Ispire Technology Inc. (NASDAQ:ISPR) Short Interest Up 9.7% in January

Ispire Technology Inc. (NASDAQ:ISPR - Get Free Report) saw a significant increase in short interest in January. As of January 15th, there was short interest totalling 744,700 shares, an increase of 9.7% from the December 31st total of 678,800 shares. Approximately 4.1% of the shares of the company are short sold. Based on an average trading volume of 88,600 shares, the days-to-cover ratio is currently 8.4 days.

Ispire Technology Price Performance

ISPR stock traded down $0.03 during trading on Wednesday, hitting $4.73. 32,016 shares of the company traded hands, compared to its average volume of 50,905. The stock's 50-day simple moving average is $5.25 and its 200 day simple moving average is $6.23. The company has a market cap of $267.95 million, a PE ratio of -13.91 and a beta of 2.90. Ispire Technology has a 1 year low of $4.33 and a 1 year high of $12.14.

Ispire Technology (NASDAQ:ISPR - Get Free Report) last posted its quarterly earnings data on Monday, November 11th. The company reported ($0.10) EPS for the quarter, meeting analysts' consensus estimates of ($0.10). The business had revenue of $39.34 million during the quarter, compared to analysts' expectations of $45.60 million. Ispire Technology had a negative return on equity of 58.50% and a negative net margin of 12.80%. During the same period in the previous year, the business earned ($0.04) earnings per share. Research analysts expect that Ispire Technology will post -0.33 earnings per share for the current year.

Ispire Technology announced that its board has approved a share buyback plan on Wednesday, January 22nd that allows the company to repurchase $10.00 million in shares. This repurchase authorization allows the company to repurchase up to 4% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's board of directors believes its shares are undervalued.

Analyst Ratings Changes

Separately, Roth Capital upgraded Ispire Technology to a "strong-buy" rating in a research report on Friday, November 8th.

Institutional Trading of Ispire Technology

A number of institutional investors and hedge funds have recently made changes to their positions in ISPR. State Street Corp increased its position in shares of Ispire Technology by 2.0% during the third quarter. State Street Corp now owns 207,542 shares of the company's stock worth $1,288,000 after purchasing an additional 4,125 shares in the last quarter. MetLife Investment Management LLC increased its position in shares of Ispire Technology by 137.6% during the third quarter. MetLife Investment Management LLC now owns 11,764 shares of the company's stock worth $73,000 after purchasing an additional 6,812 shares in the last quarter. Bank of New York Mellon Corp increased its position in shares of Ispire Technology by 15.7% during the fourth quarter. Bank of New York Mellon Corp now owns 56,090 shares of the company's stock worth $282,000 after purchasing an additional 7,591 shares in the last quarter. SG Americas Securities LLC purchased a new stake in shares of Ispire Technology during the fourth quarter worth approximately $54,000. Finally, JPMorgan Chase & Co. increased its position in shares of Ispire Technology by 104.0% during the third quarter. JPMorgan Chase & Co. now owns 22,973 shares of the company's stock worth $143,000 after purchasing an additional 11,714 shares in the last quarter. 5.00% of the stock is currently owned by hedge funds and other institutional investors.

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.