iPower (NYSE:IPW) Rating Lowered to “Hold” at StockNews.com

StockNews.com downgraded shares of iPower (NYSE:IPW) from a buy rating to a hold rating in a research report released on Wednesday.

iPower Price Performance

NYSE:IPW opened at $1.33 on Wednesday. The company’s 50-day moving average is $1.54 and its two-hundred day moving average is $1.61. iPower has a 1-year low of $0.40 and a 1-year high of $3.65. The firm has a market capitalization of $41.79 million, a price-to-earnings ratio of -26.59 and a beta of 4.07.

iPower (NYSE:IPW) last released its quarterly earnings data on Thursday, September 19th. The company reported $0.03 EPS for the quarter, beating analysts’ consensus estimates of $0.01 by $0.02. The firm had revenue of $19.45 million for the quarter, compared to analysts’ expectations of $21.30 million. iPower had a negative return on equity of 3.74% and a negative net margin of 1.78%.

Institutional Trading of iPower

A number of hedge funds and other institutional investors have recently modified their holdings of IPW. Armistice Capital LLC acquired a new position in iPower in the second quarter valued at about $3,043,000. Renaissance Technologies LLC raised its stake in shares of iPower by 197.8% in the 2nd quarter. Renaissance Technologies LLC now owns 41,100 shares of the company’s stock valued at $85,000 after acquiring an additional 27,300 shares during the period. Heron Bay Capital Management acquired a new position in shares of iPower in the 2nd quarter worth approximately $65,000. Finally, Royce & Associates LP purchased a new position in shares of iPower during the 3rd quarter worth approximately $26,000. 2.73% of the stock is owned by institutional investors and hedge funds.

About iPower

iPower Inc operates as an online retailer and supplier of consumer home, garden, and pet products for commercial businesses and individuals in the United States. The company offers grow light systems; advanced heating, ventilation, and air conditioning systems; water pumps, heaters, chillers, and filters; nutrient and fertilizer delivery systems; and various growing media products.