StockNews.com Downgrades iPower (NYSE:IPW) to Hold

iPower (NYSE:IPW) was downgraded by analysts at StockNews.com from a “buy” rating to a “hold” rating in a report released on Wednesday.

iPower Stock Performance

Shares of iPower stock opened at $1.20 on Wednesday. iPower has a fifty-two week low of $0.40 and a fifty-two week high of $3.65. The company has a market capitalization of $37.70 million, a P/E ratio of -23.60 and a beta of 4.07. The company has a fifty day moving average of $1.54 and a 200 day moving average of $1.61.

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

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in IPW. Royce & Associates LP purchased a new stake in iPower during the third quarter valued at $26,000. Heron Bay Capital Management purchased a new stake in shares of iPower during the 2nd quarter valued at about $65,000. Renaissance Technologies LLC lifted its holdings 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 last quarter. Finally, Armistice Capital LLC purchased a new position in iPower in the second quarter worth about $3,043,000. Hedge funds and other institutional investors own 2.73% of the company’s stock.

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.