Ispire Technology (NASDAQ:ISPR) Stock Price Down 3.1% - What's Next?

Ispire Technology Inc. (NASDAQ:ISPR - Get Free Report)'s share price dropped 3.1% on Monday . The stock traded as low as $2.81 and last traded at $2.85. Approximately 27,166 shares changed hands during trading, a decline of 64% from the average daily volume of 75,929 shares. The stock had previously closed at $2.94.

Analyst Upgrades and Downgrades

Separately, Roth Mkm reissued a "buy" rating and issued a $9.00 target price on shares of Ispire Technology in a research report on Thursday, March 20th.

Ispire Technology Trading Down 3.7 %

The stock's fifty day moving average price is $3.53 and its 200 day moving average price is $4.85. The stock has a market cap of $164.99 million, a P/E ratio of -7.05 and a beta of 3.22.

Ispire Technology (NASDAQ:ISPR - Get Free Report) last posted its quarterly earnings data on Friday, February 7th. The company reported ($0.14) EPS for the quarter, missing the consensus estimate of ($0.07) by ($0.07). Ispire Technology had a negative return on equity of 73.44% and a negative net margin of 15.46%. As a group, sell-side analysts forecast that Ispire Technology Inc. will post -0.44 earnings per share for the current year.

Ispire Technology declared that its Board of Directors has initiated a share buyback plan on Wednesday, January 22nd that authorizes the company to buyback $10.00 million in shares. This buyback authorization authorizes the company to reacquire up to 4% of its stock through open market purchases. Stock buyback plans are usually a sign that the company's management believes its shares are undervalued.

Institutional Investors Weigh In On Ispire Technology

Several hedge funds have recently added to or reduced their stakes in the stock. Geode Capital Management LLC boosted its stake in Ispire Technology by 3.0% in the 4th quarter. Geode Capital Management LLC now owns 465,841 shares of the company's stock worth $2,344,000 after purchasing an additional 13,397 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Ispire Technology by 44.5% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 288,434 shares of the company's stock worth $1,451,000 after buying an additional 88,842 shares during the last quarter. State Street Corp lifted its stake in shares of Ispire Technology by 2.0% in the third quarter. State Street Corp now owns 207,542 shares of the company's stock worth $1,288,000 after buying an additional 4,125 shares in the last quarter. Northern Trust Corp increased its position 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 valued at $864,000 after acquiring an additional 8,704 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its holdings in Ispire Technology by 206.3% in the 4th quarter. JPMorgan Chase & Co. now owns 70,375 shares of the company's stock worth $354,000 after acquiring an additional 47,402 shares during the last quarter. 5.00% of the stock is owned by 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.