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

StockNews.com cut shares of iPower (NYSE:IPW) from a buy rating to a hold rating in a research report released on Wednesday morning.

iPower Trading Down 40.0 %

Shares of NYSE:IPW opened at $0.72 on Wednesday. iPower has a one year low of $0.40 and a one year high of $3.65. The business’s fifty day moving average price is $1.53 and its two-hundred day moving average price is $1.61.

iPower (NYSE:IPW) last posted its quarterly earnings data on Thursday, September 19th. The company reported $0.03 EPS for the quarter, beating analysts’ consensus estimates of $0.01 by $0.02. The business 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 7.45% and a negative net margin of 2.89%.

Hedge Funds Weigh In On iPower

Several institutional investors and hedge funds have recently modified their holdings of the company. Armistice Capital LLC purchased a new stake in iPower in the 2nd quarter worth approximately $3,043,000. Heron Bay Capital Management purchased a new stake in shares of iPower in the second quarter valued at $65,000. Renaissance Technologies LLC increased its stake in iPower by 197.8% in 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 during the last quarter. XTX Topco Ltd acquired a new position in iPower in the third quarter valued at $55,000. Finally, Royce & Associates LP purchased a new position in iPower during the third quarter worth about $26,000. Hedge funds and other institutional investors own 2.73% of the company’s stock.

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.