Short Interest in Ispire Technology Inc. (NASDAQ:ISPR) Rises By 9.7%

Ispire Technology Inc. (NASDAQ:ISPR) was the target of a large increase in short interest in December. As of December 31st, there was short interest totalling 744,700 shares, an increase of 9.7% from the December 15th total of 678,800 shares. Currently, 4.1% of the company’s stock are short sold. Based on an average trading volume of 88,600 shares, the days-to-cover ratio is presently 8.4 days.

Wall Street Analyst Weigh In

ISPR has been the subject of several recent analyst reports. Roth Capital upgraded Ispire Technology to a “strong-buy” rating in a research note on Friday, November 8th. Roth Mkm restated a “buy” rating and issued a $12.50 target price on shares of Ispire Technology in a report on Wednesday, October 2nd.

Ispire Technology Stock Performance

Shares of ISPR stock traded down $0.10 during mid-day trading on Friday, hitting $4.55. 73,768 shares of the stock were exchanged, compared to its average volume of 67,433. The stock’s fifty day simple moving average is $5.65 and its two-hundred day simple moving average is $6.50. Ispire Technology has a 12-month low of $4.35 and a 12-month high of $12.14. The stock has a market capitalization of $257.74 million, a price-to-earnings ratio of -13.38 and a beta of 2.92.

Ispire Technology (NASDAQ:ISPR) last released its quarterly earnings results on Monday, November 11th. The company reported ($0.10) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.10). The firm had revenue of $39.34 million for the quarter, compared to the consensus estimate of $45.60 million. Ispire Technology had a negative return on equity of 58.50% and a negative net margin of 12.80%. During the same quarter last year, the business posted ($0.04) EPS. On average, research analysts expect that Ispire Technology will post -0.24 earnings per share for the current fiscal year.

Institutional Trading of Ispire Technology

Several institutional investors and hedge funds have recently bought and sold shares of the business. SG Americas Securities LLC purchased a new position in Ispire Technology during the 4th quarter worth $54,000. JPMorgan Chase & Co. grew its holdings in shares of Ispire Technology by 104.0% during the third quarter. JPMorgan Chase & Co. now owns 22,973 shares of the company’s stock worth $143,000 after buying an additional 11,714 shares during the last quarter. Barclays PLC increased its position in Ispire Technology by 311.2% in the 3rd quarter. Barclays PLC now owns 27,461 shares of the company’s stock valued at $171,000 after acquiring an additional 20,782 shares during the period. Geode Capital Management LLC raised its stake in Ispire Technology by 77.2% during the 3rd quarter. Geode Capital Management LLC now owns 452,444 shares of the company’s stock valued at $2,808,000 after acquiring an additional 197,132 shares during the last quarter. Finally, Zacks Investment Management purchased a new stake in Ispire Technology during the 3rd quarter valued at approximately $96,000. Hedge funds and other institutional investors 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.