Ispire Technology (NASDAQ:ISPR) Downgraded by Zacks Research to Strong Sell

Key Points

• Ispire Technology (NASDAQ:ISPR) has been downgraded from a "hold" rating to a "strong sell" rating by Zacks Research following disappointing financial results.
• The company posted a loss of ($0.26) EPS for the latest quarter, missing analysts' expectations, with revenue of $20.14 million, below the projected $22.40 million.
• Ispire Technology's stock has a market capitalization of approximately $154.66 million and has fluctuated between a 12-month low of $2.09 and a high of $7.47.

Ispire Technology (NASDAQ:ISPR - Get Free Report) was downgraded by investment analysts at Zacks Research from a "hold" rating to a "strong sell" rating in a research note issued on Tuesday,Zacks.com reports.

Ispire Technology Price Performance

ISPR opened at $2.70 on Tuesday. The stock has a fifty day moving average of $2.94 and a 200-day moving average of $2.91. The firm has a market capitalization of $154.66 million, a P/E ratio of -3.91 and a beta of 2.85. Ispire Technology has a 12-month low of $2.09 and a 12-month high of $7.47. The company has a quick ratio of 0.91, a current ratio of 1.01 and a debt-to-equity ratio of 1.33.

Ispire Technology (NASDAQ:ISPR - Get Free Report) last released its earnings results on Monday, September 15th. The company reported ($0.26) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.14) by ($0.12). The business had revenue of $20.14 million during the quarter, compared to analysts' expectations of $22.40 million. Ispire Technology had a negative net margin of 30.78% and a negative return on equity of 223.15%. Equities analysts forecast that Ispire Technology will post -0.44 EPS for the current fiscal year.

Institutional Trading of Ispire Technology

Several hedge funds and other institutional investors have recently modified their holdings of the company. Nuveen LLC purchased a new stake in shares of Ispire Technology during the first quarter worth $67,000. Private Advisor Group LLC purchased a new stake in shares of Ispire Technology during the first quarter worth $49,000. Bank of America Corp DE raised its holdings in shares of Ispire Technology by 35.3% during the fourth quarter. Bank of America Corp DE now owns 19,156 shares of the company's stock worth $96,000 after acquiring an additional 4,997 shares in the last quarter. Finally, Northern Trust Corp raised its holdings in shares of Ispire Technology by 5.3% during the fourth quarter. Northern Trust Corp now owns 171,801 shares of the company's stock worth $864,000 after acquiring an additional 8,704 shares in the last quarter. 5.00% of the stock is currently owned by hedge funds and other institutional investors.

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.

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