Final answer:
The stock price of HiTech, Inc. is calculated by multiplying the earnings per share ($1.82) by the P/E ratio (31.54), resulting in a stock price of approximately $57.40 per share.
Step-by-step explanation:
To calculate the stock price of HiTech, Inc., you take the earnings per share (EPS) and multiply it by the price-to-earnings (P/E) ratio. In this case, HiTech, Inc. has an EPS of $1.82 and a P/E ratio of 31.54. By multiplying these two numbers together, you arrive at the stock price. Therefore, the stock price is:
Stock Price = Earnings Per Share × P/E Ratio
Stock Price = $1.82 × 31.54
Stock Price = $57.4048
So, based on the provided information, the stock price of HiTech, Inc. would be approximately $57.40 per share.