Ispire Technology Inc. (NASDAQ:ISPR) Short Interest Down 14.1% in October

Ispire Technology Inc. (NASDAQ:ISPR) was the target of a large drop in short interest in October. As of October 15th, there was short interest totalling 849,000 shares, a drop of 14.1% from the September 30th total of 988,700 shares. Currently, 5.4% of the shares of the stock are short sold. Based on an average daily trading volume, of 101,000 shares, the days-to-cover ratio is currently 8.4 days.

Wall Street Analyst Weigh In

Separately, Roth Mkm restated a “buy” rating and set a $12.50 price objective on shares of Ispire Technology in a research report on Wednesday, October 2nd.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in ISPR. Tidal Investments LLC acquired a new position in Ispire Technology during the first quarter worth $196,000. Mirae Asset Global Investments Co. Ltd. boosted its holdings in Ispire Technology by 62.8% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 62,273 shares of the company’s stock valued at $382,000 after purchasing an additional 24,017 shares during the period. Bank of New York Mellon Corp grew its stake in Ispire Technology by 9.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 46,119 shares of the company’s stock worth $369,000 after purchasing an additional 3,931 shares in the last quarter. AdvisorShares Investments LLC increased its holdings in Ispire Technology by 10.0% during the 2nd quarter. AdvisorShares Investments LLC now owns 175,858 shares of the company’s stock worth $1,361,000 after purchasing an additional 16,000 shares during the period. Finally, Yong Rong HK Asset Management Ltd raised its position in Ispire Technology by 94.2% in the 2nd quarter. Yong Rong HK Asset Management Ltd now owns 1,669,515 shares of the company’s stock valued at $13,357,000 after purchasing an additional 809,819 shares in the last quarter. 5.00% of the stock is currently owned by institutional investors and hedge funds.

Ispire Technology Price Performance

Ispire Technology stock traded down $0.36 during trading hours on Thursday, reaching $5.61. The stock had a trading volume of 92,698 shares, compared to its average volume of 93,376. The business’s 50 day moving average price is $6.77 and its 200-day moving average price is $6.87. Ispire Technology has a 52 week low of $5.01 and a 52 week high of $19.78. The company has a market cap of $317.76 million, a price-to-earnings ratio of -22.11 and a beta of 2.84.

Ispire Technology (NASDAQ:ISPR) last posted its quarterly earnings results on Thursday, September 26th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.04. The company had revenue of $37.34 million during the quarter, compared to analyst estimates of $34.00 million. Ispire Technology had a negative net margin of 9.72% and a negative return on equity of 45.39%. On average, sell-side analysts forecast that Ispire Technology will post -0.21 EPS 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.