Ispire Technology (NASDAQ:ISPR) Stock Price Down 1.1% – What’s Next?

Ispire Technology Inc. (NASDAQ:ISPR)’s share price dropped 1.1% on Monday . The stock traded as low as $1.71 and last traded at $1.79. Approximately 114,914 shares changed hands during trading, a decline of 16% from the average daily volume of 136,344 shares. The stock had previously closed at $1.81.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. Weiss Ratings cut Ispire Technology from a “sell (d-)” rating to a “sell (e+)” rating in a report on Tuesday, May 12th. Zacks Research upgraded Ispire Technology from a “strong sell” rating to a “hold” rating in a research report on Monday, April 13th. One research analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Ispire Technology presently has a consensus rating of “Reduce”.

Ispire Technology Stock Down 1.1%

The company has a market capitalization of $102.75 million, a PE ratio of -2.93 and a beta of 2.02. The firm has a 50-day moving average of $1.74 and a two-hundred day moving average of $2.31.

Ispire Technology (NASDAQ:ISPR) last announced its earnings results on Thursday, May 7th. The company reported ($0.17) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.15). The firm had revenue of $18.69 million during the quarter, compared to analysts’ expectations of $22.60 million. Ispire Technology had a negative net margin of 38.20% and a negative return on equity of 2,383.89%. On average, equities research analysts expect that Ispire Technology Inc. will post -0.36 EPS for the current year.

Institutional Trading of Ispire Technology

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Renaissance Technologies LLC purchased a new stake in Ispire Technology in the fourth quarter valued at approximately $28,000. JPMorgan Chase & Co. raised its position in 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 period. Bank of America Corp DE raised its position in Ispire Technology by 35.3% in the fourth quarter. Bank of America Corp DE now owns 19,156 shares of the company’s stock valued at $96,000 after purchasing an additional 4,997 shares during the period. Wells Fargo & Company MN raised its position in 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 period. Finally, Orion Porfolio Solutions LLC purchased a new stake in Ispire Technology in the fourth quarter valued at approximately $64,000. Hedge funds and other institutional investors own 5.00% of the company’s stock.

About Ispire Technology

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.