Zacks Research Downgrades Ispire Technology (NASDAQ:ISPR) to Strong Sell

Ispire Technology (NASDAQ:ISPR) was downgraded by equities research analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a report issued on Thursday,Zacks.com reports.

Separately, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Ispire Technology in a research report on Monday, December 29th. One investment analyst has rated the stock with a Buy rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Reduce” and a consensus target price of $7.50.

Ispire Technology Stock Down 1.8%

Shares of NASDAQ ISPR opened at $3.23 on Thursday. The company has a debt-to-equity ratio of 1.33, a current ratio of 1.06 and a quick ratio of 1.05. The company has a market cap of $185.05 million, a P/E ratio of -5.13 and a beta of 2.42. Ispire Technology has a 1 year low of $1.44 and a 1 year high of $4.98. The firm has a 50-day simple moving average of $2.93 and a two-hundred day simple moving average of $2.67.

Ispire Technology (NASDAQ:ISPR) last released its earnings results on Friday, February 6th. The company reported ($0.12) EPS for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.11). Ispire Technology had a negative net margin of 36.62% and a negative return on equity of 2,383.89%. The business had revenue of $20.29 million for the quarter, compared to the consensus estimate of $32.80 million. Research analysts anticipate that Ispire Technology will post -0.44 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. Renaissance Technologies LLC purchased a new stake in shares of Ispire Technology in the 4th quarter worth $28,000. JPMorgan Chase & Co. raised its holdings in shares of Ispire Technology by 28.5% in the third quarter. JPMorgan Chase & Co. now owns 18,529 shares of the company’s stock valued at $47,000 after acquiring an additional 4,107 shares in the last quarter. Wells Fargo & Company MN lifted its stake in Ispire Technology by 78.1% in the fourth quarter. Wells Fargo & Company MN now owns 20,611 shares of the company’s stock worth $58,000 after acquiring an additional 9,037 shares during the period. Orion Porfolio Solutions LLC bought a new position in Ispire Technology during the 4th quarter worth about $64,000. Finally, Private Advisor Group LLC increased its position in 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 purchasing an additional 19,276 shares during the period. 5.00% of the stock is currently owned by hedge funds and other 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.