Stock Buyback Program Approved by Ispire Technology (NASDAQ:ISPR) Board

Ispire Technology (NASDAQ:ISPR) announced that its Board of Directors has initiated a share buyback program on Wednesday, January 22nd, RTT News reports. The company plans to buyback $10.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 4% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board believes its shares are undervalued.

Ispire Technology Price Performance

NASDAQ:ISPR traded down $0.03 during mid-day trading on Wednesday, reaching $4.42. The stock had a trading volume of 115,878 shares, compared to its average volume of 65,068. The company has a market capitalization of $250.39 million, a price-to-earnings ratio of -13.00 and a beta of 2.92. Ispire Technology has a 1-year low of $4.35 and a 1-year high of $12.14. The stock’s 50 day simple moving average is $5.59 and its two-hundred day simple moving average is $6.43.

Ispire Technology (NASDAQ:ISPR) last issued its earnings results on Monday, November 11th. The company reported ($0.10) EPS for the quarter, hitting the consensus estimate of ($0.10). The company had revenue of $39.34 million during the quarter, compared to analyst estimates of $45.60 million. Ispire Technology had a negative return on equity of 58.50% and a negative net margin of 12.80%. During the same quarter last year, the firm earned ($0.04) EPS. Sell-side analysts anticipate that Ispire Technology will post -0.33 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on ISPR shares. Roth Capital upgraded Ispire Technology to a “strong-buy” rating in a research note on Friday, November 8th. Roth Mkm reaffirmed a “buy” rating and issued a $12.50 price target on shares of Ispire Technology in a report on Wednesday, October 2nd.

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.