Ispire Technology (NASDAQ:ISPR) Trading Down 2.2% - Time to Sell?

Key Points

• Ispire Technology shares fell 2.2% on Tuesday, trading as low as $1.5992 before last changing hands at $1.75, with volume running well below average.
• Recent analyst sentiment remains cautious, with one upgrade to Hold and one downgrade, leaving the stock’s average rating at “Reduce.”
• Latest earnings missed expectations, as Ispire reported a loss of $0.17 per share and revenue of $18.69 million, both below estimates, while analysts expect continued losses this fiscal year.

Ispire Technology Inc. (NASDAQ:ISPR - Get Free Report) shares dropped 2.2% on Tuesday . The company traded as low as $1.5992 and last traded at $1.75. Approximately 127,611 shares traded hands during mid-day trading, a decline of 43% from the average daily volume of 225,204 shares. The stock had previously closed at $1.79.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on ISPR shares. Zacks Research upgraded Ispire Technology from a "strong sell" rating to a "hold" rating in a research report on Monday, April 13th. Weiss Ratings downgraded Ispire Technology from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Tuesday, May 12th. One investment analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Reduce".

Ispire Technology Stock Performance

The business has a 50-day moving average of $1.67 and a 200-day moving average of $2.13. The stock has a market capitalization of $100.45 million, a price-to-earnings ratio of -2.87 and a beta of 2.18.

Ispire Technology (NASDAQ:ISPR - Get Free Report) last issued its quarterly earnings data on Thursday, May 7th. The company reported ($0.17) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by ($0.15). The company had revenue of $18.69 million during the quarter, compared to analysts' expectations of $22.60 million. Ispire Technology had a negative net margin of 38.20% and a negative return on equity of 2,383.89%. Equities analysts predict that Ispire Technology Inc. will post -0.36 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Ispire Technology

A number of institutional investors and hedge funds have recently made changes to their positions in ISPR. State Street Corp lifted its holdings in shares of Ispire Technology by 7.7% in the 4th quarter. State Street Corp now owns 326,720 shares of the company's stock worth $915,000 after acquiring an additional 23,250 shares during the last quarter. Goldman Sachs Group Inc. increased its holdings in 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 during the last quarter. Private Advisor Group LLC raised its position in Ispire Technology by 129.6% in the third quarter. Private Advisor Group LLC now owns 34,148 shares of the company's stock valued at $87,000 after purchasing an additional 19,276 shares during the period. Orion Porfolio Solutions LLC purchased a new stake in Ispire Technology in the fourth quarter valued at approximately $64,000. Finally, Wells Fargo & Company MN grew its stake in shares of Ispire Technology by 78.1% in the fourth quarter. Wells Fargo & Company MN now owns 20,611 shares of the company's stock valued at $58,000 after buying an additional 9,037 shares in the last quarter. 5.00% of the stock is 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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