Ispire Technology Inc. (NASDAQ:ISPR) Sees Significant Growth in Short Interest

Ispire Technology Inc. (NASDAQ:ISPR) was the target of a large increase in short interest in September. As of September 15th, there was short interest totalling 438,100 shares, an increase of 6.1% from the August 31st total of 412,900 shares. Based on an average trading volume of 89,500 shares, the short-interest ratio is currently 4.9 days. Approximately 2.6% of the company’s stock are sold short.

Institutional Trading of Ispire Technology

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Yong Rong HK Asset Management Ltd lifted its position in Ispire Technology by 94.2% in the 2nd quarter. Yong Rong HK Asset Management Ltd now owns 1,669,515 shares of the company’s stock worth $13,357,000 after buying an additional 809,819 shares during the last quarter. 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 acquiring an additional 16,000 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Ispire Technology by 62.8% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 62,273 shares of the company’s stock valued at $382,000 after buying an additional 24,017 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in Ispire Technology by 9.3% in the second 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. Finally, Tidal Investments LLC bought a new stake in Ispire Technology in the first quarter worth $196,000. Hedge funds and other institutional investors own 5.00% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Roth Mkm reissued a “buy” rating and set a $12.50 target price (up previously from $11.00) on shares of Ispire Technology in a research report on Monday, July 22nd.

Ispire Technology Stock Performance

NASDAQ:ISPR traded down $0.39 during trading hours on Monday, reaching $6.21. The stock had a trading volume of 174,621 shares, compared to its average volume of 94,889. The stock has a market cap of $349.97 million, a P/E ratio of -25.85 and a beta of 2.84. Ispire Technology has a 12-month low of $5.01 and a 12-month high of $19.78. The stock has a 50 day simple moving average of $7.14 and a 200 day simple moving average of $6.92.

Ispire Technology (NASDAQ:ISPR) last announced its quarterly earnings results on Thursday, September 26th. The company reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.10) by $0.04. The firm had revenue of $37.34 million for the quarter, compared to analysts’ expectations of $34.00 million. Ispire Technology had a negative return on equity of 34.23% and a negative net margin of 8.79%. On average, equities analysts expect that Ispire Technology will post -0.3 earnings per share for the current fiscal 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.