iPower (NYSE:IPW) Announces Quarterly Earnings Results

iPower (NYSE:IPW) issued its quarterly earnings data on Thursday. The company reported ($0.10) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.03) by ($0.07), MarketWatch Earnings reports. The company had revenue of $23.40 million for the quarter, compared to analyst estimates of $21.50 million. iPower had a negative return on equity of 26.64% and a negative net margin of 11.81%. During the same quarter last year, the business earned ($0.05) earnings per share.

iPower Trading Up 14.3 %

Shares of IPW stock opened at $0.88 on Friday. The company has a quick ratio of 0.96, a current ratio of 1.88 and a debt-to-equity ratio of 0.32. iPower has a 12-month low of $0.35 and a 12-month high of $1.45. The firm has a 50 day moving average price of $0.82 and a two-hundred day moving average price of $0.76. The company has a market capitalization of $23.31 million, a PE ratio of -2.20 and a beta of 2.85.

Institutional Investors Weigh In On iPower

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Geode Capital Management LLC raised its position in shares of iPower by 91.9% in the second quarter. Geode Capital Management LLC now owns 74,139 shares of the company’s stock valued at $82,000 after buying an additional 35,498 shares in the last quarter. Renaissance Technologies LLC acquired a new stake in shares of iPower in the first quarter valued at approximately $61,000. Millennium Management LLC acquired a new stake in shares of iPower in the second quarter valued at approximately $52,000. Finally, Vanguard Group Inc. raised its position in shares of iPower by 21.6% in the third quarter. Vanguard Group Inc. now owns 430,507 shares of the company’s stock valued at $289,000 after buying an additional 76,583 shares in the last quarter. 2.95% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Separately, StockNews.com assumed coverage on shares of iPower in a research report on Thursday. They set a “hold” rating for the company.

About iPower

iPower Inc operates as an online retailer and supplier of hydroponics equipment and accessories for commercial businesses and individuals in the United States. It offers 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; general gardening products, including environmental sensors and controls; and home products, which comprise commercial fans, floor and wall fans, storage and shelving units, and chairs.