Short Interest in Ispire Technology Inc. (NASDAQ:ISPR) Grows By 9.7%

Ispire Technology Inc. (NASDAQ:ISPR) saw a large growth in short interest in January. As of January 15th, there was short interest totalling 744,700 shares, a growth 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 shares of the stock are short sold.

Institutional Investors Weigh In On Ispire Technology

Several institutional investors and hedge funds have recently made changes to their positions in the business. State Street Corp boosted its position in shares of Ispire Technology by 2.0% during the 3rd quarter. State Street Corp now owns 207,542 shares of the company’s stock valued at $1,288,000 after purchasing an additional 4,125 shares in the last quarter. MetLife Investment Management LLC boosted its position in shares of Ispire Technology by 137.6% during the 3rd quarter. MetLife Investment Management LLC now owns 11,764 shares of the company’s stock valued at $73,000 after purchasing an additional 6,812 shares in the last quarter. SG Americas Securities LLC bought a new stake in shares of Ispire Technology during the 4th quarter valued at about $54,000. JPMorgan Chase & Co. boosted its holdings in Ispire Technology by 104.0% in the third quarter. JPMorgan Chase & Co. now owns 22,973 shares of the company’s stock worth $143,000 after acquiring an additional 11,714 shares in the last quarter. Finally, Zacks Investment Management bought a new position in Ispire Technology in the third quarter worth approximately $96,000. Institutional investors own 5.00% of the company’s stock.

Ispire Technology Trading Down 3.6 %

ISPR traded down $0.17 on Monday, reaching $4.60. The stock had a trading volume of 20,808 shares, compared to its average volume of 53,081. Ispire Technology has a fifty-two week low of $4.33 and a fifty-two week high of $12.14. The firm has a 50-day moving average of $5.31 and a 200-day moving average of $6.26. The company has a market capitalization of $260.59 million, a price-to-earnings ratio of -13.53 and a beta of 2.90.

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

Ispire Technology announced that its Board of Directors has approved a stock repurchase plan 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 plans are often an indication that the company’s board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

Separately, Roth Capital raised Ispire Technology to a “strong-buy” rating in a report on Friday, November 8th.

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.