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

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

Institutional Trading of Ispire Technology

Institutional investors have recently added to or reduced their stakes in the business. Yong Rong HK Asset Management Ltd lifted its holdings in shares of Ispire Technology by 94.2% during the second 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. AdvisorShares Investments LLC lifted its stake in Ispire Technology by 10.0% during the 2nd quarter. AdvisorShares Investments LLC now owns 175,858 shares of the company’s stock valued at $1,361,000 after acquiring an additional 16,000 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Ispire Technology by 62.8% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 62,273 shares of the company’s stock valued at $382,000 after acquiring an additional 24,017 shares during the last quarter. Bank of New York Mellon Corp grew its stake in shares of 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 worth $369,000 after acquiring an additional 3,931 shares during the period. Finally, Tidal Investments LLC purchased a new position in shares of Ispire Technology during the first quarter valued at approximately $196,000. 5.00% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

Ispire Technology Price Performance

Ispire Technology stock traded down $0.36 during mid-day trading on Thursday, reaching $5.61. The stock had a trading volume of 92,698 shares, compared to its average volume of 93,376. Ispire Technology has a one year low of $5.01 and a one year high of $19.78. The company has a 50-day moving average price of $6.77 and a two-hundred day moving average price of $6.87. The company has a market capitalization of $317.76 million, a price-to-earnings ratio of -22.11 and a beta of 2.84.

Ispire Technology (NASDAQ:ISPR) last issued its earnings results on Thursday, September 26th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.10) by $0.04. The firm had revenue of $37.34 million for the quarter, compared to the consensus estimate 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, equities research analysts anticipate that Ispire Technology will post -0.21 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.