Inseego Corp (NASDAQ:INSG) Sees Significant Growth in Short Interest

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Inseego Corp (NASDAQ:INSG) saw a large growth in short interest in November. As of November 29th, there was short interest totalling 13,510,000 shares, a growth of 6.5% from the November 14th total of 12,680,000 shares. Currently, 17.4% of the company’s stock are short sold. Based on an average daily volume of 1,321,900 shares, the short-interest ratio is presently 10.2 days.

A number of equities research analysts have issued reports on INSG shares. Northland Securities started coverage on Inseego in a research report on Tuesday, November 26th. They issued a “buy” rating and a $6.00 price target on the stock. ValuEngine lowered Inseego from a “buy” rating to a “hold” rating in a research report on Tuesday, December 3rd. BidaskClub raised Inseego from a “buy” rating to a “strong-buy” rating in a research report on Friday. Canaccord Genuity increased their price target on Inseego from $7.00 to $8.50 and gave the company a “buy” rating in a research report on Monday, October 28th. Finally, Zacks Investment Research raised Inseego from a “sell” rating to a “hold” rating in a research report on Monday, December 2nd. Three analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $6.67.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Wedbush Securities Inc. purchased a new position in shares of Inseego in the 3rd quarter valued at about $48,000. Advisory Services Network LLC increased its holdings 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. MAI Capital Management purchased a new position in shares of Inseego in the 3rd quarter valued at about $58,000. Metropolitan Life Insurance Co NY purchased a new position in shares of Inseego in the 3rd quarter valued at about $74,000. Finally, BB&T Securities LLC increased its holdings in shares of Inseego by 14.3% in the 3rd quarter. BB&T Securities LLC now owns 20,000 shares of the technology company’s stock valued at $95,000 after acquiring an additional 2,500 shares during the last quarter. Institutional investors and hedge funds own 47.24% of the company’s stock.

INSG stock traded down $0.16 during mid-day trading on Friday, reaching $7.28. The company had a trading volume of 1,725,954 shares, compared to its average volume of 1,937,796. The company has a market capitalization of $597.09 million, a price-to-earnings ratio of -60.67 and a beta of 0.75. The firm has a fifty day simple moving average of $5.69 and a 200 day simple moving average of $4.96. Inseego has a fifty-two week low of $3.50 and a fifty-two week high of $7.90.

Inseego (NASDAQ:INSG) last posted its quarterly earnings results on Wednesday, November 6th. The technology company reported ($0.04) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.12) by $0.08. The company had revenue of $62.72 million during the quarter, compared to analyst estimates of $59.77 million. During the same period in the prior year, the business earned ($0.10) EPS. Inseego’s revenue for the quarter was up 23.9% on a year-over-year basis. Sell-side analysts predict that Inseego will post -0.48 EPS for the current year.

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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