Short Interest in Ispire Technology Inc. (NASDAQ:ISPR) Increases By 22.8%

Ispire Technology Inc. (NASDAQ:ISPR) was the target of a significant increase in short interest in the month of February. As of February 13th, there was short interest totaling 768,870 shares, an increase of 22.8% from the January 29th total of 625,927 shares. Based on an average daily trading volume, of 57,493 shares, the short-interest ratio is currently 13.4 days. Approximately 3.9% of the shares of the company are short sold. Approximately 3.9% of the shares of the company are short sold. Based on an average daily trading volume, of 57,493 shares, the short-interest ratio is currently 13.4 days.

Ispire Technology Price Performance

Shares of Ispire Technology stock traded down $0.10 during mid-day trading on Tuesday, reaching $2.22. 65,727 shares of the stock were exchanged, compared to its average volume of 56,693. Ispire Technology has a fifty-two week low of $1.44 and a fifty-two week high of $4.70. The company has a market cap of $127.18 million, a price-to-earnings ratio of -3.52 and a beta of 2.61. The firm has a 50-day simple moving average of $2.90 and a 200 day simple moving average of $2.66. The company has a current ratio of 1.06, a quick ratio of 0.97 and a debt-to-equity ratio of 1.33.

Ispire Technology (NASDAQ:ISPR) last posted its 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). Ispire Technology had a negative net margin of 36.62% and a negative return on equity of 2,383.89%. The firm had revenue of $20.29 million during the quarter, compared to the consensus estimate of $32.80 million. On average, sell-side analysts predict that Ispire Technology will post -0.44 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in ISPR. State Street Corp grew its holdings in Ispire Technology by 7.7% during the 4th quarter. State Street Corp now owns 326,720 shares of the company’s stock worth $915,000 after acquiring an additional 23,250 shares during the last quarter. Wells Fargo & Company MN raised its stake in shares of 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 last quarter. Orion Porfolio Solutions LLC acquired a new position in shares of Ispire Technology during the fourth quarter worth approximately $64,000. Renaissance Technologies LLC bought a new stake in shares of Ispire Technology during the fourth quarter valued at approximately $28,000. Finally, Goldman Sachs Group Inc. grew its stake 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 valued at $122,000 after purchasing an additional 4,226 shares during the last quarter. Institutional investors and hedge funds own 5.00% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the company. Zacks Research lowered Ispire Technology from a “hold” rating to a “strong sell” rating in a report on Thursday, February 12th. Weiss Ratings reissued a “sell (d-)” rating on shares of Ispire Technology in a report on Monday, December 29th. One analyst has rated the stock with a Buy rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Reduce” and an average target price of $7.50.

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.