David Einhorn’s value driven hedge fund Greenlight Capital has significantly increased its stake in HP, elevating the technology stock to one of its top five positions, according to a report by Institutional Investor citing a recent client letter.

In its second-quarter client letter, Greenlight Capital revealed that HP has joined Greenlight's elite list of holdings for the first time along with Brighthouse Financial, CONSOL Energy, Green Brick Partners and Solvay.

Initially, Greenlight built a medium-sized position in HP during the first quarter, making it the firm's 14th-largest US-listed long position at that time, according to a first-quarter 13F filing. Since then, the hedge fund has substantially expanded its investment in HP, with the exact number of shares held set to be disclosed in the firm's upcoming second-quarter 13F report, expected late next week.

The hedge fund highlighted HP as one of its “four material winners” for the second quarter, alongside CONSOL Energy, Kyndryl Holdings and Solvay.

The firm reported an average purchase price of $30.76 per share in its Q1 filling, or nine times the current-year earnings estimates. HP's share price closed at $32.72 on Tuesday.