Inseego (NASDAQ:INSG) Announces Quarterly Earnings Results

Inseego (NASDAQ:INSG) posted its earnings results on Thursday. The technology company reported $0.12 earnings per share for the quarter, topping the consensus estimate of $0.07 by $0.05, FiscalAI reports. The firm had revenue of $48.40 million during the quarter, compared to analyst estimates of $46.89 million. Inseego had a negative return on equity of 8.87% and a negative net margin of 0.12%.

Inseego Stock Up 6.7%

INSG stock traded up $0.66 during midday trading on Thursday, reaching $10.56. The company’s stock had a trading volume of 319,662 shares, compared to its average volume of 159,125. Inseego has a 52 week low of $6.24 and a 52 week high of $18.11. The stock has a market cap of $161.88 million, a PE ratio of -40.62 and a beta of 1.18. The business’s 50-day simple moving average is $10.81 and its 200-day simple moving average is $11.95.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its stake in Inseego by 4.6% in the third quarter. Vanguard Group Inc. now owns 663,660 shares of the technology company’s stock valued at $9,935,000 after buying an additional 29,236 shares in the last quarter. Balyasny Asset Management L.P. grew its holdings in Inseego by 171.9% during the second quarter. Balyasny Asset Management L.P. now owns 502,026 shares of the technology company’s stock worth $4,137,000 after purchasing an additional 317,401 shares during the period. Gendell Jeffrey L increased its holdings in shares of Inseego by 34.6% in the fourth quarter. Gendell Jeffrey L now owns 429,301 shares of the technology company’s stock valued at $4,409,000 after purchasing an additional 110,253 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Inseego by 1.8% during the 4th quarter. Geode Capital Management LLC now owns 280,652 shares of the technology company’s stock worth $2,883,000 after purchasing an additional 4,845 shares during the last quarter. Finally, Blue Door Asset Management LLC acquired a new position in shares of Inseego in the fourth quarter valued at about $2,210,000. 34.20% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Inseego in a research report on Monday, December 29th. Wall Street Zen upgraded Inseego from a “sell” rating to a “hold” rating in a research report on Sunday, November 16th. Lake Street Capital initiated coverage on Inseego in a report on Monday, December 15th. They issued a “buy” rating and a $17.00 price target for the company. Finally, TD Cowen restated a “hold” rating and issued a $15.00 price objective (up previously from $14.00) on shares of Inseego in a research report on Thursday, January 15th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Inseego presently has a consensus rating of “Hold” and a consensus target price of $16.50.

Inseego Company Profile

Inseego Corp is a U.S.-based technology company specializing in 5G and intelligent Internet of Things (IoT) device-to-cloud solutions. The company develops hardware and software platforms designed to connect devices, vehicles and remote locations to high-speed wireless networks. Its core offerings include mobile hotspots, fixed wireless access gateways and ruggedized routers optimized for enterprise, industrial and government applications.

Inseego’s product portfolio encompasses 5G MiFi® mobile hotspots, virtual network functions (VNFs) for network management, telematics devices for fleet tracking and asset monitoring, as well as a suite of cloud-native software for device lifecycle management and data analytics.