Inseego Corp (INSG) Receives Consensus Recommendation of “Buy” from Analysts

Shares of Inseego Corp (NASDAQ:INSG) have earned an average recommendation of “Buy” from the six brokerages that are covering the stock, Marketbeat reports. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company. The average 12-month price objective among analysts that have updated their coverage on the stock in the last year is $4.83.

Several research firms have weighed in on INSG. ValuEngine raised Inseego from a “hold” rating to a “buy” rating in a research report on Thursday, August 9th. Northland Securities boosted their price target on Inseego from $3.00 to $4.50 and gave the stock an “outperform” rating in a research report on Tuesday, September 11th. BidaskClub lowered Inseego from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, October 9th. Canaccord Genuity upgraded Inseego from a “hold” rating to a “buy” rating and lifted their target price for the stock from $2.25 to $4.50 in a research note on Thursday, September 6th. Finally, Roth Capital initiated coverage on Inseego in a research note on Friday, October 12th. They set a “buy” rating and a $5.00 target price for the company.

Hedge funds and other institutional investors have recently modified their holdings of the company. Family Management Corp boosted its stake in shares of Inseego by 525.0% during the 2nd quarter. Family Management Corp now owns 262,502 shares of the technology company’s stock worth $527,000 after acquiring an additional 220,502 shares during the period. Renaissance Technologies LLC boosted its stake in shares of Inseego by 21.6% during the 2nd quarter. Renaissance Technologies LLC now owns 451,900 shares of the technology company’s stock worth $908,000 after acquiring an additional 80,400 shares during the period. Finally, BlackRock Inc. boosted its stake in shares of Inseego by 3.1% during the 2nd quarter. BlackRock Inc. now owns 1,047,118 shares of the technology company’s stock worth $2,105,000 after acquiring an additional 31,469 shares during the period. Institutional investors own 6.41% of the company’s stock.

Inseego stock traded up $0.06 during midday trading on Friday, reaching $3.81. The stock had a trading volume of 268,603 shares, compared to its average volume of 397,576. The firm has a market cap of $278.79 million, a PE ratio of -4.88 and a beta of 0.31. Inseego has a 1-year low of $1.26 and a 1-year high of $4.49. The company has a debt-to-equity ratio of -2.07, a quick ratio of 0.72 and a current ratio of 0.91.

Inseego (NASDAQ:INSG) last posted its quarterly earnings results on Tuesday, August 7th. The technology company reported ($0.02) earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.02). The company had revenue of $49.06 million for the quarter, compared to analyst estimates of $46.44 million. As a group, equities research analysts predict that Inseego will post -0.38 EPS for the current year.

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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