Short Interest in Ispire Technology Inc. (NASDAQ:ISPR) Rises By 68.7%

Ispire Technology Inc. (NASDAQ:ISPR) saw a large increase in short interest in August. As of August 15th, there was short interest totalling 512,600 shares, an increase of 68.7% from the July 31st total of 303,800 shares. Based on an average daily trading volume, of 63,200 shares, the days-to-cover ratio is currently 8.1 days. Currently, 3.1% of the company’s shares are sold short.

Ispire Technology Stock Performance

ISPR opened at $7.22 on Thursday. The stock has a market capitalization of $407.22 million, a PE ratio of -30.08 and a beta of 2.85. Ispire Technology has a one year low of $5.01 and a one year high of $19.78. The business’s 50 day moving average price is $7.37 and its 200 day moving average price is $7.49.

Institutional Investors Weigh In On Ispire Technology

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ISPR. Tidal Investments LLC acquired a new stake in shares of Ispire Technology during the 1st quarter worth about $196,000. Mirae Asset Global Investments Co. Ltd. increased its position in shares of Ispire Technology by 62.8% during the first 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. Amalgamated Bank raised its stake in shares of Ispire Technology by 499.0% in the 4th quarter. Amalgamated Bank now owns 2,474 shares of the company’s stock valued at $30,000 after acquiring an additional 2,061 shares during the period. AdvisorShares Investments LLC acquired a new position in shares of Ispire Technology in the 4th quarter worth approximately $969,000. Finally, Bank of New York Mellon Corp boosted its position in shares of Ispire Technology by 9.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 46,119 shares of the company’s stock worth $369,000 after purchasing an additional 3,931 shares during the period. Hedge funds and other institutional investors own 5.00% of the company’s stock.

Wall Street Analysts Forecast Growth

ISPR has been the subject of a number of recent research reports. Roth Mkm reaffirmed a “buy” rating and issued a $12.50 target price (up from $11.00) on shares of Ispire Technology in a research note on Monday, July 22nd. Roth Capital upgraded shares of Ispire Technology to a “strong-buy” rating in a research report on Monday, May 20th.

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.