iPower (NYSE:IPW) Cut to “Hold” at StockNews.com

StockNews.com downgraded shares of iPower (NYSE:IPW) from a buy rating to a hold rating in a research note published on Wednesday.

iPower Price Performance

NYSE:IPW opened at $0.72 on Wednesday. The firm has a market cap of $22.63 million, a PE ratio of -10.29 and a beta of 4.07. The company has a 50-day moving average of $1.54 and a 200 day moving average of $1.61. iPower has a 1-year low of $0.40 and a 1-year high of $3.65.

iPower (NYSE:IPW) last posted its earnings results on Thursday, September 19th. The company reported $0.03 earnings per share for the quarter, topping analysts’ consensus estimates of $0.01 by $0.02. iPower had a negative return on equity of 3.74% and a negative net margin of 1.78%. The company had revenue of $19.45 million during the quarter, compared to analyst estimates of $21.30 million.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Royce & Associates LP acquired a new stake in iPower in the third quarter worth about $26,000. XTX Topco Ltd purchased a new stake in iPower during the 3rd quarter worth approximately $55,000. Heron Bay Capital Management acquired a new position in shares of iPower in the 2nd quarter valued at $65,000. Renaissance Technologies LLC raised its stake in iPower by 197.8% in the 2nd quarter. Renaissance Technologies LLC now owns 41,100 shares of the company’s stock worth $85,000 after acquiring an additional 27,300 shares during the last quarter. Finally, Armistice Capital LLC acquired a new stake in iPower during the 2nd quarter worth about $3,043,000. Hedge funds and other institutional investors own 2.73% of the company’s stock.

iPower Company Profile

iPower Inc operates as an online retailer and supplier of consumer home, garden, and pet products for commercial businesses and individuals in the United States. The company offers grow light systems; advanced heating, ventilation, and air conditioning systems; water pumps, heaters, chillers, and filters; nutrient and fertilizer delivery systems; and various growing media products.