Ispire Technology Inc. (NASDAQ:ISPR) Sees Significant Increase in Short Interest

Ispire Technology Inc. (NASDAQ:ISPR) was the recipient of a large increase in short interest during the month of 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. Approximately 4.1% of the shares of the company are sold short. Based on an average daily volume of 88,600 shares, the days-to-cover ratio is currently 8.4 days.

Wall Street Analysts Forecast Growth

Several brokerages have commented on ISPR. Roth Mkm reaffirmed a “buy” rating and issued a $12.50 price target on shares of Ispire Technology in a research report on Wednesday, October 2nd. Roth Capital raised Ispire Technology to a “strong-buy” rating in a research report on Friday, November 8th.

Institutional Trading of Ispire Technology

Large investors have recently bought and sold shares of the stock. Geode Capital Management LLC grew its position in Ispire Technology by 77.2% in the third 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 period. State Street Corp grew its position in Ispire Technology by 2.0% in the third quarter. State Street Corp now owns 207,542 shares of the company’s stock valued at $1,288,000 after acquiring an additional 4,125 shares during the period. Barclays PLC grew its position in Ispire Technology by 311.2% in the third 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. Bank of New York Mellon Corp grew its position in Ispire Technology by 9.3% in the second quarter. Bank of New York Mellon Corp now owns 46,119 shares of the company’s stock valued at $369,000 after acquiring an additional 3,931 shares during the period. Finally, MetLife Investment Management LLC grew its position in Ispire Technology by 137.6% in the third quarter. MetLife Investment Management LLC now owns 11,764 shares of the company’s stock valued at $73,000 after acquiring an additional 6,812 shares during the period. 5.00% of the stock is currently owned by institutional investors.

Ispire Technology Price Performance

Shares of ISPR traded down $0.10 on Friday, reaching $4.55. 73,768 shares of the stock traded hands, compared to its average volume of 67,433. The firm has a market cap of $257.76 million, a price-to-earnings ratio of -13.38 and a beta of 2.92. Ispire Technology has a 12 month low of $4.35 and a 12 month high of $12.14. The stock’s 50-day moving average price is $5.65 and its 200-day moving average price is $6.49.

Ispire Technology (NASDAQ:ISPR) last released its quarterly earnings data on Monday, November 11th. The company reported ($0.10) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.10). The business had revenue of $39.34 million for the quarter, compared to analysts’ expectations 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 period in the previous year, the business posted ($0.04) earnings per share. As a group, equities research analysts forecast that Ispire Technology will post -0.24 earnings per share for the current fiscal year.

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.