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

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

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.

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More reading

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2 excellent ASX growth shares named as buys

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.

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