Inseego (NASDAQ:INSG) Shares Pass Above 200 Day Moving Average of $4.83

Inseego Corp (NASDAQ:INSG)’s stock price crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $4.83 and traded as high as $4.15. Inseego shares last traded at $4.15, with a volume of 16,780 shares.

INSG has been the topic of a number of research reports. National Securities reissued a “buy” rating and set a $5.50 target price on shares of Inseego in a report on Wednesday, August 7th. Zacks Investment Research lowered shares of Inseego from a “hold” rating to a “strong sell” rating in a research report on Tuesday, August 13th. BidaskClub lowered shares of Inseego from a “hold” rating to a “sell” rating in a research report on Tuesday, August 13th. ValuEngine upgraded shares of Inseego from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, May 15th. Finally, Canaccord Genuity set a $7.00 price target on shares of Inseego and gave the stock a “buy” rating in a research report on Wednesday, August 7th. Two investment analysts have rated the stock with a sell rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $6.07.

The firm has a fifty day simple moving average of $4.76 and a 200 day simple moving average of $4.83. The company has a market cap of $324.52 million, a price-to-earnings ratio of -34.33 and a beta of 0.45.

Inseego (NASDAQ:INSG) last released its quarterly earnings results on Tuesday, August 6th. The technology company reported ($0.14) earnings per share for the quarter, missing the consensus estimate of ($0.08) by ($0.06). The firm had revenue of $55.89 million during the quarter, compared to analysts’ expectations of $53.11 million. During the same quarter last year, the firm earned ($0.11) earnings per share. Inseego’s revenue for the quarter was up 13.9% on a year-over-year basis. Sell-side analysts predict that Inseego Corp will post -0.44 earnings per share for the current year.

In other news, Director Brian Miller sold 3,900,000 shares of the firm’s stock in a transaction dated Wednesday, July 10th. The stock was sold at an average price of $4.80, for a total transaction of $18,720,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 15.20% of the company’s stock.

Several institutional investors have recently modified their holdings of the company. Royal Bank of Canada grew its stake in Inseego by 18.5% during the 2nd quarter. Royal Bank of Canada now owns 21,573 shares of the technology company’s stock valued at $103,000 after acquiring an additional 3,373 shares in the last quarter. Ladenburg Thalmann Financial Services Inc. grew its stake in shares of Inseego by 265.9% in the 2nd quarter. Ladenburg Thalmann Financial Services Inc. now owns 23,750 shares of the technology company’s stock valued at $114,000 after buying an additional 17,260 shares during the period. Jane Street Group LLC grew its stake in shares of Inseego by 175.4% in the 2nd quarter. Jane Street Group LLC now owns 120,815 shares of the technology company’s stock valued at $579,000 after buying an additional 76,954 shares during the period. Cubist Systematic Strategies LLC grew its stake in shares of Inseego by 132.4% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 73,404 shares of the technology company’s stock valued at $352,000 after buying an additional 41,824 shares during the period. Finally, Family Management Corp grew its stake in shares of Inseego by 42.1% in the 2nd quarter. Family Management Corp now owns 299,527 shares of the technology company’s stock valued at $1,435,000 after buying an additional 88,802 shares during the period. Hedge funds and other institutional investors own 45.75% of the company’s stock.

About Inseego (NASDAQ:INSG)

Inseego Corp. engages in the design and development of mobile, Internet of Things (IoT), and cloud solutions for large enterprise verticals, service providers, and small and medium-sized businesses worldwide. The company provides wireless 3G, 4G, and 5G hardware products that address various markets, including fleet and commercial telematics, aftermarket telematics, smart city infrastructure management, remote monitoring and control, wireless surveillance systems, security and connected home and fixed wireless access, and mobile broadband devices.

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