Ispire Technology (NASDAQ:ISPR) Shares Down 3.1% – What’s Next?

Ispire Technology Inc. (NASDAQ:ISPR) fell 3.1% on Monday . The company traded as low as $2.81 and last traded at $2.85. 27,166 shares changed hands during trading, a decline of 64% from the average session volume of 75,929 shares. The stock had previously closed at $2.94.

Analyst Ratings Changes

Separately, Roth Mkm restated a “buy” rating and issued a $9.00 target price on shares of Ispire Technology in a research report on Thursday, March 20th.

Ispire Technology Stock Performance

The business’s 50-day moving average is $3.64 and its 200 day moving average is $4.93. The company has a market cap of $162.71 million, a PE ratio of -6.95 and a beta of 3.22.

Ispire Technology (NASDAQ:ISPR) last issued its earnings results on Friday, February 7th. The company reported ($0.14) earnings per share for the quarter, missing the consensus estimate of ($0.07) by ($0.07). Ispire Technology had a negative net margin of 15.46% and a negative return on equity of 73.44%. Equities research analysts anticipate that Ispire Technology Inc. will post -0.44 EPS for the current fiscal year.

Ispire Technology declared that its board has initiated a stock buyback plan on Wednesday, January 22nd that allows the company to buyback $10.00 million in outstanding shares. This buyback authorization allows the company to repurchase up to 4% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its shares are undervalued.

Institutional Trading of Ispire Technology

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Wells Fargo & Company MN lifted its position in shares of Ispire Technology by 51.7% in the 4th quarter. Wells Fargo & Company MN now owns 8,976 shares of the company’s stock worth $45,000 after purchasing an additional 3,060 shares during the period. SG Americas Securities LLC purchased a new position in shares of Ispire Technology during the 4th quarter worth approximately $54,000. Intech Investment Management LLC bought a new position in shares of Ispire Technology in the 4th quarter worth approximately $60,000. Bank of America Corp DE lifted its stake in shares of Ispire Technology by 35.3% in the 4th 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. Finally, JPMorgan Chase & Co. boosted its position in shares of Ispire Technology by 104.0% during the third quarter. JPMorgan Chase & Co. now owns 22,973 shares of the company’s stock valued at $143,000 after purchasing an additional 11,714 shares in the last quarter. Hedge funds and other institutional investors own 5.00% of the company’s stock.

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.