Inseego (NASDAQ:INSG) Shares Cross Above 50 Day Moving Average – Here’s Why

Inseego (NASDAQ:INSG)’s share price passed above its 50 day moving average during trading on Monday. The stock has a 50 day moving average of $4.26 and traded as high as $4.51. Inseego shares last traded at $4.43, with a volume of 150,876 shares.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on INSG shares. Lake Street Capital set a $12.00 price target on Inseego in a report on Thursday, August 6th. Zacks Research raised Inseego from a “strong sell” rating to a “hold” rating in a report on Tuesday, October 6th. Weiss Ratings downgraded shares of Inseego from a “sell (d+)” rating to a “sell (d)” rating in a report on Friday, August 21st. Wall Street Zen downgraded Inseego from a “sell” rating to a “strong sell” rating in a research note on Saturday, October 3rd. Finally, UBS Group set a $9.00 price objective on Inseego in a research report on Thursday, August 6th. Three investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $13.00.

Inseego Price Performance

The company has a 50-day moving average of $4.26 and a 200 day moving average of $9.47. The company has a market cap of $72.74 million, a PE ratio of 34.08 and a beta of 1.61.

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

Hedge Funds Weigh In On Inseego

Several institutional investors have recently bought and sold shares of INSG. Engineers Gate Manager LP purchased a new position in Inseego in the second quarter valued at about $115,000. AXQ Capital LP acquired a new position in Inseego during the 2nd quarter valued at about $128,000. Bank of New York Mellon Corp acquired a new stake in shares of Inseego during the second quarter worth $290,000. WINTON GROUP Ltd grew its stake in Inseego by 138.3% during 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. Finally, Militia Capital Management LLC acquired a new position in shares of Inseego in the first quarter valued at about $518,000. 34.20% of the stock is owned by hedge funds and other institutional investors.

Inseego Company Profile

Inseego Corp. develops wireless broadband and mobile networking solutions for service providers, enterprises, small businesses, government organizations and consumers. The company focuses on connecting devices, locations and users through cellular networks, with an emphasis on 5G and other high-speed wireless technologies.

Its product portfolio includes mobile hotspots, fixed wireless access equipment, indoor and outdoor customer-premises equipment, routers and gateways. Inseego also provides cloud-based device management and networking software designed to help customers provision, monitor and manage connected equipment.