BUZZ - "Bending Spoons" stock surges after Berkshire increases holdings

October 15 - ** The share price of Italian technology company Bending Spoons (BSP.O) surged as much as 11.3% to $59.50 on Thursday, reaching its highest level since its summer IPO. The rally followed news that Berkshire Hathaway (BRKa.N) had increased its holdings in the company.

** On Wednesday, after Berkshire Hathaway made an additional $330 million investment (link), BSP shares ultimately soared 41%. Previously, the group had invested $600 million in the IPOs of AOL and the owner of Vimeo.

** Berkshire currently holds a 4% stake in the company.

** BSP opened at $31 on July 1 following its public offering priced at $29 on June 30 (link); on Thursday, the stock surpassed the previous post-IPO intraday high of $58.94 reached on August 11.

** According to London Stock Exchange Group (LSEG) data, among 12 analysts covering the stock, 8 rated it as a “strong buy” or “buy,” 3 as “hold,” and 1 recommended “sell”; the median price target is $48.

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