Stock Traders Purchase Large Volume of Inseego Put Options (NASDAQ:INSG)

Inseego Corp (NASDAQ:INSG) saw unusually large options trading activity on Tuesday. Stock investors acquired 14,960 put options on the company. This is an increase of 689% compared to the typical daily volume of 1,897 put options.

In other Inseego news, EVP Doug Kahn sold 20,000 shares of the stock in a transaction on Monday, June 29th. The shares were sold at an average price of $11.00, for a total transaction of $220,000.00. Following the sale, the executive vice president now directly owns 26,761 shares of the company’s stock, valued at $294,371. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Stephen M. Smith sold 12,590 shares of the stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $14.25, for a total transaction of $179,407.50. Following the sale, the chief financial officer now directly owns 8,744 shares in the company, valued at $124,602. The disclosure for this sale can be found here. Insiders have sold 82,647 shares of company stock worth $1,073,253 over the last three months. 9.80% of the stock is owned by corporate insiders.

Several institutional investors have recently made changes to their positions in the company. PNC Financial Services Group Inc. grew its stake in shares of Inseego by 46.2% in the second quarter. PNC Financial Services Group Inc. now owns 3,800 shares of the technology company’s stock worth $45,000 after acquiring an additional 1,200 shares during the last quarter. Blair William & Co. IL lifted its position in Inseego by 1.9% in the first quarter. Blair William & Co. IL now owns 68,500 shares of the technology company’s stock worth $427,000 after purchasing an additional 1,300 shares during the period. IFP Advisors Inc lifted its position in Inseego by 85.5% in the second quarter. IFP Advisors Inc now owns 2,875 shares of the technology company’s stock worth $34,000 after purchasing an additional 1,325 shares during the period. Ameritas Investment Partners Inc. lifted its position in Inseego by 53.2% in the second quarter. Ameritas Investment Partners Inc. now owns 6,022 shares of the technology company’s stock worth $70,000 after purchasing an additional 2,091 shares during the period. Finally, Steward Partners Investment Advisory LLC lifted its position in Inseego by 471.0% in the second quarter. Steward Partners Investment Advisory LLC now owns 2,855 shares of the technology company’s stock worth $33,000 after purchasing an additional 2,355 shares during the period. Institutional investors and hedge funds own 48.79% of the company’s stock.

INSG has been the subject of several recent research reports. Lake Street Capital upped their price target on shares of Inseego from $13.00 to $17.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. Zacks Investment Research lowered shares of Inseego from a “hold” rating to a “sell” rating in a research report on Wednesday, August 12th. BidaskClub lowered shares of Inseego from a “buy” rating to a “hold” rating in a research report on Thursday, August 20th. Roth Capital lowered shares of Inseego from a “buy” rating to a “neutral” rating in a research report on Thursday, August 6th. They noted that the move was a valuation call. Finally, Cowen increased their target price on shares of Inseego from $12.00 to $13.50 and gave the company an “outperform” rating in a research report on Tuesday, May 19th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and six have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $12.16.

Shares of Inseego stock opened at $10.98 on Wednesday. The company’s fifty day simple moving average is $11.83 and its 200-day simple moving average is $10.15. The company has a market cap of $1.08 billion, a price-to-earnings ratio of -8.71 and a beta of 1.78. The company has a current ratio of 1.69, a quick ratio of 1.39 and a debt-to-equity ratio of 1.59. Inseego has a 1 year low of $3.91 and a 1 year high of $15.25.

Inseego (NASDAQ:INSG) last announced its quarterly earnings data on Wednesday, August 5th. The technology company reported ($0.01) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.07) by $0.06. The company had revenue of $80.69 million during the quarter, compared to analyst estimates of $79.63 million. As a group, research analysts forecast that Inseego will post -1.07 earnings per share for the current fiscal 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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