Ispire Technology (NASDAQ:ISPR) to Buyback $10.00 million in Outstanding Stock

Ispire Technology (NASDAQ:ISPR) declared that its board has authorized a stock buyback plan on Wednesday, January 22nd, RTT News reports. The company plans to repurchase $10.00 million in shares. This repurchase authorization authorizes the company to buy up to 4% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.

Ispire Technology Stock Performance

NASDAQ:ISPR opened at $4.50 on Friday. The company has a market cap of $254.93 million, a P/E ratio of -13.24 and a beta of 2.92. Ispire Technology has a 52-week low of $4.33 and a 52-week high of $12.14. The stock’s 50-day simple moving average is $5.47 and its 200 day simple moving average is $6.38.

Ispire Technology (NASDAQ:ISPR) last released its earnings results on Monday, November 11th. The company reported ($0.10) earnings per share for the quarter, meeting the consensus estimate of ($0.10). Ispire Technology had a negative net margin of 12.80% and a negative return on equity of 58.50%. The business had revenue of $39.34 million during the quarter, compared to analysts’ expectations of $45.60 million. During the same period last year, the business earned ($0.04) earnings per share. As a group, equities analysts predict that Ispire Technology will post -0.33 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

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

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.