Brokerages Set Inseego (NASDAQ:INSG) Price Target at $18.50

Shares of Inseego (NASDAQ:INSG) have earned a consensus recommendation of “Hold” from the five analysts that are currently covering the company, MarketBeat reports. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company. The average 12-month price target among brokers that have updated their coverage on the stock in the last year is $18.50.

A number of equities analysts have weighed in on the stock. TD Cowen reissued a “hold” rating and issued a $18.00 price objective (up from $15.00) on shares of Inseego in a research report on Wednesday, May 13th. Lake Street Capital reissued a “buy” rating and issued a $22.00 price objective on shares of Inseego in a research report on Friday, May 1st. Finally, Weiss Ratings raised shares of Inseego from a “sell (d)” rating to a “sell (d+)” rating in a research report on Monday, May 11th.

Hedge Funds Weigh In On Inseego

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. BNP Paribas Financial Markets boosted its position in Inseego by 129.3% in the 3rd quarter. BNP Paribas Financial Markets now owns 2,708 shares of the technology company’s stock valued at $41,000 after buying an additional 1,527 shares during the last quarter. Kestra Advisory Services LLC bought a new position in shares of Inseego during the fourth quarter worth about $33,000. Bank of America Corp DE lifted its position in shares of Inseego by 134.3% during the second quarter. Bank of America Corp DE now owns 5,870 shares of the technology company’s stock worth $48,000 after purchasing an additional 3,365 shares during the last quarter. JPMorgan Chase & Co. lifted its position in shares of Inseego by 3,087.9% during the second quarter. JPMorgan Chase & Co. now owns 6,057 shares of the technology company’s stock worth $50,000 after purchasing an additional 5,867 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in shares of Inseego during the second quarter worth about $56,000. 34.20% of the stock is owned by hedge funds and other institutional investors.

Inseego Stock Performance

Shares of NASDAQ INSG opened at $10.31 on Friday. Inseego has a 12-month low of $6.27 and a 12-month high of $21.90. The company has a market cap of $167.82 million, a P/E ratio of 16.63 and a beta of 1.63. The stock has a fifty day moving average price of $13.64 and a 200 day moving average price of $12.09.

Inseego (NASDAQ:INSG) last announced its quarterly earnings results on Thursday, May 7th. The technology company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.15) by $0.09. Inseego had a negative return on equity of 13.38% and a negative net margin of 1.26%.The firm had revenue of $34.34 million during the quarter, compared to the consensus estimate of $34.53 million. On average, sell-side analysts forecast that Inseego will post -0.45 EPS for the current fiscal year.

About Inseego

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.