Ispire Technology (NASDAQ:ISPR) Shares Down 3.4% – Here’s What Happened

Ispire Technology Inc. (NASDAQ:ISPR) traded down 3.4% on Wednesday. The stock traded as low as $1.3801 and last traded at $1.40. 8,935 shares were traded during trading, a decline of 66% from the average daily volume of 26,300 shares. The stock had previously closed at $1.45.

Analysts Set New Price Targets

A number of brokerages have weighed in on ISPR. BTIG Research set a $3.30 target price on Ispire Technology in a report on Wednesday, October 7th. Weiss Ratings restated a “sell (e+)” rating on shares of Ispire Technology in a research report on Friday, August 7th. Finally, Zacks Research lowered Ispire Technology from a “hold” rating to a “strong sell” rating in a research note on Monday, September 21st. One investment analyst has rated the stock with a Strong Buy rating and two have given a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $3.30.

Ispire Technology Stock Performance

The firm has a market cap of $77.97 million, a P/E ratio of -2.29 and a beta of 2.08. The company’s 50 day moving average is $1.45 and its 200 day moving average is $1.59.

Ispire Technology (NASDAQ:ISPR) last issued its earnings results on Tuesday, September 15th. The company reported ($0.24) earnings per share for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.25). The business had revenue of $26.69 million for the quarter, compared to analysts’ expectations of $21.34 million. On average, equities research analysts anticipate that Ispire Technology Inc. will post -0.13 EPS for the current year.

Institutional Investors Weigh In On Ispire Technology

An institutional investor recently bought a new stake in Ispire Technology stock. BlackRock Inc. purchased a new stake in shares of Ispire Technology Inc. (NASDAQ:ISPR) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm purchased 409,610 shares of the company’s stock, valued at approximately $459,000. BlackRock Inc. owned about 0.71% of Ispire Technology as of its most recent filing with the Securities & Exchange Commission. Institutional investors and hedge funds own 5.00% of the company’s stock.

Ispire Technology Company Profile

Ispire Technology Inc is a technology company focused on the development, manufacture and sale of vaping products and related hardware. The company serves the electronic cigarette and cannabis vaporizer markets, offering devices designed for the delivery of nicotine, cannabis and other vaporized substances.

Its product portfolio includes disposable and rechargeable vaping devices, pod systems, cartridges and cannabis vaporizer hardware. In addition to selling products under the Ispire brand, the company provides original equipment manufacturing and original design manufacturing services for business customers seeking customized vaping products and technologies.

Ispire Technology markets its products through distributors, retailers and other commercial partners in the United States and international markets.