BidaskClub Downgrades Inseego (NASDAQ:INSG) to Hold

BidaskClub cut shares of Inseego (NASDAQ:INSG) from a buy rating to a hold rating in a report published on Saturday morning, BidAskClub reports.

Several other research firms have also issued reports on INSG. Lake Street Capital boosted their price target on shares of Inseego from $6.50 to $9.00 and gave the company a buy rating in a research report on Thursday, January 9th. Zacks Investment Research raised shares of Inseego from a sell rating to a hold rating and set a $9.25 price target on the stock in a research report on Saturday, January 4th. Canaccord Genuity boosted their price target on shares of Inseego from $7.00 to $8.50 and gave the company a buy rating in a research report on Monday, October 28th. ValuEngine lowered shares of Inseego from a buy rating to a hold rating in a research report on Tuesday, December 3rd. Finally, Northland Securities reissued a buy rating and issued a $8.00 price target on shares of Inseego in a research report on Thursday, January 9th. Four equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The stock has an average rating of Buy and a consensus price target of $8.38.

NASDAQ INSG opened at $7.85 on Friday. The company’s 50 day moving average is $7.11 and its 200-day moving average is $5.38. Inseego has a 12-month low of $3.61 and a 12-month high of $8.95. The firm has a market cap of $581.02 million, a P/E ratio of -65.42 and a beta of 0.78.

Inseego (NASDAQ:INSG) last posted its quarterly earnings results on Wednesday, November 6th. The technology company reported ($0.04) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.12) by $0.08. The business had revenue of $62.72 million during the quarter, compared to the consensus estimate of $59.77 million. During the same period last year, the firm earned ($0.10) EPS. The business’s revenue for the quarter was up 23.9% on a year-over-year basis. As a group, equities research analysts expect that Inseego will post -0.48 earnings per share for the current fiscal year.

A number of institutional investors have recently bought and sold shares of the stock. BlackRock Inc. increased its holdings in Inseego by 229.2% during the 2nd quarter. BlackRock Inc. now owns 2,918,234 shares of the technology company’s stock worth $13,977,000 after acquiring an additional 2,031,809 shares during the period. Vanguard Group Inc. increased its holdings in Inseego by 31.5% during the 2nd quarter. Vanguard Group Inc. now owns 2,235,809 shares of the technology company’s stock worth $10,709,000 after acquiring an additional 535,156 shares during the period. State Street Corp increased its holdings in Inseego by 11.8% during the 3rd quarter. State Street Corp now owns 821,243 shares of the technology company’s stock worth $3,942,000 after acquiring an additional 86,996 shares during the period. Family Management Corp increased its holdings in Inseego by 42.1% during the 2nd quarter. Family Management Corp now owns 299,527 shares of the technology company’s stock worth $1,435,000 after acquiring an additional 88,802 shares during the period. Finally, Northern Trust Corp increased its holdings in Inseego by 30.9% during the 2nd quarter. Northern Trust Corp now owns 159,290 shares of the technology company’s stock worth $763,000 after acquiring an additional 37,587 shares during the period. 47.05% of the stock is currently owned by institutional investors and hedge funds.

About Inseego

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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