Ispire Technology (NASDAQ:ISPR) Stock Price Down 8.1% – Here’s What Happened

Ispire Technology Inc. (NASDAQ:ISPR)’s stock price was down 8.1% on Thursday . The stock traded as low as $1.55 and last traded at $1.59. 11,767 shares were traded during trading, a decline of 70% from the average session volume of 38,766 shares. The stock had previously closed at $1.73.

Analysts Set New Price Targets

ISPR has been the topic of several research reports. Weiss Ratings restated a “sell (e+)” rating on shares of Ispire Technology in a research note on Friday, August 7th. BTIG Research initiated coverage on shares of Ispire Technology in a research report on Tuesday, July 21st. They set a “buy” rating and a $3.50 target price on the stock. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Ispire Technology currently has a consensus rating of “Hold” and an average target price of $3.50.

Ispire Technology Price Performance

The company has a market cap of $91.27 million, a P/E ratio of -2.61 and a beta of 2.06. The stock has a 50-day moving average of $1.61 and a 200 day moving average of $1.95.

Institutional Investors Weigh In On Ispire Technology

Several institutional investors and hedge funds have recently added to or reduced their stakes in ISPR. JPMorgan Chase & Co. raised its stake in Ispire Technology by 28.5% during the third quarter. JPMorgan Chase & Co. now owns 18,529 shares of the company’s stock worth $47,000 after acquiring an additional 4,107 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake 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 valued at $122,000 after purchasing an additional 4,226 shares in the last quarter. Bank of America Corp DE grew its holdings in shares of Ispire Technology by 35.3% during the 4th 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 last quarter. Wells Fargo & Company MN grew its holdings 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 purchasing an additional 9,037 shares during the last quarter. Finally, Renaissance Technologies LLC acquired a new position in Ispire Technology during the 4th quarter worth approximately $28,000. 5.00% of the stock is currently owned by institutional investors.

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.