Ispire Technology (NASDAQ:ISPR) Trading Down 1.9% – Should You Sell?

Ispire Technology Inc. (NASDAQ:ISPR)’s stock price was down 1.9% during trading on Friday . The company traded as low as $6.16 and last traded at $6.21. Approximately 34,028 shares were traded during mid-day trading, a decline of 70% from the average daily volume of 112,445 shares. The stock had previously closed at $6.33.

Wall Street Analysts Forecast Growth

Separately, Roth Mkm restated a “buy” rating and set a $12.50 price objective on shares of Ispire Technology in a research report on Wednesday, October 2nd.

Ispire Technology Trading Down 1.9 %

The stock has a market capitalization of $350.25 million, a PE ratio of -25.88 and a beta of 2.84. The business has a fifty day moving average price of $6.86 and a 200-day moving average price of $6.86.

Ispire Technology (NASDAQ:ISPR) last issued its quarterly earnings results on Thursday, September 26th. The company reported ($0.06) EPS for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.04. The business had revenue of $37.34 million for the quarter, compared to analysts’ expectations of $34.00 million. Ispire Technology had a negative net margin of 9.72% and a negative return on equity of 45.39%. On average, equities analysts anticipate that Ispire Technology Inc. will post -0.21 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Ispire Technology

A number of large investors have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp grew its stake in shares of Ispire Technology by 9.3% during the second quarter. Bank of New York Mellon Corp now owns 46,119 shares of the company’s stock valued at $369,000 after buying an additional 3,931 shares during the last quarter. AdvisorShares Investments LLC increased its stake in Ispire Technology by 10.0% in the 2nd quarter. AdvisorShares Investments LLC now owns 175,858 shares of the company’s stock worth $1,361,000 after purchasing an additional 16,000 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Ispire Technology by 62.8% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 62,273 shares of the company’s stock worth $382,000 after purchasing an additional 24,017 shares during the last quarter. Tidal Investments LLC bought a new stake in Ispire Technology in the 1st quarter worth $196,000. Finally, Yong Rong HK Asset Management Ltd increased its position in shares of Ispire Technology by 94.2% in the second quarter. Yong Rong HK Asset Management Ltd now owns 1,669,515 shares of the company’s stock valued at $13,357,000 after acquiring an additional 809,819 shares during the period. Hedge funds and other institutional investors own 5.00% of the company’s stock.

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.