Ispire Technology (NASDAQ:ISPR) Board Approves Stock Buyback Plan

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

Ispire Technology Trading Up 1.1 %

Ispire Technology stock opened at $4.47 on Friday. Ispire Technology has a 12 month low of $4.33 and a 12 month high of $12.14. The stock’s 50 day simple moving average is $5.51 and its two-hundred day simple moving average is $6.40. The firm has a market cap of $253.23 million, a PE ratio of -13.15 and a beta of 2.92.

Ispire Technology (NASDAQ:ISPR) last announced its earnings results on Monday, November 11th. The company reported ($0.10) earnings per share for the quarter, hitting the consensus estimate of ($0.10). The business had revenue of $39.34 million during the quarter, compared to the consensus estimate 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 period in the prior year, the company posted ($0.04) EPS. On average, equities research analysts forecast that Ispire Technology will post -0.33 EPS for the current year.

Analyst Ratings Changes

Several research analysts recently issued reports on the company. Roth Mkm reissued a “buy” rating and issued a $12.50 price objective on shares of Ispire Technology in a research note on Wednesday, October 2nd. Roth Capital upgraded Ispire Technology to a “strong-buy” rating in a report on Friday, November 8th.

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.