Brokerages Expect Inseego Corp (NASDAQ:INSG) Will Post Quarterly Sales of $59.51 Million

Equities research analysts expect Inseego Corp (NASDAQ:INSG) to announce $59.51 million in sales for the current fiscal quarter, Zacks reports. Two analysts have made estimates for Inseego’s earnings, with the highest sales estimate coming in at $59.70 million and the lowest estimate coming in at $59.32 million. Inseego reported sales of $50.63 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 17.5%. The company is scheduled to announce its next earnings report on Tuesday, November 5th.

On average, analysts expect that Inseego will report full-year sales of $227.57 million for the current fiscal year, with estimates ranging from $226.14 million to $229.00 million. For the next financial year, analysts expect that the company will post sales of $276.72 million, with estimates ranging from $269.55 million to $283.90 million. Zacks’ sales calculations are a mean average based on a survey of research firms that follow Inseego.

Inseego (NASDAQ:INSG) last posted its earnings results on Tuesday, August 6th. The technology company reported ($0.14) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.08) by ($0.06). The company had revenue of $55.89 million during the quarter, compared to analyst estimates of $53.11 million. Inseego’s revenue for the quarter was up 13.9% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.11) EPS.

INSG has been the subject of a number of recent analyst reports. Zacks Investment Research cut Inseego from a “hold” rating to a “strong sell” rating in a report on Tuesday, August 13th. BidaskClub cut Inseego from a “hold” rating to a “sell” rating in a report on Tuesday, August 13th. Northland Securities set a $6.00 price target on Inseego and gave the company a “buy” rating in a report on Friday, July 19th. Cowen initiated coverage on Inseego in a report on Friday, May 24th. They set an “outperform” rating and a $8.00 price target for the company. Finally, National Securities reaffirmed a “buy” rating and set a $5.50 price target on shares of Inseego in a report on Wednesday, August 7th. Two analysts have rated the stock with a sell rating, six have given a buy rating and one has assigned a strong buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $6.07.

In related news, Director Brian Miller sold 3,900,000 shares of the firm’s stock in a transaction on Wednesday, July 10th. The stock was sold at an average price of $4.80, for a total transaction of $18,720,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 15.20% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in INSG. RVW Wealth LLC acquired a new stake in shares of Inseego in the 2nd quarter valued at $48,000. Advisory Services Network LLC lifted its stake in shares of Inseego by 71.2% in the 2nd quarter. Advisory Services Network LLC now owns 10,820 shares of the technology company’s stock valued at $52,000 after acquiring an additional 4,500 shares during the last quarter. Traynor Capital Management Inc. lifted its stake in shares of Inseego by 25.0% in the 2nd quarter. Traynor Capital Management Inc. now owns 15,000 shares of the technology company’s stock valued at $73,000 after acquiring an additional 3,000 shares during the last quarter. Chicago Capital LLC bought a new position in shares of Inseego in the 2nd quarter valued at $96,000. Finally, Royal Bank of Canada lifted its stake in shares of Inseego by 18.5% in the 2nd quarter. Royal Bank of Canada now owns 21,573 shares of the technology company’s stock valued at $103,000 after acquiring an additional 3,373 shares during the last quarter. 44.83% of the stock is owned by institutional investors.

INSG stock traded up $0.13 during midday trading on Tuesday, reaching $4.04. 614,100 shares of the company’s stock traded hands, compared to its average volume of 1,339,816. The company has a 50-day simple moving average of $4.80 and a two-hundred day simple moving average of $4.84. Inseego has a 1-year low of $2.48 and a 1-year high of $6.00. The company has a market cap of $311.00 million, a price-to-earnings ratio of -33.67 and a beta of 0.45.

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.

Featured Article: What is a Reverse Stock Split?

Get a free copy of the Zacks research report on Inseego (INSG)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Inseego Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Inseego and related companies with MarketBeat.com's FREE daily email newsletter.