Ispire Technology (NASDAQ:ISPR) Shares Down 3.4% - Here's What Happened

Key Points

• Ispire Technology shares fell 3.4% to about $1.40 in midday trading, with volume down 66% from the stock’s average daily level.
• Analyst sentiment remains mixed but cautious: Zacks downgraded the stock to “strong sell,” while the consensus rating is “Hold” with a $3.30 price target.
• The company reported a quarterly loss of $0.24 per share, missing estimates by $0.25, although revenue of $26.69 million exceeded the $21.34 million consensus forecast. BlackRock recently acquired 409,610 shares, giving it a 0.71% stake.

Ispire Technology Inc. (NASDAQ:ISPR - Get Free Report) shares fell 3.4% on Wednesday. The company traded as low as $1.3801 and last traded at $1.40. Approximately 8,935 shares were traded during mid-day trading, a decline of 66% from the average daily volume of 26,300 shares. The stock had previously closed at $1.45.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on ISPR shares. Zacks Research cut shares of Ispire Technology from a "hold" rating to a "strong sell" rating in a report on Monday, September 21st. Weiss Ratings restated a "sell (e+)" rating on shares of Ispire Technology in a report on Friday, August 7th. Finally, BTIG Research set a $3.30 price objective on shares of Ispire Technology in a report on Wednesday, October 7th. One equities research analyst has rated the stock with a Strong Buy rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $3.30.

Ispire Technology Trading Down 3.4%

The stock has a market cap of $80.85 million, a price-to-earnings ratio of -2.37 and a beta of 2.08. The company has a 50 day simple moving average of $1.45 and a 200-day simple moving average of $1.59.

Ispire Technology (NASDAQ:ISPR - Get Free Report) last posted its quarterly earnings data on Tuesday, September 15th. The company reported ($0.24) earnings per share for the quarter, missing the consensus estimate of $0.01 by ($0.25). The firm had revenue of $26.69 million during the quarter, compared to the consensus estimate of $21.34 million. Equities analysts forecast that Ispire Technology Inc. will post -0.13 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Ispire Technology

An institutional investor recently bought a new position in Ispire Technology stock. BlackRock Inc. purchased a new position in shares of Ispire Technology Inc. (NASDAQ:ISPR - Free Report) in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 409,610 shares of the company's stock, valued at approximately $459,000. BlackRock Inc. owned about 0.71% of Ispire Technology as of its most recent SEC filing. Institutional investors own 5.00% of the company's stock.

Ispire Technology Company Profile

Ispire Technology Inc is a technology company focused on the development, manufacture and sale of vaping products and related hardware. The company serves the electronic cigarette and cannabis vaporizer markets, offering devices designed for the delivery of nicotine, cannabis and other vaporized substances.

Its product portfolio includes disposable and rechargeable vaping devices, pod systems, cartridges and cannabis vaporizer hardware. In addition to selling products under the Ispire brand, the company provides original equipment manufacturing and original design manufacturing services for business customers seeking customized vaping products and technologies.

Ispire Technology markets its products through distributors, retailers and other commercial partners in the United States and international markets.

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