Short Interest in Ispire Technology Inc. (NASDAQ:ISPR) Grows By 39.5%

Key Points

• Short interest jumped 39.5% — short interest rose to 1,064,340 shares as of March 31 (up from 763,112 on March 15), equal to about 5.4% of shares sold short and a short-interest ratio of 5.3 days.
• Ispire missed estimates last quarter, reporting EPS of ($0.12) and revenue of $20.29 million versus consensus of ($0.01) and $32.80 million, and the company shows a negative net margin (-36.62%) and severely negative return on equity.
• The stock trades around $1.86 with a market cap of roughly $106.6M; analysts' consensus is a "Hold" with an average price target of $7.50, while institutional ownership remains low at about 5% despite some recent small purchases by funds.

Ispire Technology Inc. (NASDAQ:ISPR - Get Free Report) was the recipient of a large growth in short interest during the month of March. As of March 31st, there was short interest totaling 1,064,340 shares, a growth of 39.5% from the March 15th total of 763,112 shares. Based on an average daily trading volume, of 201,577 shares, the short-interest ratio is presently 5.3 days. Approximately 5.4% of the company's stock are sold short.

Ispire Technology Stock Performance

Shares of ISPR stock traded down $0.05 during midday trading on Wednesday, hitting $1.86. 71,967 shares of the company were exchanged, compared to its average volume of 79,848. The firm has a market capitalization of $106.56 million, a P/E ratio of -2.95 and a beta of 2.65. The firm's 50 day moving average price is $2.23 and its two-hundred day moving average price is $2.41. Ispire Technology has a 52 week low of $1.44 and a 52 week high of $3.87.

Ispire Technology (NASDAQ:ISPR - Get Free Report) last announced its earnings results on Friday, February 6th. The company reported ($0.12) EPS for the quarter, missing the consensus estimate of ($0.01) by ($0.11). The company had revenue of $20.29 million for the quarter, compared to the consensus estimate of $32.80 million. Ispire Technology had a negative return on equity of 2,383.89% and a negative net margin of 36.62%. Analysts expect that Ispire Technology will post -0.44 EPS for the current year.

Analysts Set New Price Targets

Several equities research analysts have issued reports on ISPR shares. Zacks Research upgraded shares of Ispire Technology from a "strong sell" rating to a "hold" rating in a research note on Monday. Weiss Ratings restated a "sell (d-)" rating on shares of Ispire Technology in a research note on Monday, December 29th. One analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Ispire Technology has an average rating of "Hold" and an average price target of $7.50.

Institutional Trading of Ispire Technology

Hedge funds and other institutional investors have recently modified their holdings of the stock. Renaissance Technologies LLC acquired a new position in Ispire Technology in the 4th quarter valued at approximately $28,000. JPMorgan Chase & Co. increased its position in Ispire Technology by 28.5% in 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 increased its position in Ispire Technology by 35.3% in 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 increased its position in Ispire Technology by 78.1% in the 4th quarter. Wells Fargo & Company MN now owns 20,611 shares of the company's stock valued at $58,000 after acquiring an additional 9,037 shares during the period. Finally, Orion Porfolio Solutions LLC acquired a new position in Ispire Technology in the 4th quarter valued at approximately $64,000. Institutional investors own 5.00% of the company's stock.

Ispire Technology Company Profile

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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