Ispire Technology Inc. (NASDAQ:ISPR) Short Interest Up 9.7% in January

Ispire Technology Inc. (NASDAQ:ISPR) saw a large increase in short interest during the month of January. As of January 15th, there was short interest totalling 744,700 shares, an increase of 9.7% from the December 31st total of 678,800 shares. Based on an average daily trading volume, of 88,600 shares, the short-interest ratio is currently 8.4 days. Currently, 4.1% of the company’s stock are short sold.

Wall Street Analysts Forecast Growth

Separately, Roth Capital upgraded shares of Ispire Technology to a “strong-buy” rating in a research note on Friday, November 8th.

Institutional Trading of Ispire Technology

A number of institutional investors have recently bought and sold shares of the company. SG Americas Securities LLC acquired a new position in shares of Ispire Technology during the fourth quarter valued at about $54,000. JPMorgan Chase & Co. raised its holdings in shares of Ispire Technology by 104.0% during the third quarter. JPMorgan Chase & Co. now owns 22,973 shares of the company’s stock valued at $143,000 after purchasing an additional 11,714 shares during the period. Barclays PLC raised its holdings in shares of Ispire Technology by 311.2% during the third quarter. Barclays PLC now owns 27,461 shares of the company’s stock valued at $171,000 after purchasing an additional 20,782 shares during the period. Geode Capital Management LLC raised its holdings in shares of Ispire Technology by 77.2% during the third quarter. Geode Capital Management LLC now owns 452,444 shares of the company’s stock valued at $2,808,000 after purchasing an additional 197,132 shares during the period. Finally, Zacks Investment Management acquired a new position in shares of Ispire Technology during the third quarter valued at about $96,000. Institutional investors own 5.00% of the company’s stock.

Ispire Technology Trading Down 3.6 %

Shares of ISPR opened at $4.60 on Tuesday. Ispire Technology has a 12 month low of $4.33 and a 12 month high of $12.14. The firm’s 50 day moving average is $5.28 and its 200-day moving average is $6.24. The stock has a market capitalization of $260.59 million, a PE ratio of -13.53 and a beta of 2.90.

Ispire Technology (NASDAQ:ISPR) last announced its quarterly earnings data on Monday, November 11th. The company reported ($0.10) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.10). Ispire Technology had a negative net margin of 12.80% and a negative return on equity of 58.50%. The business had revenue of $39.34 million for the quarter, compared to analysts’ expectations of $45.60 million. During the same period last year, the firm posted ($0.04) earnings per share. Equities research analysts predict that Ispire Technology will post -0.33 earnings per share for the current fiscal year.

Ispire Technology declared that its Board of Directors has approved a share repurchase program on Wednesday, January 22nd that allows the company to buyback $10.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 4% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.

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.