Short Interest in Ispire Technology Inc. (NASDAQ:ISPR) Grows By 39.5%

Ispire Technology Inc. (NASDAQ:ISPR) saw a large increase in short interest in March. As of March 31st, there was short interest totaling 1,064,340 shares, an increase of 39.5% from the March 15th total of 763,112 shares. Approximately 5.4% of the shares of the stock are short sold. Based on an average trading volume of 201,577 shares, the days-to-cover ratio is presently 5.3 days.

Institutional Investors Weigh In On Ispire Technology

A number of hedge funds have recently modified their holdings of the company. Renaissance Technologies LLC acquired a new position in Ispire Technology in the 4th quarter valued at about $28,000. JPMorgan Chase & Co. increased its holdings in shares of Ispire Technology by 28.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 18,529 shares of the company’s stock worth $47,000 after buying an additional 4,107 shares during the last quarter. Wells Fargo & Company MN raised its position in shares of Ispire Technology by 78.1% during the 4th quarter. Wells Fargo & Company MN now owns 20,611 shares of the company’s stock valued at $58,000 after buying an additional 9,037 shares during the period. Orion Porfolio Solutions LLC purchased a new stake in shares of Ispire Technology during the 4th quarter valued at approximately $64,000. Finally, Private Advisor Group LLC raised its position in shares of Ispire Technology by 129.6% during the 3rd quarter. Private Advisor Group LLC now owns 34,148 shares of the company’s stock valued at $87,000 after buying an additional 19,276 shares during the period. Hedge funds and other institutional investors own 5.00% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on ISPR shares. Zacks Research raised shares of Ispire Technology from a “strong sell” rating to a “hold” rating in a report on Monday. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Ispire Technology in a report on Monday, December 29th. One investment analyst has rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $7.50.

Ispire Technology Stock Up 1.6%

Ispire Technology stock opened at $1.89 on Friday. Ispire Technology has a 52-week low of $1.44 and a 52-week high of $3.87. The firm has a market capitalization of $108.28 million, a price-to-earnings ratio of -3.00 and a beta of 2.65. The company has a fifty day simple moving average of $2.21 and a 200-day simple moving average of $2.41.

Ispire Technology (NASDAQ:ISPR) last released its earnings results on Friday, February 6th. The company reported ($0.12) earnings per share (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 analysts’ expectations of $32.80 million. On average, research analysts anticipate that Ispire Technology will post -0.44 EPS for the current fiscal year.

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.