StockNews.com lowered shares of iPower (NYSE:IPW – Free Report) from a buy rating to a hold rating in a report published on Thursday.
Separately, Roth Mkm raised their price target on shares of iPower from $1.25 to $2.75 and gave the company a buy rating in a research report on Tuesday, June 25th.
Check Out Our Latest Research Report on IPW
iPower Stock Performance
iPower (NYSE:IPW – Get Free Report) last announced its quarterly earnings results on Tuesday, May 14th. The company reported $0.05 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.06) by $0.11. iPower had a negative return on equity of 23.68% and a negative net margin of 5.74%. The business had revenue of $23.31 million during the quarter, compared to the consensus estimate of $18.60 million. During the same quarter in the prior year, the company posted ($0.05) earnings per share. On average, equities analysts forecast that iPower will post -0.06 earnings per share for the current year.
Insider Activity
In other iPower news, CEO Chenlong Tan purchased 20,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 21st. The shares were acquired at an average cost of $1.54 per share, for a total transaction of $30,800.00. Following the completion of the acquisition, the chief executive officer now owns 8,063,334 shares of the company’s stock, valued at approximately $12,417,534.36. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 27.63% of the stock is currently owned by corporate insiders.
Institutional Trading of iPower
An institutional investor recently raised its position in iPower stock. Renaissance Technologies LLC grew its stake in shares of iPower Inc. (NYSE:IPW – Free Report) by 197.8% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 41,100 shares of the company’s stock after acquiring an additional 27,300 shares during the period. Renaissance Technologies LLC owned about 0.13% of iPower worth $85,000 at the end of the most recent reporting period. 2.73% of the stock is owned by institutional investors and hedge funds.
About iPower
iPower Inc operates as an online retailer and supplier of consumer home, garden, and pet products for commercial businesses and individuals in the United States. The company offers grow light systems; advanced heating, ventilation, and air conditioning systems; water pumps, heaters, chillers, and filters; nutrient and fertilizer delivery systems; and various growing media products.
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