Ispire Technology (NASDAQ:ISPR) to Buyback $10.00 million in Outstanding Stock

Ispire Technology (NASDAQ:ISPR) declared that its board has authorized a stock repurchase program on Wednesday, January 22nd, RTT News reports. The company plans to repurchase $10.00 million in shares. This repurchase authorization authorizes the company to buy up to 4% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Analyst Upgrades and Downgrades

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

Ispire Technology Price Performance

ISPR opened at $4.50 on Friday. The firm has a 50 day simple moving average of $5.47 and a 200 day simple moving average of $6.38. Ispire Technology has a fifty-two week low of $4.33 and a fifty-two week high of $12.14. The company has a market cap of $254.93 million, a price-to-earnings ratio of -13.24 and a beta of 2.92.

Ispire Technology (NASDAQ:ISPR) last issued its earnings results on Monday, November 11th. The company reported ($0.10) EPS for the quarter, meeting the consensus estimate of ($0.10). Ispire Technology had a negative net margin of 12.80% and a negative return on equity of 58.50%. The company had revenue of $39.34 million during the quarter, compared to analysts’ expectations of $45.60 million. During the same quarter in the previous year, the company posted ($0.04) EPS. As a group, analysts expect that Ispire Technology will post -0.33 EPS for the current year.

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.