Ispire Technology Inc. (NASDAQ:ISPR) Sees Significant Growth in Short Interest

Ispire Technology Inc. (NASDAQ:ISPR) was the target of a significant 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 company are sold short. Based on an average daily trading volume, of 201,577 shares, the days-to-cover ratio is currently 5.3 days.

Ispire Technology Trading Up 1.6%

Shares of ISPR traded up $0.03 during trading hours on Thursday, reaching $1.89. 48,595 shares of the stock traded hands, compared to its average volume of 64,105. The company has a market cap of $108.28 million, a P/E ratio of -3.00 and a beta of 2.65. The company’s 50-day moving average price is $2.21 and its two-hundred day moving average price is $2.41. Ispire Technology has a 52-week low of $1.44 and a 52-week high of $3.87.

Ispire Technology (NASDAQ:ISPR) last issued its quarterly 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). The business had revenue of $20.29 million during the quarter, compared to analysts’ expectations of $32.80 million. Ispire Technology had a negative return on equity of 2,383.89% and a negative net margin of 36.62%. On average, research analysts forecast that Ispire Technology will post -0.44 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. grew its holdings in Ispire Technology by 28.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 18,529 shares of the company’s stock valued at $47,000 after buying an additional 4,107 shares in the last quarter. Goldman Sachs Group Inc. boosted its position in shares of Ispire Technology by 10.7% during the fourth quarter. Goldman Sachs Group Inc. now owns 43,542 shares of the company’s stock worth $122,000 after acquiring an additional 4,226 shares during the last quarter. Bank of America Corp DE boosted its position in shares of Ispire Technology by 35.3% during the fourth quarter. Bank of America Corp DE now owns 19,156 shares of the company’s stock worth $96,000 after acquiring an additional 4,997 shares during the last quarter. Wells Fargo & Company MN grew its stake in Ispire Technology by 78.1% during the fourth quarter. Wells Fargo & Company MN now owns 20,611 shares of the company’s stock valued at $58,000 after acquiring an additional 9,037 shares in the last quarter. Finally, Renaissance Technologies LLC purchased a new position in Ispire Technology during the fourth quarter valued at $28,000. 5.00% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

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

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.