Yong Rong HK Asset Management Ltd Reduces Stock Holdings in Ispire Technology Inc. (NASDAQ:ISPR)

Yong Rong HK Asset Management Ltd reduced its position in shares of Ispire Technology Inc. (NASDAQ:ISPR) by 9.0% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 1,518,721 shares of the company’s stock after selling 150,794 shares during the quarter. Ispire Technology accounts for approximately 2.7% of Yong Rong HK Asset Management Ltd’s holdings, making the stock its 13th biggest position. Yong Rong HK Asset Management Ltd’s holdings in Ispire Technology were worth $9,424,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. AdvisorShares Investments LLC grew its position in Ispire Technology by 10.0% during the second quarter. AdvisorShares Investments LLC now owns 175,858 shares of the company’s stock valued at $1,361,000 after buying an additional 16,000 shares during the period. Bank of New York Mellon Corp grew its position in shares of Ispire Technology by 9.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 46,119 shares of the company’s stock valued at $369,000 after acquiring an additional 3,931 shares during the period. Tidal Investments LLC purchased a new stake in shares of Ispire Technology in the 1st quarter worth $196,000. Finally, Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Ispire Technology by 62.8% in the 1st 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 in the last quarter. Hedge funds and other institutional investors own 5.00% of the company’s stock.

Ispire Technology Price Performance

ISPR opened at $5.69 on Friday. The company has a 50 day simple moving average of $6.71 and a two-hundred day simple moving average of $6.86. The firm has a market cap of $322.28 million, a P/E ratio of -21.07 and a beta of 2.84. Ispire Technology Inc. has a 1-year low of $5.01 and a 1-year high of $19.78.

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

Wall Street Analysts Forecast Growth

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

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.