Zacks Investment Research upgraded shares of Inseego Corp. (NASDAQ:INSG) from a sell rating to a buy rating in a research note issued to investors on Wednesday. The firm currently has $1.50 target price on the technology company’s stock.
According to Zacks, “Inseego Corp. is a provider of software-as-a-service and solutions for the Internet of Things. The company sells telematics solutions under the Ctrack brand, including fleet management, asset tracking and monitoring, stolen vehicle recovery and usage-based insurance platforms. It also sells business connectivity solutions and device management services through Novatel Wireless, Inc. and Feeney Wireless. Inseego Corp., formerly known as Novatel Wireless Inc., is headquartered in San Diego, California. “
Other research analysts also recently issued research reports about the company. Northland Securities set a $2.00 price target on Inseego Corp. and gave the company a buy rating in a report on Monday, June 26th. Canaccord Genuity reiterated a hold rating and set a $1.25 price target on shares of Inseego Corp. in a report on Thursday, June 8th. Finally, ValuEngine cut Inseego Corp. from a sell rating to a strong sell rating in a research report on Tuesday, May 16th. One analyst has rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the company’s stock. Inseego Corp. presently has an average rating of Hold and an average target price of $1.94.
Inseego Corp. (NASDAQ:INSG) traded down 1.60% during trading on Wednesday, reaching $1.23. The company had a trading volume of 72,560 shares. Inseego Corp. has a 12 month low of $0.87 and a 12 month high of $3.80. The firm’s market capitalization is $68.84 million. The stock has a 50 day moving average price of $1.11 and a 200 day moving average price of $2.19.
A number of hedge funds have recently added to or reduced their stakes in the stock. Spark Investment Management LLC boosted its stake in Inseego Corp. by 55.1% in the first quarter. Spark Investment Management LLC now owns 58,800 shares of the technology company’s stock worth $122,000 after buying an additional 20,900 shares during the last quarter. Two Sigma Investments LP purchased a new stake in Inseego Corp. during the fourth quarter worth about $167,000. A.R.T. Advisors LLC purchased a new stake in Inseego Corp. during the fourth quarter worth about $190,000. Goldman Sachs Group Inc. boosted its stake in Inseego Corp. by 2,239.6% in the first quarter. Goldman Sachs Group Inc. now owns 696,502 shares of the technology company’s stock worth $1,456,000 after buying an additional 666,732 shares during the last quarter. Finally, Dimensional Fund Advisors LP purchased a new stake in Inseego Corp. during the fourth quarter worth about $1,485,000. 12.52% of the stock is owned by hedge funds and other institutional investors.
About Inseego Corp.
Novatel Wireless, Inc is a provider of intelligent wireless solutions for the mobile communications market. The Company’s range of products includes intelligent mobile hotspots, universal serial bus (USB) modems, embedded modules, integrated asset-management and mobile tracking machine-to-machine (M2M) devices, communications and applications software and cloud services.
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