Ispire Technology (NASDAQ:ISPR) Receives Buy Rating from Roth Mkm

Ispire Technology (NASDAQ:ISPR)‘s stock had its “buy” rating reiterated by stock analysts at Roth Mkm in a report issued on Thursday,Benzinga reports. They presently have a $9.00 price target on the stock. Roth Mkm’s target price indicates a potential upside of 191.26% from the stock’s current price.

Ispire Technology Stock Down 7.2 %

NASDAQ ISPR opened at $3.09 on Thursday. The stock’s 50-day moving average price is $4.32 and its 200-day moving average price is $5.54. Ispire Technology has a 52 week low of $2.89 and a 52 week high of $8.40. The company has a market capitalization of $176.41 million, a P/E ratio of -7.54 and a beta of 2.78.

Ispire Technology (NASDAQ:ISPR) last posted its quarterly earnings data on Friday, February 7th. The company reported ($0.14) EPS for the quarter, missing the consensus estimate of ($0.07) by ($0.07). Ispire Technology had a negative return on equity of 73.44% and a negative net margin of 15.46%. Research analysts anticipate that Ispire Technology will post -0.44 EPS for the current year.

Ispire Technology announced that its board has initiated a stock repurchase program on Wednesday, January 22nd that allows the company to buyback $10.00 million in shares. This buyback authorization allows the company to reacquire up to 4% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.

Institutional Trading of Ispire Technology

Several institutional investors have recently made changes to their positions in ISPR. Wells Fargo & Company MN grew its position in shares of Ispire Technology by 51.7% during the fourth quarter. Wells Fargo & Company MN now owns 8,976 shares of the company’s stock worth $45,000 after purchasing an additional 3,060 shares in the last quarter. SG Americas Securities LLC purchased a new stake in shares of Ispire Technology during the fourth quarter worth about $54,000. Intech Investment Management LLC purchased a new stake in shares of Ispire Technology during the fourth quarter worth about $60,000. MetLife Investment Management LLC grew 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. Finally, Zacks Investment Management purchased a new stake in shares of Ispire Technology during the third quarter worth about $96,000. Hedge funds and other institutional investors own 5.00% of the company’s stock.

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.