Short Interest in Inseego Corp (INSG) Drops By 38.8%

Inseego Corp (NASDAQ:INSG) saw a large drop in short interest in the month of August. As of August 31st, there was short interest totalling 2,682,702 shares, a drop of 38.8% from the August 15th total of 4,380,189 shares. Based on an average trading volume of 978,621 shares, the short-interest ratio is currently 2.7 days. Approximately 5.9% of the shares of the company are sold short.

Shares of INSG opened at $4.22 on Friday. The company has a quick ratio of 0.72, a current ratio of 0.91 and a debt-to-equity ratio of -2.07. The stock has a market capitalization of $291.82 million, a PE ratio of -5.41 and a beta of 0.28. Inseego has a 52-week low of $1.23 and a 52-week high of $4.43.

Inseego (NASDAQ:INSG) last announced its quarterly earnings results on Tuesday, August 7th. The technology company reported ($0.02) earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of ($0.02). The company had revenue of $49.06 million during the quarter, compared to analysts’ expectations of $46.44 million. equities research analysts forecast that Inseego will post -0.38 EPS for the current fiscal year.

Several institutional investors and hedge funds have recently made changes to their positions in INSG. Family Management Corp increased its holdings in shares of Inseego by 525.0% in the 2nd quarter. Family Management Corp now owns 262,502 shares of the technology company’s stock valued at $527,000 after purchasing an additional 220,502 shares in the last quarter. Renaissance Technologies LLC increased its holdings in shares of Inseego by 21.6% in the 2nd quarter. Renaissance Technologies LLC now owns 451,900 shares of the technology company’s stock valued at $908,000 after purchasing an additional 80,400 shares in the last quarter. Finally, BlackRock Inc. increased its holdings in shares of Inseego by 3.1% in the 2nd quarter. BlackRock Inc. now owns 1,047,118 shares of the technology company’s stock valued at $2,105,000 after purchasing an additional 31,469 shares in the last quarter. Institutional investors and hedge funds own 6.41% of the company’s stock.

Several analysts have recently commented on the stock. BidaskClub upgraded shares of Inseego from a “buy” rating to a “strong-buy” rating in a research note on Friday. Northland Securities raised their target price on shares of Inseego from $3.00 to $4.50 and gave the stock an “outperform” rating in a research note on Tuesday, September 11th. Canaccord Genuity upgraded shares of Inseego from a “hold” rating to a “buy” rating and raised their target price for the stock from $2.25 to $4.50 in a research note on Thursday, September 6th. Finally, ValuEngine upgraded shares of Inseego from a “hold” rating to a “buy” rating in a research note on Thursday, August 9th. One equities research analyst has rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $3.83.

About Inseego

Inseego Corp., together with its subsidiaries, provides software-as-a-service (SaaS), Internet of Things (IoT), and mobile solutions worldwide. The company sells SaaS, software, and service solutions across multiple IoT vertical markets, including fleet management and vehicle telematics, aviation, usage-based insurance, stolen vehicle recovery, asset tracking and monitoring, business connectivity, and subscription management.

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