Ispire Technology (NASDAQ:ISPR) Approves Share Buyback Plan

Ispire Technology (NASDAQ:ISPR) declared that its Board of Directors has approved a share repurchase plan on Wednesday, January 22nd, RTT News reports. The company plans to buyback $10.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 4% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its shares are undervalued.

Ispire Technology Stock Performance

Shares of ISPR stock traded down $0.03 during mid-day trading on Wednesday, hitting $4.42. 115,878 shares of the stock traded hands, compared to its average volume of 65,068. Ispire Technology has a twelve month low of $4.35 and a twelve month high of $12.14. The company’s 50-day simple moving average is $5.59 and its 200-day simple moving average is $6.43. The firm has a market cap of $250.39 million, a price-to-earnings ratio of -13.00 and a beta of 2.92.

Ispire Technology (NASDAQ:ISPR) last released its 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). Ispire Technology had a negative return on equity of 58.50% and a negative net margin of 12.80%. The firm had revenue of $39.34 million for the quarter, compared to analyst estimates of $45.60 million. During the same period in the previous year, the company earned ($0.04) earnings per share. Analysts forecast that Ispire Technology will post -0.33 earnings per share for the current year.

Wall Street Analyst Weigh In

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

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.