Ispire Technology (NASDAQ:ISPR) Stock Price Down 8.1% - Here's What Happened

Key Points

• Ispire Technology shares fell 8.1% to $1.59, with trading volume down 70% from the average session.
• Analyst views remain mixed: BTIG initiated coverage with a “Buy” rating and a $3.50 price target, while Weiss Ratings reiterated a “Sell” rating. The consensus rating is “Hold,” with an average target of $3.50.
• Institutional ownership is limited at 5%, although several major firms—including JPMorgan, Goldman Sachs, Bank of America, and Wells Fargo—recently increased their stakes.

Ispire Technology Inc. (NASDAQ:ISPR - Get Free Report)'s stock price was down 8.1% on Thursday . The stock traded as low as $1.55 and last traded at $1.59. 11,767 shares were traded during trading, a decline of 70% from the average session volume of 38,766 shares. The stock had previously closed at $1.73.

Analysts Set New Price Targets

ISPR has been the topic of several research reports. Weiss Ratings restated a "sell (e+)" rating on shares of Ispire Technology in a research note on Friday, August 7th. BTIG Research initiated coverage on shares of Ispire Technology in a research report on Tuesday, July 21st. They set a "buy" rating and a $3.50 target price on the stock. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Ispire Technology currently has a consensus rating of "Hold" and an average target price of $3.50.

Ispire Technology Price Performance

The company has a market cap of $91.27 million, a P/E ratio of -2.61 and a beta of 2.06. The stock has a 50-day moving average of $1.61 and a 200 day moving average of $1.95.

Institutional Investors Weigh In On Ispire Technology

Several institutional investors and hedge funds have recently added to or reduced their stakes in ISPR. JPMorgan Chase & Co. raised its stake in Ispire Technology by 28.5% during the third quarter. JPMorgan Chase & Co. now owns 18,529 shares of the company's stock worth $47,000 after acquiring an additional 4,107 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of Ispire Technology by 10.7% in the 4th quarter. Goldman Sachs Group Inc. now owns 43,542 shares of the company's stock valued at $122,000 after purchasing an additional 4,226 shares in the last quarter. Bank of America Corp DE grew its holdings in shares of Ispire Technology by 35.3% during the 4th quarter. Bank of America Corp DE now owns 19,156 shares of the company's stock valued at $96,000 after purchasing an additional 4,997 shares during the last quarter. Wells Fargo & Company MN grew its holdings in shares of Ispire Technology by 78.1% during the 4th quarter. Wells Fargo & Company MN now owns 20,611 shares of the company's stock valued at $58,000 after purchasing an additional 9,037 shares during the last quarter. Finally, Renaissance Technologies LLC acquired a new position in Ispire Technology during the 4th quarter worth approximately $28,000. 5.00% of the stock is currently 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source