Ispire Technology (NASDAQ:ISPR) Stock Price Down 11.1% – Here’s What Happened

Ispire Technology Inc. (NASDAQ:ISPR) traded down 11.1% during trading on Thursday . The stock traded as low as $2.01 and last traded at $2.01. 38,962 shares changed hands during trading, a decline of 14% from the average session volume of 45,257 shares. The stock had previously closed at $2.26.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Ispire Technology in a research report on Wednesday, October 8th. Zacks Research cut shares of Ispire Technology from a “hold” rating to a “strong sell” rating in a research report on Tuesday, September 23rd. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and two have issued a Sell rating to the company. According to MarketBeat, Ispire Technology presently has a consensus rating of “Hold” and an average price target of $7.50.

Ispire Technology Stock Performance

The firm’s fifty day moving average price is $2.71 and its 200-day moving average price is $2.75. The company has a current ratio of 1.01, a quick ratio of 0.91 and a debt-to-equity ratio of 1.33. The firm has a market cap of $115.13 million, a price-to-earnings ratio of -2.91 and a beta of 2.74.

Ispire Technology (NASDAQ:ISPR) last issued its earnings results on Monday, September 15th. The company reported ($0.26) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.14) by ($0.12). Ispire Technology had a negative net margin of 30.78% and a negative return on equity of 223.15%. The company had revenue of $20.14 million during the quarter, compared to analyst estimates of $22.40 million. Analysts expect that Ispire Technology Inc. will post -0.44 earnings per share for the current year.

Insider Activity

In other news, insider Steven P. Pryzbyla sold 17,046 shares of the company’s stock in a transaction on Friday, September 26th. The shares were sold at an average price of $2.64, for a total value of $45,001.44. Following the completion of the transaction, the insider owned 399,664 shares in the company, valued at approximately $1,055,112.96. This represents a 4.09% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 65.43% of the company’s stock.

Institutional Trading of Ispire Technology

Large investors have recently bought and sold shares of the business. Nuveen LLC acquired a new position in Ispire Technology in the first quarter valued at $67,000. Bank of America Corp DE increased its stake in Ispire Technology by 35.3% in the fourth 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, Private Advisor Group LLC acquired a new position in Ispire Technology in the first quarter valued at $49,000. Institutional investors and hedge funds 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.