Ispire Technology Inc. (NASDAQ:ISPR) Short Interest Up 9.7% in January

Ispire Technology Inc. (NASDAQ:ISPR) was the recipient of a significant growth in short interest in the month of 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. Approximately 4.1% of the shares of the stock are sold short. Based on an average trading volume of 88,600 shares, the short-interest ratio is currently 8.4 days.

Wall Street Analysts Forecast Growth

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

Institutional Trading of Ispire Technology

Several large investors have recently added to or reduced their stakes in the business. SG Americas Securities LLC acquired a new stake in Ispire Technology in the 4th quarter valued at approximately $54,000. JPMorgan Chase & Co. increased its position in Ispire Technology by 104.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 22,973 shares of the company’s stock valued at $143,000 after acquiring an additional 11,714 shares during the period. Barclays PLC increased its position in shares of Ispire Technology by 311.2% during the 3rd quarter. Barclays PLC now owns 27,461 shares of the company’s stock valued at $171,000 after purchasing an additional 20,782 shares during the period. Geode Capital Management LLC increased its position in shares of Ispire Technology by 77.2% during the 3rd quarter. Geode Capital Management LLC now owns 452,444 shares of the company’s stock valued at $2,808,000 after purchasing an additional 197,132 shares during the period. Finally, Zacks Investment Management acquired a new position in shares of Ispire Technology during the 3rd quarter valued at $96,000. 5.00% of the stock is currently owned by institutional investors and hedge funds.

Ispire Technology Price Performance

Shares of NASDAQ:ISPR opened at $4.60 on Tuesday. The firm has a market capitalization of $260.59 million, a PE ratio of -13.53 and a beta of 2.90. The business has a 50-day moving average of $5.28 and a two-hundred day moving average of $6.24. Ispire Technology has a 12 month low of $4.33 and a 12 month high of $12.14.

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

Ispire Technology announced that its Board of Directors has initiated a stock repurchase program on Wednesday, January 22nd that authorizes the company to repurchase $10.00 million in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 4% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is undervalued.

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.