Ispire Technology (NASDAQ:ISPR) Authorizes Stock Repurchase Program

Ispire Technology (NASDAQ:ISPR) announced that its Board of Directors has initiated a share buyback program on Wednesday, January 22nd, RTT News reports. The company plans to buyback $10.00 million in outstanding shares. This buyback authorization allows the company to repurchase up to 4% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Ispire Technology Stock Performance

ISPR stock opened at $4.42 on Thursday. The company’s 50 day moving average price is $5.56 and its 200 day moving average price is $6.42. Ispire Technology has a fifty-two week low of $4.35 and a fifty-two week high of $12.14. The firm has a market capitalization of $250.39 million, a price-to-earnings ratio of -13.00 and a beta of 2.92.

Ispire Technology (NASDAQ:ISPR) last announced its quarterly earnings results on Monday, November 11th. The company reported ($0.10) EPS for the quarter, meeting the consensus estimate of ($0.10). The company had revenue of $39.34 million for the quarter, compared to analyst estimates of $45.60 million. Ispire Technology had a negative net margin of 12.80% and a negative return on equity of 58.50%. During the same period in the prior year, the firm posted ($0.04) earnings per share. Equities analysts forecast that Ispire Technology will post -0.33 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of analysts have issued reports on the stock. Roth Capital upgraded shares of Ispire Technology to a “strong-buy” rating in a research note on Friday, November 8th. Roth Mkm restated a “buy” rating and set a $12.50 target price on shares of Ispire Technology in a research note on Wednesday, October 2nd.

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.