Inseego (NASDAQ:INSG) Stock Rating Raised to Hold at Zacks Research

Zacks Research upgraded shares of Inseego (NASDAQ:INSG) from a strong sell rating to a hold rating in a research report released on Tuesday morning,Zacks reports.

Several other analysts have also commented on the stock. Wall Street Zen lowered shares of Inseego from a “sell” rating to a “strong sell” rating in a research report on Saturday, October 3rd. Lake Street Capital set a $12.00 target price on shares of Inseego in a research note on Thursday, August 6th. Weiss Ratings cut Inseego from a “sell (d+)” rating to a “sell (d)” rating in a research report on Friday, August 21st. Roth Capital restated a “buy” rating on shares of Inseego in a research note on Friday, August 7th. Finally, UBS Group set a $9.00 price target on Inseego in a report on Thursday, August 6th. Three research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $13.25.

Inseego Stock Down 3.4%

Inseego stock opened at $4.57 on Tuesday. The business’s 50-day moving average price is $4.67 and its 200 day moving average price is $9.26. The firm has a market cap of $75.04 million, a price-to-earnings ratio of 35.16 and a beta of 1.61. Inseego has a 52 week low of $3.58 and a 52 week high of $21.90.

Inseego (NASDAQ:INSG) last released its quarterly earnings data on Wednesday, August 5th. The technology company reported ($0.18) EPS for the quarter, missing the consensus estimate of ($0.12) by ($0.06). The business had revenue of $43.98 million during the quarter, compared to analyst estimates of $39.90 million. Equities analysts expect that Inseego will post -1.39 EPS for the current year.

Institutional Trading of Inseego

Institutional investors and hedge funds have recently modified their holdings of the stock. Militia Capital Management LLC acquired a new position in Inseego in the first quarter valued at approximately $518,000. Renaissance Technologies LLC increased its stake in Inseego by 64.7% during the first quarter. Renaissance Technologies LLC now owns 118,317 shares of the technology company’s stock worth $1,316,000 after acquiring an additional 46,500 shares during the last quarter. Bank of New York Mellon Corp purchased a new stake in Inseego in the second quarter valued at $290,000. Dimensional Fund Advisors LP raised its position in Inseego by 25.7% in the first quarter. Dimensional Fund Advisors LP now owns 129,235 shares of the technology company’s stock valued at $1,436,000 after purchasing an additional 26,423 shares during the period. Finally, WINTON GROUP Ltd lifted its stake in shares of Inseego by 138.3% in the 2nd quarter. WINTON GROUP Ltd now owns 36,387 shares of the technology company’s stock valued at $376,000 after purchasing an additional 21,119 shares during the last quarter. Hedge funds and other institutional investors own 34.20% of the company’s stock.

About Inseego

Inseego Corp. (NASDAQ: INSG) develops wireless broadband and connectivity solutions for carriers, enterprises, small and medium-sized businesses, public-sector organizations, and consumers. Its products are designed to provide high-speed internet access over cellular networks, including 5G and 4G LTE.

The company’s portfolio includes fixed wireless access devices, mobile broadband hotspots, wireless routers, customer-premises equipment, and related networking hardware. Inseego also provides cloud-based management and monitoring software intended to help customers deploy, control, and support connected devices and wireless networks.

Inseego serves customers through relationships with mobile network operators, channel partners, and technology providers in North America and international markets.