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

Ispire Technology (NASDAQ:ISPR) was downgraded by stock analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a research note issued to investors on Monday, Zacks reports.

Several other equities research analysts have also recently issued reports on the stock. BTIG Research started coverage on shares of Ispire Technology in a report on Tuesday, July 21st. They issued a “buy” rating and a $3.50 target price on the stock. Weiss Ratings restated a “sell (e+)” rating on shares of Ispire Technology in a research note on Friday, August 7th. One research analyst has rated the stock with a Strong Buy rating and two have given a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $3.50.

Ispire Technology Price Performance

Shares of NASDAQ:ISPR opened at $1.25 on Monday. Ispire Technology has a 1 year low of $1.01 and a 1 year high of $3.87. The company has a market cap of $71.90 million, a P/E ratio of -2.11 and a beta of 2.06. The stock’s fifty day moving average price is $1.53 and its 200-day moving average price is $1.66.

Ispire Technology (NASDAQ:ISPR) last issued its earnings results on Wednesday, September 16th. The company reported ($0.24) earnings per share for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.25). The business had revenue of $26.69 million during the quarter, compared to analysts’ expectations of $21.34 million. Ispire Technology had a negative return on equity of 2,383.89% and a negative net margin of 34.59%. On average, sell-side analysts anticipate that Ispire Technology will post -0.13 earnings per share for the current year.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Ispire Technology stock. BlackRock Inc. purchased a new position in Ispire Technology Inc. (NASDAQ:ISPR) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 409,610 shares of the company’s stock, valued at approximately $459,000. BlackRock Inc. owned approximately 0.71% of Ispire Technology as of its most recent filing with the Securities and Exchange Commission. Institutional investors and hedge funds own 5.00% of the company’s stock.

About Ispire Technology

Ispire Technology Inc is a technology company focused on the design, development, manufacturing and sale of vaping products and vaporization hardware. Its product portfolio serves both the nicotine-vaping and cannabis-vaporization markets and includes electronic cigarettes, disposable vaping devices, pod systems and other vaporizer products.

The company operates primarily through business-to-business relationships, supplying products to distributors, retailers, brand owners and other commercial partners.