Inseego (NASDAQ:INSG) Stock Bumped Up to “Sell” by Wall Street Zen

Wall Street Zen upgraded shares of Inseego (NASDAQ:INSG) from a strong sell rating to a sell rating in a research note issued to investors on Saturday,Wall Street Zen reports.

Several other research analysts also recently commented on the company. Lake Street Capital set a $12.00 price target on Inseego in a research report on Thursday, August 6th. Zacks Research raised Inseego from a “strong sell” rating to a “hold” rating in a research report on Tuesday, October 6th. Weiss Ratings cut Inseego from a “sell (d+)” rating to a “sell (d)” rating in a research report on Friday, August 21st. Roth Capital restated a “buy” rating on shares of Inseego in a research note on Friday, August 7th. Finally, UBS Group set a $9.00 target price on shares of Inseego in a research report on Thursday, August 6th. Three research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Inseego currently has a consensus rating of “Hold” and an average price target of $13.00.

Inseego Stock Performance

Inseego stock opened at $4.58 on Friday. The business’s 50-day simple moving average is $4.30 and its 200-day simple moving average is $9.33. The firm has a market capitalization of $75.20 million, a PE ratio of 35.23 and a beta of 1.61. Inseego has a 52 week low of $3.58 and a 52 week high of $21.90.

Inseego (NASDAQ:INSG) last posted 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 company had revenue of $43.98 million during the quarter, compared to analyst estimates of $39.90 million. Research analysts forecast that Inseego will post -1.39 earnings per share for the current year.

Hedge Funds Weigh In On Inseego

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Militia Capital Management LLC bought a new position in Inseego during the first quarter worth about $518,000. Renaissance Technologies LLC boosted its holdings in Inseego by 64.7% during the first quarter. Renaissance Technologies LLC now owns 118,317 shares of the technology company’s stock valued at $1,316,000 after purchasing an additional 46,500 shares in the last quarter. Bank of New York Mellon Corp bought a new stake in shares of Inseego in the 2nd quarter valued at approximately $290,000. Dimensional Fund Advisors LP grew its stake in shares of Inseego by 25.7% in the 1st quarter. Dimensional Fund Advisors LP now owns 129,235 shares of the technology company’s stock valued at $1,436,000 after purchasing an additional 26,423 shares during the period. Finally, WINTON GROUP Ltd raised its holdings in shares of Inseego by 138.3% in the 2nd quarter. WINTON GROUP Ltd now owns 36,387 shares of the technology company’s stock worth $376,000 after buying an additional 21,119 shares in the last quarter. 34.20% of the stock is owned by institutional investors.

About Inseego

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.