Short Interest in Ispire Technology Inc. (NASDAQ:ISPR) Drops By 14.1%

Ispire Technology Inc. (NASDAQ:ISPR) was the recipient of a large decrease in short interest in the month of October. As of October 15th, there was short interest totalling 849,000 shares, a decrease 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 currently 8.4 days. Currently, 5.4% of the shares of the company are short sold.

Institutional Investors Weigh In On Ispire Technology

A number of hedge funds have recently bought and sold shares of ISPR. AdvisorShares Investments LLC boosted its position 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 purchasing an additional 16,000 shares during the period. Yong Rong HK Asset Management Ltd boosted its stake in Ispire Technology by 94.2% during 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 during the period. Bank of New York Mellon Corp grew its holdings in Ispire Technology by 9.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 46,119 shares of the company’s stock worth $369,000 after buying an additional 3,931 shares in the last quarter. Tidal Investments LLC acquired a new stake in shares of Ispire Technology in the 1st quarter worth approximately $196,000. Finally, Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Ispire Technology by 62.8% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 62,273 shares of the company’s stock worth $382,000 after buying an additional 24,017 shares in the last quarter. Institutional investors and hedge funds own 5.00% of the company’s stock.

Analyst Ratings Changes

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

Ispire Technology Price Performance

Shares of NASDAQ ISPR traded down $0.36 during trading on Thursday, hitting $5.61. 92,698 shares of the company were exchanged, compared to its average volume of 93,376. Ispire Technology has a 1 year low of $5.01 and a 1 year high of $19.78. The firm’s fifty day moving average price is $6.77 and its 200 day moving average price is $6.87. 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 released its earnings results on Thursday, September 26th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.04. The company had revenue of $37.34 million for 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, research analysts forecast that Ispire Technology will post -0.21 earnings per share for the current 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.