Ispire Technology (NASDAQ:ISPR) Shares Down 5.5% – Here’s What Happened

Ispire Technology Inc. (NASDAQ:ISPR)’s stock price fell 5.5% during mid-day trading on Tuesday . The company traded as low as $1.69 and last traded at $1.73. 30,855 shares traded hands during trading, a decline of 84% from the average session volume of 188,171 shares. The stock had previously closed at $1.83.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on ISPR. Weiss Ratings reiterated a “sell (d-)” rating on shares of Ispire Technology in a research note on Monday, December 29th. Zacks Research lowered Ispire Technology from a “hold” rating to a “strong sell” rating in a research note on Thursday, February 12th. One research analyst has rated the stock with a Buy rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Ispire Technology currently has a consensus rating of “Reduce” and a consensus target price of $7.50.

Ispire Technology Trading Down 3.8%

The business has a fifty day moving average price of $2.36 and a 200-day moving average price of $2.44. The stock has a market capitalization of $100.83 million, a PE ratio of -2.79 and a beta of 2.65.

Ispire Technology (NASDAQ:ISPR) last posted its quarterly earnings data 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 firm had revenue of $20.29 million during the quarter, compared to analysts’ expectations of $32.80 million. On average, equities analysts anticipate that Ispire Technology Inc. will post -0.44 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Ispire Technology

Hedge funds and other institutional investors have recently modified their holdings of the company. State Street Corp boosted its holdings in shares of Ispire Technology by 7.7% in the 4th quarter. State Street Corp now owns 326,720 shares of the company’s stock worth $915,000 after purchasing an additional 23,250 shares in the last quarter. Goldman Sachs Group Inc. boosted its holdings in shares of Ispire Technology by 10.7% in the 4th quarter. Goldman Sachs Group Inc. now owns 43,542 shares of the company’s stock worth $122,000 after purchasing an additional 4,226 shares in the last quarter. Bank of America Corp DE boosted its holdings 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 worth $96,000 after purchasing an additional 4,997 shares in the last quarter. Private Advisor Group LLC boosted its holdings in shares of Ispire Technology by 129.6% in the 3rd quarter. Private Advisor Group LLC now owns 34,148 shares of the company’s stock worth $87,000 after purchasing an additional 19,276 shares in the last quarter. Finally, Orion Porfolio Solutions LLC purchased a new position in shares of Ispire Technology in the 4th quarter worth about $64,000. 5.00% of the stock is currently owned by hedge funds and other institutional investors.

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.