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

StockNews.com lowered shares of iPower (NYSE:IPW) from a buy rating to a hold rating in a report published on Wednesday.

iPower Stock Performance

IPW stock opened at $0.72 on Wednesday. The business has a fifty day simple moving average of $1.53 and a 200-day simple moving average of $1.61. iPower has a 52 week low of $0.40 and a 52 week high of $3.65.

iPower (NYSE:IPW) last posted its quarterly earnings results on Thursday, September 19th. The company reported $0.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.01 by $0.02. The firm had revenue of $19.45 million during the quarter, compared to the consensus estimate of $21.30 million. iPower had a negative return on equity of 7.45% and a negative net margin of 2.89%.

Institutional Inflows and Outflows

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

iPower Company Profile

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.