Short Interest in Ispire Technology Inc. (NASDAQ:ISPR) Declines By 14.1%

Key Points

• Short interest fell 14.1% in April to 913,872 shares (4.6% of the float) with a days-to-cover ratio of 20.4.
• The company missed quarterly expectations, reporting EPS of $(0.12) vs. $(0.01) expected and revenue of $20.29M vs. $32.8M forecast, leaving negative margins and returns.
• ISPR trades around $1.43 with a market cap of about $81.9M; the consensus analyst rating is a Hold with a $7.50 price target.

Ispire Technology Inc. (NASDAQ:ISPR - Get Free Report) saw a large decline in short interest in the month of April. As of April 15th, there was short interest totaling 913,872 shares, a decline of 14.1% from the March 31st total of 1,064,340 shares. Based on an average daily trading volume, of 44,824 shares, the days-to-cover ratio is currently 20.4 days. Currently, 4.6% of the company's shares are short sold.

Ispire Technology Stock Performance

ISPR stock traded up $0.05 during mid-day trading on Friday, hitting $1.43. 19,579 shares of the company were exchanged, compared to its average volume of 90,287. Ispire Technology has a 1-year low of $1.19 and a 1-year high of $3.87. The firm has a market cap of $81.92 million, a P/E ratio of -2.27 and a beta of 2.65. The firm's 50 day simple moving average is $1.88 and its 200 day simple moving average is $2.35.

Ispire Technology (NASDAQ:ISPR - Get Free Report) last posted its quarterly earnings data on Friday, February 6th. The company reported ($0.12) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.01) by ($0.11). Ispire Technology had a negative net margin of 36.62% and a negative return on equity of 2,383.89%. The business had revenue of $20.29 million during the quarter, compared to analyst estimates of $32.80 million. On average, equities research analysts predict that Ispire Technology will post -0.21 EPS for the current fiscal year.

Analyst Ratings Changes

ISPR has been the topic of a number of analyst reports. Weiss Ratings upgraded shares of Ispire Technology from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Monday. 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 equities research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $7.50.

Hedge Funds Weigh In On Ispire Technology

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Renaissance Technologies LLC bought a new position in Ispire Technology during the fourth quarter worth $28,000. JPMorgan Chase & Co. boosted its position 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 purchasing an additional 4,107 shares during the period. Bank of America Corp DE boosted its position in Ispire Technology by 35.3% during the fourth quarter. Bank of America Corp DE now owns 19,156 shares of the company's stock worth $96,000 after purchasing an additional 4,997 shares during the period. Wells Fargo & Company MN boosted its position in Ispire Technology by 78.1% during the fourth quarter. Wells Fargo & Company MN now owns 20,611 shares of the company's stock worth $58,000 after purchasing an additional 9,037 shares during the period. Finally, Orion Porfolio Solutions LLC bought a new position in Ispire Technology during the fourth quarter worth $64,000. 5.00% of the stock is 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.

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