings for financial year 2021 in August.  Nonetheless, its stock is taking off on Wednesday.

At the time of writing, the Hipages share price has gained an impressive 6.48% to trade at $3.78.

That’s slightly lower than its intraday high of $3.94, which represented a 10.9% gain.

That’s a far better performance than the broader market. Right now, the S&P/ASX 200 Index (ASX: XJO) has fallen 0.63%. Meanwhile, the All Ordinaries Index (ASX: XAO) has dropped 0.59%.

Let’s take a closer look at the software-as-a-service (SaaS) provider’s brilliant day on the ASX.

Hipages stock surges on Wednesday

The Hipages share price has taken off today despite no news having been released by the company.

Though, Hipages isn’t alone in enjoying a day in the green.

The S&P/ASX All Technology Index (ASX: XTX) and the S&P/ASX 200 Info Tech Index (ASX: XIJ) are gaining despite the broader market’s struggles.

Right now, the All Tech index is up 0.31%, while the ASX 200 Information Technology sector has gained 0.71%.

Further, Hipages shares are flying off the shelf on Wednesday. At the time of writing, 497,227 of Hipages shares – around $2 million worth – have swapped hands today.

For context, an average month sees 210,839 Hipages shares traded.

While the cause of Hipages’ popularity today is unclear, it’s undeniable the market is enthused about the SaaS company’s stock.  

Hipages share price snapshot

Today’s boost has added to Hipages’ strong recent performance on the ASX.

Right now, it is 58.58% higher than it was at the start of 2021. It has also gained 54% since it debuted on the ASX in September 2020.  

The post Why is the Hipages (ASX:HPG) share price leaping 6% on Wednesday? appeared first on The Motley Fool Australia.

Should you invest $1,000 in Hipages Group right now?

Before you consider Hipages Group, you’ll want to hear this.

Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Hipages Group wasn’t one of them.

The online investing service he’s run for nearly a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.

*Returns as of August 16th 2021

More reading

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned.

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Hipages Group Holdings Ltd. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

from The Motley Fool Australia https://ift.tt/2YkLfjl

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s