iPower Inc. (NASDAQ:IPW – Get Rating) saw a significant increase in short interest in the month of April. As of April 30th, there was short interest totalling 462,900 shares, an increase of 26.3% from the April 15th total of 366,600 shares. Approximately 5.0% of the shares of the company are sold short. Based on an average trading volume of 495,600 shares, the days-to-cover ratio is currently 0.9 days.
Separately, DA Davidson reduced their price target on iPower to $4.00 and set a “na” rating on the stock in a research report on Tuesday.
Several hedge funds have recently added to or reduced their stakes in IPW. Wasatch Advisors Inc. increased its stake in shares of iPower by 38.9% in the third quarter. Wasatch Advisors Inc. now owns 1,092,120 shares of the company’s stock valued at $4,325,000 after buying an additional 305,908 shares during the period. Vanguard Group Inc. raised its holdings in iPower by 409.0% during the 1st quarter. Vanguard Group Inc. now owns 353,924 shares of the company’s stock worth $595,000 after purchasing an additional 284,391 shares during the last quarter. Renaissance Technologies LLC acquired a new position in shares of iPower in the 1st quarter worth approximately $61,000. Vident Investment Advisory LLC bought a new stake in shares of iPower in the 3rd quarter valued at $122,000. Finally, Aristides Capital LLC acquired a new stake in shares of iPower during the third quarter worth $79,000. 6.19% of the stock is owned by hedge funds and other institutional investors.
iPower (NASDAQ:IPW – Get Rating) last issued its quarterly earnings data on Monday, February 14th. The company reported $0.03 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.03. iPower had a return on equity of 13.22% and a net margin of 1.34%. The business had revenue of $17.13 million for the quarter, compared to analyst estimates of $15.50 million. On average, equities research analysts anticipate that iPower will post 0.13 EPS for the current fiscal year.
About iPower (Get Rating)
iPower Inc supplies hydroponics equipment online in the United States. It offers various products, including advanced indoor and greenhouse grow-light systems, ventilation systems, activated carbon filters, nutrients, growing media, hydroponic water-resistant grow tents, trimming machines, pumps, and accessories for hydroponic gardening, as well as other indoor and outdoor growing products under the iPower and Simple Deluxe brands through its Zenhydro.com website and various third-party e-commerce channels.
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