Ispire Technology (NASDAQ:ISPR) Shares Down 5.6% – Here’s Why

Ispire Technology Inc. (NASDAQ:ISPR) dropped 5.6% during mid-day trading on Monday . The company traded as low as $1.84 and last traded at $1.87. Approximately 58,046 shares changed hands during trading, a decline of 43% from the average session volume of 101,927 shares. The stock had previously closed at $1.98.

Wall Street Analyst Weigh In

ISPR has been the subject of a number of analyst reports. Weiss Ratings downgraded Ispire Technology from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Tuesday, May 12th. Zacks Research upgraded Ispire Technology from a “strong sell” rating to a “hold” rating in a report on Monday, April 13th. One research analyst has rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Reduce”.

Ispire Technology Price Performance

The company’s fifty day simple moving average is $1.74 and its 200 day simple moving average is $2.26. The firm has a market capitalization of $104.47 million, a PE ratio of -2.98 and a beta of 2.02.

Ispire Technology (NASDAQ:ISPR) last released its quarterly earnings data on Thursday, May 7th. The company reported ($0.17) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.15). The business had revenue of $18.69 million during the quarter, compared to analysts’ expectations of $22.60 million. Ispire Technology had a negative net margin of 38.20% and a negative return on equity of 2,383.89%. On average, analysts anticipate that Ispire Technology Inc. will post -0.36 earnings per share for the current fiscal year.

Institutional Trading of Ispire Technology

A number of large investors have recently modified their holdings of the business. State Street Corp boosted its stake in shares of Ispire Technology by 7.7% in the 4th quarter. State Street Corp now owns 326,720 shares of the company’s stock valued at $915,000 after purchasing an additional 23,250 shares in the last quarter. Goldman Sachs Group Inc. increased its position in Ispire Technology by 10.7% during 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 during the period. Private Advisor Group LLC increased its position in shares of Ispire Technology by 129.6% during the third quarter. Private Advisor Group LLC now owns 34,148 shares of the company’s stock valued at $87,000 after buying an additional 19,276 shares during the period. Orion Porfolio Solutions LLC purchased a new position in shares of Ispire Technology during the 4th quarter worth approximately $64,000. Finally, Wells Fargo & Company MN raised its holdings 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 purchasing an additional 9,037 shares in the last quarter. Institutional investors own 5.00% of the company’s stock.

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.