Ispire Technology (NASDAQ:ISPR) Authorizes Stock Repurchase Program

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

Ispire Technology Stock Down 0.7 %

Ispire Technology stock opened at $4.42 on Thursday. Ispire Technology has a 52-week low of $4.35 and a 52-week high of $12.14. The firm has a market capitalization of $250.39 million, a price-to-earnings ratio of -13.00 and a beta of 2.92. The company has a fifty day simple moving average of $5.56 and a 200-day simple moving average of $6.42.

Ispire Technology (NASDAQ:ISPR) last released its earnings results on Monday, November 11th. The company reported ($0.10) earnings per share (EPS) for the quarter, hitting 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 during the quarter, compared to analyst estimates of $45.60 million. During the same quarter in the prior year, the firm earned ($0.04) earnings per share. On average, research analysts anticipate that Ispire Technology will post -0.33 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have recently weighed in on ISPR shares. Roth Mkm reaffirmed a “buy” rating and set a $12.50 target price on shares of Ispire Technology in a report on Wednesday, October 2nd. Roth Capital raised shares of 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.