iPower (NYSE:IPW) Rating Lowered to Hold at StockNews.com

iPower (NYSE:IPW) was downgraded by investment analysts at StockNews.com from a “buy” rating to a “hold” rating in a research note issued to investors on Saturday.

Separately, Roth Mkm boosted their price target on shares of iPower from $1.25 to $2.75 and gave the company a “buy” rating in a research report on Tuesday, June 25th.

iPower Stock Performance

Shares of iPower stock opened at $1.39 on Friday. The stock has a market capitalization of $43.65 million, a P/E ratio of -8.18 and a beta of 4.05. iPower has a 52-week low of $0.40 and a 52-week high of $3.65. The stock’s 50-day simple moving average is $1.80 and its 200 day simple moving average is $1.20.

Insider Transactions at iPower

In related news, CEO Chenlong Tan acquired 20,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 21st. The shares were bought at an average cost of $1.54 per share, for a total transaction of $30,800.00. Following the purchase, the chief executive officer now owns 8,063,334 shares in the company, valued at approximately $12,417,534.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 27.63% of the company’s stock.

Hedge Funds Weigh In On iPower

Several hedge funds have recently bought and sold shares of IPW. Renaissance Technologies LLC boosted its stake 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 buying an additional 27,300 shares during the period. Heron Bay Capital Management bought a new position in iPower in the 2nd quarter worth about $65,000. Finally, Armistice Capital LLC purchased a new stake in shares of iPower in the 2nd quarter valued at 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.