Ispire Technology Inc. (NASDAQ:ISPR) Sees Significant Drop in Short Interest

Ispire Technology Inc. (NASDAQ:ISPR) was the recipient of a significant decline in short interest in February. As of February 27th, there was short interest totaling 674,124 shares, a decline of 12.3% from the February 12th total of 768,870 shares. Currently, 3.4% of the company’s shares are short sold. Based on an average trading volume of 60,908 shares, the short-interest ratio is currently 11.1 days. Based on an average trading volume of 60,908 shares, the short-interest ratio is currently 11.1 days. Currently, 3.4% of the company’s shares are short sold.

Ispire Technology Stock Down 5.7%

Shares of NASDAQ:ISPR traded down $0.13 during midday trading on Wednesday, reaching $2.17. 253,841 shares of the company were exchanged, compared to its average volume of 99,063. The firm has a market cap of $124.32 million, a PE ratio of -3.45 and a beta of 2.61. Ispire Technology has a fifty-two week low of $1.44 and a fifty-two week high of $4.70. The stock has a fifty day simple moving average of $2.74 and a two-hundred day simple moving average of $2.59. The company has a quick ratio of 0.97, a current ratio of 1.06 and a debt-to-equity ratio of 1.33.

Ispire Technology (NASDAQ:ISPR) last announced its earnings results on Friday, February 6th. The company reported ($0.12) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.11). The company had revenue of $20.29 million during the quarter, compared to analyst estimates of $32.80 million. Ispire Technology had a negative return on equity of 2,383.89% and a negative net margin of 36.62%. As a group, sell-side analysts forecast that Ispire Technology will post -0.44 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the company. Zacks Research downgraded Ispire Technology from a “hold” rating to a “strong sell” rating in a report on Thursday, February 12th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Ispire Technology in a report on Monday, December 29th. One analyst has rated the stock with a Buy rating and two have issued a Sell rating to the company. According to MarketBeat, Ispire Technology has a consensus rating of “Reduce” and an average target price of $7.50.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. JPMorgan Chase & Co. raised its position in Ispire Technology by 28.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 18,529 shares of the company’s stock valued at $47,000 after buying an additional 4,107 shares during the last quarter. Goldman Sachs Group Inc. boosted its position in Ispire Technology by 10.7% during the 4th quarter. Goldman Sachs Group Inc. now owns 43,542 shares of the company’s stock worth $122,000 after acquiring an additional 4,226 shares during the last quarter. Bank of America Corp DE boosted its position in Ispire Technology by 35.3% during the 4th quarter. Bank of America Corp DE now owns 19,156 shares of the company’s stock worth $96,000 after acquiring an additional 4,997 shares during the last quarter. Wells Fargo & Company MN grew its stake in shares of Ispire Technology by 78.1% during the 4th quarter. Wells Fargo & Company MN now owns 20,611 shares of the company’s stock worth $58,000 after acquiring an additional 9,037 shares in the last quarter. Finally, Renaissance Technologies LLC bought a new position in shares of Ispire Technology during the 4th quarter worth approximately $28,000. 5.00% of the stock is owned by institutional investors and hedge funds.

Ispire Technology Company Profile

Ispire Technology Inc researches, develops, designs, commercializes, sales, markets, and distributes e-cigarettes and cannabis vaping products worldwide. The company was founded in 2019 and is based in Los Angeles, California. Ispire Technology Inc operates as a subsidiary of Pride Worldwide Investment Limited.