Short Interest in Ispire Technology Inc. (NASDAQ:ISPR) Grows By 39.5%

Ispire Technology Inc. (NASDAQ:ISPR) was the recipient of a large increase in short interest in the month of March. As of March 31st, there was short interest totaling 1,064,340 shares, an increase of 39.5% from the March 15th total of 763,112 shares. Based on an average trading volume of 201,577 shares, the days-to-cover ratio is currently 5.3 days. Approximately 5.4% of the company’s shares are sold short.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Renaissance Technologies LLC purchased a new stake in shares of Ispire Technology in the fourth quarter valued at about $28,000. JPMorgan Chase & Co. raised its holdings in shares of Ispire Technology by 28.5% in the third quarter. JPMorgan Chase & Co. now owns 18,529 shares of the company’s stock valued at $47,000 after purchasing an additional 4,107 shares during the last quarter. Wells Fargo & Company MN raised its holdings in shares of Ispire Technology by 78.1% in the fourth quarter. Wells Fargo & Company MN now owns 20,611 shares of the company’s stock valued at $58,000 after purchasing an additional 9,037 shares during the last quarter. Orion Porfolio Solutions LLC purchased a new stake in shares of Ispire Technology in the fourth quarter valued at about $64,000. Finally, Private Advisor Group LLC raised its holdings in shares of Ispire Technology by 129.6% in the third quarter. Private Advisor Group LLC now owns 34,148 shares of the company’s stock valued at $87,000 after purchasing an additional 19,276 shares during the last quarter. 5.00% of the stock is owned by institutional investors.

Ispire Technology Stock Performance

Shares of NASDAQ:ISPR traded down $0.05 during trading on Wednesday, reaching $1.86. The stock had a trading volume of 71,967 shares, compared to its average volume of 79,848. The stock has a market cap of $106.56 million, a price-to-earnings ratio of -2.95 and a beta of 2.65. Ispire Technology has a 52 week low of $1.44 and a 52 week high of $3.87. The firm’s fifty day moving average is $2.23 and its 200 day moving average is $2.41.

Ispire Technology (NASDAQ:ISPR) last issued its earnings results on Friday, February 6th. The company reported ($0.12) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.01) by ($0.11). The company had revenue of $20.29 million for the quarter, compared to the consensus estimate of $32.80 million. Ispire Technology had a negative return on equity of 2,383.89% and a negative net margin of 36.62%. On average, research analysts forecast that Ispire Technology will post -0.44 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

ISPR has been the topic of a number of analyst reports. Zacks Research raised shares of Ispire Technology from a “strong sell” rating to a “hold” rating in a research note on Monday. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Ispire Technology in a research note on Monday, December 29th. One research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $7.50.

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.