iPower (NYSE:IPW) Downgraded by StockNews.com to Hold

iPower (NYSE:IPW) was downgraded by investment analysts at StockNews.com from a “buy” rating to a “hold” rating in a report released on Wednesday.

iPower Stock Up 3.9 %

iPower stock traded up $0.05 during mid-day trading on Wednesday, reaching $1.33. 309,525 shares of the company’s stock were exchanged, compared to its average volume of 337,674. The company has a market cap of $41.79 million, a P/E ratio of -26.59 and a beta of 4.07. The company has a fifty day moving average of $1.54 and a 200-day moving average of $1.61. iPower has a twelve month low of $0.40 and a twelve month high of $3.65.

iPower (NYSE:IPW) last released its quarterly earnings results on Thursday, September 19th. The company reported $0.03 EPS for the quarter, topping the consensus estimate of $0.01 by $0.02. The company had revenue of $19.45 million for the quarter, compared to analyst estimates of $21.30 million. iPower had a negative return on equity of 3.74% and a negative net margin of 1.78%.

Hedge Funds Weigh In On iPower

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Royce & Associates LP bought a new position in shares of iPower in the 3rd quarter worth about $26,000. Heron Bay Capital Management acquired a new position in shares of iPower in the 2nd quarter worth approximately $65,000. Renaissance Technologies LLC grew its position in iPower by 197.8% during the second quarter. Renaissance Technologies LLC now owns 41,100 shares of the company’s stock valued at $85,000 after purchasing an additional 27,300 shares in the last quarter. Finally, Armistice Capital LLC bought a new stake in shares of iPower in the 2nd quarter valued at approximately $3,043,000. 2.73% of the stock is owned by hedge funds and other institutional investors.

About iPower

iPower Inc operates as an online retailer and supplier of consumer home, garden, and pet products for commercial businesses and individuals in the United States. The company offers grow light systems; advanced heating, ventilation, and air conditioning systems; water pumps, heaters, chillers, and filters; nutrient and fertilizer delivery systems; and various growing media products.