Inseego (NASDAQ:INSG) Trading Down 5.2%

Inseego Corp (NASDAQ:INSG)’s share price dropped 5.2% during trading on Thursday . The stock traded as low as $4.93 and last traded at $4.93, approximately 1,189,869 shares were traded during mid-day trading. An increase of 20% from the average daily volume of 994,232 shares. The stock had previously closed at $5.20.

INSG has been the topic of several recent analyst reports. ValuEngine upgraded shares of Inseego from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, May 15th. BidaskClub upgraded shares of Inseego from a “sell” rating to a “hold” rating in a research note on Wednesday, July 17th. Cowen initiated coverage on shares of Inseego in a research note on Friday, May 24th. They issued an “outperform” rating and a $8.00 price target on the stock. Finally, Northland Securities set a $6.00 price target on shares of Inseego and gave the company a “buy” rating in a research note on Friday, July 19th. Two equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. Inseego currently has a consensus rating of “Buy” and an average price target of $6.07.

The company has a market cap of $409.42 million, a P/E ratio of -38.33 and a beta of 0.45. The business’s 50 day moving average is $4.84.

Inseego (NASDAQ:INSG) last announced its earnings results on Wednesday, May 8th. The technology company reported ($0.10) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.10). The business had revenue of $48.56 million for the quarter, compared to analysts’ expectations of $47.57 million. On average, sell-side analysts anticipate that Inseego Corp will post -0.25 EPS for the current year.

In other news, Director Brian Miller sold 3,900,000 shares of the firm’s stock in a transaction that occurred 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 document filed with the SEC, which can be accessed through the SEC website. Company insiders own 15.20% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in INSG. BlackRock Inc. grew its position in shares of Inseego by 4.3% during the fourth 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 lifted its holdings in shares of Inseego by 4.2% during the fourth quarter. Northern Trust Corp now owns 122,361 shares of the technology company’s stock worth $508,000 after purchasing an additional 4,879 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Inseego by 3.7% during the fourth quarter. Geode Capital Management LLC now owns 393,227 shares of the technology company’s stock worth $1,631,000 after purchasing an additional 14,046 shares during the period. Millennium Management LLC lifted its holdings in shares of Inseego by 243.5% during the fourth quarter. Millennium Management LLC now owns 292,900 shares of the technology company’s stock worth $1,216,000 after purchasing an additional 207,634 shares during the period. Finally, Tibra Equities Europe Ltd acquired a new stake in shares of Inseego during the first quarter worth $747,000. Institutional investors and hedge funds own 45.03% of the company’s stock.

Inseego Company Profile (NASDAQ:INSG)

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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