Ispire Technology (NASDAQ:ISPR) Stock Price Down 11.1% – Here’s What Happened

Shares of Ispire Technology Inc. (NASDAQ:ISPR) fell 11.1% during trading on Thursday . The company traded as low as $2.01 and last traded at $2.01. 38,962 shares changed hands during trading, a decline of 14% from the average session volume of 45,257 shares. The stock had previously closed at $2.26.

Analysts Set New Price Targets

A number of brokerages have commented on ISPR. Zacks Research downgraded shares of Ispire Technology from a “hold” rating to a “strong sell” rating in a research note on Tuesday, September 23rd. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Ispire Technology in a research note on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and two have assigned a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $7.50.

Ispire Technology Stock Down 11.1%

The business’s 50 day moving average price is $2.71 and its 200-day moving average price is $2.75. The firm has a market capitalization of $115.13 million, a PE ratio of -2.91 and a beta of 2.74. The company has a debt-to-equity ratio of 1.33, a quick ratio of 0.91 and a current ratio of 1.01.

Ispire Technology (NASDAQ:ISPR) last released its quarterly earnings results on Monday, September 15th. The company reported ($0.26) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.12). The company had revenue of $20.14 million during the quarter, compared to analysts’ expectations of $22.40 million. Ispire Technology had a negative net margin of 30.78% and a negative return on equity of 223.15%. As a group, equities research analysts forecast that Ispire Technology Inc. will post -0.44 earnings per share for the current year.

Insider Buying and Selling at Ispire Technology

In related news, insider Steven P. Pryzbyla sold 17,046 shares of Ispire Technology stock in a transaction that occurred on Friday, September 26th. The shares were sold at an average price of $2.64, for a total value of $45,001.44. Following the completion of the transaction, the insider owned 399,664 shares in the company, valued at approximately $1,055,112.96. The trade was a 4.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 65.43% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Nuveen LLC acquired a new position in shares of Ispire Technology in the first quarter valued at approximately $67,000. Bank of America Corp DE grew its holdings in shares of Ispire Technology by 35.3% in the fourth quarter. Bank of America Corp DE now owns 19,156 shares of the company’s stock valued at $96,000 after purchasing an additional 4,997 shares in the last quarter. Finally, Private Advisor Group LLC acquired a new position in shares of Ispire Technology in the first quarter valued at approximately $49,000. Institutional investors and hedge funds 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.