iPower (NYSE:IPW) Trading Down 3.3% – Here’s What Happened

Shares of iPower Inc. (NYSE:IPW) dropped 3.3% during trading on Wednesday . The company traded as low as $0.75 and last traded at $0.81. Approximately 246,499 shares changed hands during trading, a decline of 28% from the average daily volume of 340,851 shares. The stock had previously closed at $0.84.

Wall Street Analysts Forecast Growth

Separately, StockNews.com downgraded shares of iPower from a “buy” rating to a “hold” rating in a research report on Wednesday, November 13th.

iPower Stock Down 5.6 %

The company has a 50-day moving average of $1.33 and a two-hundred day moving average of $1.59. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.86 and a quick ratio of 1.25. The company has a market capitalization of $23.57 million, a PE ratio of -11.16 and a beta of 3.75.

iPower (NYSE:IPW) last posted its quarterly earnings data on Thursday, September 19th. The company reported $0.03 earnings per share 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 7.34% and a negative net margin of 2.89%.

Institutional Trading of iPower

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Armistice Capital LLC bought a new position in shares of iPower in the second quarter worth about $3,043,000. Renaissance Technologies LLC boosted its stake in iPower by 197.8% in the 2nd quarter. Renaissance Technologies LLC now owns 41,100 shares of the company’s stock worth $85,000 after purchasing an additional 27,300 shares during the period. Heron Bay Capital Management bought a new position in iPower in the 2nd quarter worth approximately $65,000. XTX Topco Ltd purchased a new stake in iPower during the 3rd quarter valued at approximately $55,000. Finally, Royce & Associates LP bought a new stake in shares of iPower during the third quarter valued at approximately $26,000. 2.73% of the stock is owned by hedge funds and other institutional investors.

iPower Company Profile

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.