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

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

Ispire Technology Stock Down 13.5%

NASDAQ:ISPR opened at $1.99 on Thursday. The business’s fifty day moving average price is $2.73 and its 200 day moving average price is $2.58. The firm has a market capitalization of $114.01 million, a price-to-earnings ratio of -3.16 and a beta of 2.61. The company has a current ratio of 1.06, a quick ratio of 0.97 and a debt-to-equity ratio of 1.33. Ispire Technology has a 1-year low of $1.44 and a 1-year high of $4.70.

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Renaissance Technologies LLC acquired a new position in shares of Ispire Technology during the 4th quarter worth $28,000. JPMorgan Chase & Co. lifted its stake in shares of 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 purchasing an additional 4,107 shares during the last quarter. Wells Fargo & Company MN boosted its holdings in Ispire Technology by 78.1% in the fourth quarter. Wells Fargo & Company MN now owns 20,611 shares of the company’s stock worth $58,000 after purchasing an additional 9,037 shares in the last quarter. Orion Porfolio Solutions LLC bought a new stake in Ispire Technology in the fourth quarter worth $64,000. Finally, Private Advisor Group LLC boosted its holdings in Ispire Technology by 129.6% in the third quarter. Private Advisor Group LLC now owns 34,148 shares of the company’s stock worth $87,000 after purchasing an additional 19,276 shares in the last quarter. 5.00% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have recently weighed in on ISPR shares. Zacks Research downgraded shares of Ispire Technology from a “hold” rating to a “strong sell” rating in a research report on Thursday, February 12th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Ispire Technology in a research note on Monday, December 29th. One equities research analyst has rated the stock with a Buy rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Reduce” and an average 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.