Roth Mkm Cuts Ispire Technology (NASDAQ:ISPR) Price Target to $7.50

Ispire Technology (NASDAQ:ISPR) had its target price reduced by Roth Mkm from $9.00 to $7.50 in a research note released on Thursday,Benzinga reports. They currently have a buy rating on the stock.

Ispire Technology Stock Down 4.9%

Shares of ISPR stock opened at $2.73 on Thursday. The stock has a market cap of $156.01 million, a price-to-earnings ratio of -6.66 and a beta of 3.15. Ispire Technology has a fifty-two week low of $2.50 and a fifty-two week high of $8.40. The firm’s 50 day moving average price is $3.07 and its two-hundred day moving average price is $4.47.

Ispire Technology (NASDAQ:ISPR) last announced its quarterly earnings results on Friday, May 9th. The company reported ($0.19) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.07). The business had revenue of $26.19 million for the quarter, compared to analyst estimates of $31.80 million. Ispire Technology had a negative net margin of 15.46% and a negative return on equity of 73.44%. On average, equities analysts forecast that Ispire Technology will post -0.44 EPS for the current fiscal year.

Ispire Technology announced that its board has initiated a share repurchase plan on Wednesday, January 22nd that permits the company to buyback $10.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 4% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.

Institutional Trading of Ispire Technology

A number of hedge funds have recently made changes to their positions in ISPR. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Ispire Technology by 44.5% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 288,434 shares of the company’s stock valued at $1,451,000 after purchasing an additional 88,842 shares during the period. JPMorgan Chase & Co. raised its stake in shares of Ispire Technology by 206.3% during the fourth quarter. JPMorgan Chase & Co. now owns 70,375 shares of the company’s stock valued at $354,000 after purchasing an additional 47,402 shares during the period. Nuveen LLC purchased a new stake in shares of Ispire Technology during the first quarter valued at approximately $67,000. Barclays PLC raised its stake in shares of Ispire Technology by 311.2% during the third quarter. Barclays PLC now owns 27,461 shares of the company’s stock valued at $171,000 after purchasing an additional 20,782 shares during the period. Finally, Private Advisor Group LLC purchased a new stake in shares of Ispire Technology during the first quarter valued at approximately $49,000. 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.