Inseego Corp (NASDAQ:INSG) Receives Consensus Rating of “Buy” from Brokerages

Shares of Inseego Corp (NASDAQ:INSG) have been given a consensus recommendation of “Buy” by the nine brokerages that are covering the company, MarketBeat.com reports. Two research analysts have rated the stock with a sell recommendation, six have issued a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month price objective among analysts that have updated their coverage on the stock in the last year is $6.33.

Several analysts have weighed in on INSG shares. Northland Securities set a $6.00 target price on shares of Inseego and gave the company a “buy” rating in a research note on Friday, July 19th. National Securities reissued a “buy” rating and set a $5.50 price target on shares of Inseego in a report on Wednesday, August 7th. Cowen assumed coverage on shares of Inseego in a report on Friday, May 24th. They set an “outperform” rating and a $8.00 price target for the company. Zacks Investment Research downgraded shares of Inseego from a “hold” rating to a “strong sell” rating in a report on Tuesday. Finally, BidaskClub downgraded shares of Inseego from a “hold” rating to a “sell” rating in a report on Tuesday.

Shares of NASDAQ:INSG traded down $0.15 during midday trading on Thursday, reaching $3.91. The company had a trading volume of 1,269,439 shares, compared to its average volume of 1,039,755. The stock’s fifty day moving average price is $4.81 and its 200-day moving average price is $4.85. The stock has a market capitalization of $318.96 million, a P/E ratio of -32.58 and a beta of 0.45. Inseego has a one year low of $2.33 and a one year high of $6.00.

Inseego (NASDAQ:INSG) last released its earnings results on Tuesday, August 6th. The technology company reported ($0.14) earnings per share for the quarter, missing the consensus estimate of ($0.08) by ($0.06). The business had revenue of $55.89 million for the quarter, compared to analysts’ expectations of $53.11 million. During the same period last year, the firm posted ($0.11) EPS. Inseego’s revenue was up 13.9% compared to the same quarter last year. As a group, equities analysts anticipate that Inseego will post -0.44 earnings per share for the current year.

In other news, Director Brian Miller sold 3,900,000 shares of the business’s stock in a transaction on Wednesday, July 10th. The shares were sold at an average price of $4.80, for a total transaction of $18,720,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 15.20% of the company’s stock.

Hedge funds have recently bought and sold shares of the stock. BlackRock Inc. increased its holdings in shares of Inseego by 4.3% during the 4th quarter. BlackRock Inc. now owns 1,095,441 shares of the technology company’s stock worth $4,545,000 after acquiring an additional 45,008 shares during the last quarter. Northern Trust Corp increased its holdings in shares of Inseego by 4.2% during the 4th quarter. Northern Trust Corp now owns 122,361 shares of the technology company’s stock worth $508,000 after acquiring an additional 4,879 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Inseego by 3.7% during the 4th quarter. Geode Capital Management LLC now owns 393,227 shares of the technology company’s stock worth $1,631,000 after acquiring an additional 14,046 shares during the last quarter. Millennium Management LLC increased its holdings in shares of Inseego by 243.5% during the 4th quarter. Millennium Management LLC now owns 292,900 shares of the technology company’s stock worth $1,216,000 after acquiring an additional 207,634 shares during the last quarter. Finally, Laurion Capital Management LP boosted its stake in Inseego by 320.8% in the 1st quarter. Laurion Capital Management LP now owns 497,686 shares of the technology company’s stock valued at $2,349,000 after purchasing an additional 379,427 shares during the period. 44.83% of the stock is owned by institutional investors and hedge funds.

About Inseego

Inseego Corp. engages in the design and development of mobile, Internet of Things (IoT), and cloud solutions for large enterprise verticals, service providers, and small and medium-sized businesses worldwide. The company provides wireless 3G, 4G, and 5G hardware products that address various markets, including fleet and commercial telematics, aftermarket telematics, smart city infrastructure management, remote monitoring and control, wireless surveillance systems, security and connected home and fixed wireless access, and mobile broadband devices.

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Analyst Recommendations for Inseego (NASDAQ:INSG)

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