Warren Buffett’s Berkshire Hathaway carried on its selling streak for HP , dumping shares of the printer and PC maker for nine straight days and reducing its stake to 10.2%. The conglomerate sold more than 5.1 million shares for over $132 million on Thursday through Monday, according to a regulatory filing released Monday night. (Ticker is ‘HPQ.’) The average selling price was $25.76 per share. That’s slightly below the average selling price of $25.94 per share for Monday through Wednesday of last week, the previous batch to be disclosed. Over the nine straight days of selling, Berkshire has shed 14.5 million shares for almost $381 million. Adding in other days of sales in mid-September, Berkshire has dropped a total of 20.0 million shares for $539.5 million, an average selling price of $26.93. Berkshire still holds 100.9 million shares, valued at $2.6 billion at Monday’s close of $25.67. That’s 10.2% of HP’s outstanding shares, down from 12.1% before the selling spree began earlier this month. Berkshire is no longer HP’s largest shareholder, falling below Vanguard. HPQ YTD mountain HP The Omaha-based investing giant first bought the tech hardware stock in April 2022. The bet, however, hasn’t been profitable as the stock finished last year down more than 28%. Shares are down 4.5% this year, significantly underperforming the market and its tech peers. If Berkshire’s stake falls below 10%, Berkshire will no longer be required to report all its HP stock transactions on a timely basis, so it could take a while for us to learn whether the selling continues and how deep it goes. Some had already suspected that the Oracle of Omaha’s intention is to dump the tech bet entirely. Buffett previously explained that when Berkshire sells something, it’s very often the whole stake as he views equity positions as owning a company’s business. “We don’t trim positions. That’s just not the way we approach it any more than if we buy 100% of a business,” he said.
