Inseego (NASDAQ:INSG) Downgraded to Strong Sell Rating by Wall Street Zen

Wall Street Zen cut shares of Inseego (NASDAQ:INSG) from a hold rating to a strong sell rating in a research report report published on Saturday.

A number of other research firms have also recently weighed in on INSG. Roth Capital reaffirmed a “buy” rating on shares of Inseego in a report on Friday. UBS Group set a $9.00 target price on Inseego in a research report on Thursday. Lake Street Capital set a $12.00 target price on Inseego in a research note on Thursday. TD Cowen reiterated a “hold” rating and set a $18.00 price target (up from $15.00) on shares of Inseego in a research report on Wednesday, May 13th. Finally, Weiss Ratings raised Inseego from a “sell (d)” rating to a “sell (d+)” rating in a research note on Monday, May 11th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Inseego has an average rating of “Moderate Buy” and an average target price of $14.60.

Inseego Stock Performance

Inseego stock opened at $5.51 on Friday. Inseego has a one year low of $4.77 and a one year high of $21.90. The company has a 50-day simple moving average of $9.15 and a 200-day simple moving average of $11.39. The firm has a market capitalization of $89.70 million, a P/E ratio of 42.39 and a beta of 1.70.

Inseego (NASDAQ:INSG) last issued its quarterly earnings data on Wednesday, August 5th. The technology company reported ($0.18) earnings per share 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 the consensus estimate of $39.90 million. Inseego had a negative net margin of 6.41% and a negative return on equity of 13.38%. As a group, sell-side analysts forecast that Inseego will post -0.45 earnings per share for the current year.

Institutional Trading of Inseego

Institutional investors have recently modified their holdings of the company. BNP Paribas Financial Markets lifted its holdings 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 acquiring an additional 1,527 shares during the last quarter. Barclays PLC grew its stake in shares of Inseego by 11.9% in the 4th quarter. Barclays PLC now owns 19,593 shares of the technology company’s stock worth $201,000 after purchasing an additional 2,080 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Inseego by 8.1% in the 1st quarter. Bank of New York Mellon Corp now owns 30,076 shares of the technology company’s stock worth $334,000 after purchasing an additional 2,246 shares in the last quarter. Kestra Advisory Services LLC bought a new stake in shares of Inseego in the 4th quarter worth approximately $33,000. Finally, Bank of America Corp DE raised its holdings in shares of Inseego by 134.3% in the 2nd 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 in the last quarter. Institutional investors and hedge funds own 34.20% of the company’s stock.

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.