Ispire Technology (NASDAQ:ISPR) Trading Down 2.4% - Time to Sell?

Shares of Ispire Technology Inc. (NASDAQ:ISPR - Get Free Report) dropped 2.4% during trading on Friday . The company traded as low as $2.40 and last traded at $2.47. Approximately 52,033 shares changed hands during mid-day trading, a decline of 30% from the average daily volume of 73,808 shares. The stock had previously closed at $2.53.

Analysts Set New Price Targets

Separately, Roth Mkm cut their target price on Ispire Technology from $9.00 to $7.50 and set a "buy" rating for the company in a research note on Thursday, May 15th.

Ispire Technology Trading Down 4.5%

The business's fifty day moving average is $2.75 and its 200-day moving average is $3.81. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.90 and a current ratio of 0.98. The firm has a market cap of $134.30 million, a P/E ratio of -4.80 and a beta of 2.89.

Ispire Technology (NASDAQ:ISPR - Get Free Report) last released its quarterly earnings results on Friday, May 9th. The company reported ($0.19) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.12) by ($0.07). Ispire Technology had a negative net margin of 19.26% and a negative return on equity of 107.00%. The business had revenue of $26.19 million for the quarter, compared to the consensus estimate of $31.80 million. Analysts predict that Ispire Technology Inc. will post -0.44 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of ISPR. Bank of New York Mellon Corp raised its position in shares of Ispire Technology by 15.7% during the fourth quarter. Bank of New York Mellon Corp now owns 56,090 shares of the company's stock worth $282,000 after acquiring an additional 7,591 shares during the last quarter. Intech Investment Management LLC acquired a new stake in Ispire Technology during the 4th quarter valued at approximately $60,000. JPMorgan Chase & Co. raised its holdings in Ispire Technology by 206.3% during the 4th quarter. JPMorgan Chase & Co. now owns 70,375 shares of the company's stock worth $354,000 after purchasing an additional 47,402 shares during the last quarter. Geode Capital Management LLC raised its holdings in Ispire Technology by 3.0% during 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 during the last quarter. Finally, Wells Fargo & Company MN lifted its position in shares of Ispire Technology by 51.7% in the 4th quarter. Wells Fargo & Company MN now owns 8,976 shares of the company's stock worth $45,000 after purchasing an additional 3,060 shares during the period. 5.00% of the stock is owned by institutional investors and hedge funds.

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.