Ispire Technology (NASDAQ:ISPR) Upgraded at BTIG Research

Key Points

• BTIG Research upgraded Ispire Technology to a “strong-buy” rating, even though the broader analyst view remains cautious with a consensus rating of “Hold” and an average price target of $3.50.
• The company’s latest quarterly results were weak: it reported a loss of $0.17 per share, missing estimates, and revenue of $18.69 million, also below expectations.
• Ispire Technology’s stock was trading at $1.66, near its 50-day average, with a market cap of about $95.3 million and a 1-year range of $1.01 to $3.87.

Ispire Technology (NASDAQ:ISPR - Get Free Report) was upgraded by equities researchers at BTIG Research to a "strong-buy" rating in a note issued to investors on Tuesday,Zacks.com reports.

A number of other research analysts have also issued reports on the stock. Weiss Ratings lowered shares of Ispire Technology from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Tuesday, May 12th. Zacks Research upgraded shares of Ispire Technology from a "strong sell" rating to a "hold" rating in a research report on Monday, April 13th. 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 company. Based on data from MarketBeat, Ispire Technology currently has a consensus rating of "Hold" and an average price target of $3.50.

Ispire Technology Price Performance

NASDAQ:ISPR opened at $1.66 on Tuesday. The firm's fifty day moving average price is $1.68 and its 200 day moving average price is $2.09. Ispire Technology has a 1-year low of $1.01 and a 1-year high of $3.87. The firm has a market cap of $95.28 million, a price-to-earnings ratio of -2.72 and a beta of 2.18.

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

Institutional Trading of Ispire Technology

Several hedge funds and other institutional investors have recently made changes to their positions in ISPR. Renaissance Technologies LLC acquired a new position in Ispire Technology during the fourth quarter worth about $28,000. JPMorgan Chase & Co. lifted its position in shares of Ispire Technology by 28.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 18,529 shares of the company's stock valued at $47,000 after acquiring an additional 4,107 shares during the period. Bank of America Corp DE lifted its position 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 acquiring an additional 4,997 shares during the period. Wells Fargo & Company MN boosted its stake 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 worth $58,000 after acquiring an additional 9,037 shares in the last quarter. Finally, Orion Porfolio Solutions LLC purchased a new stake in shares of Ispire Technology during the 4th quarter worth approximately $64,000. Institutional investors and hedge funds own 5.00% of the company's stock.

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.