Inseego Corp (INSG) Sees Large Growth in Short Interest

Inseego Corp (NASDAQ:INSG) saw a significant increase in short interest in the month of January. As of January 31st, there was short interest totalling 7,394,668 shares, an increase of 29.5% from the January 15th total of 5,709,879 shares. Currently, 14.2% of the shares of the company are short sold. Based on an average daily volume of 1,094,439 shares, the days-to-cover ratio is currently 6.8 days.

Several analysts have recently weighed in on the stock. BidaskClub raised shares of Inseego from a “hold” rating to a “buy” rating in a report on Tuesday, December 25th. Zacks Investment Research raised shares of Inseego from a “hold” rating to a “buy” rating and set a $4.25 target price on the stock in a report on Friday, November 9th. Canaccord Genuity reaffirmed a “buy” rating and issued a $5.50 target price on shares of Inseego in a report on Monday, December 10th. Lake Street Capital set a $5.00 target price on shares of Inseego and gave the company a “buy” rating in a report on Wednesday, November 7th. Finally, ValuEngine raised shares of Inseego from a “buy” rating to a “strong-buy” rating in a report on Monday, January 7th. One analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Inseego presently has an average rating of “Buy” and an average price target of $5.40.

Shares of NASDAQ:INSG traded up $0.08 during trading on Monday, reaching $4.81. The stock had a trading volume of 419,807 shares, compared to its average volume of 1,202,104. The firm has a market cap of $347.14 million, a PE ratio of -6.17 and a beta of 0.59. Inseego has a fifty-two week low of $1.64 and a fifty-two week high of $6.00.



In other Inseego news, major shareholder Harbor Ltd. Golden acquired 9,752,729 shares of the company’s stock in a transaction on Wednesday, December 19th. The shares were bought at an average cost of $3.00 per share, for a total transaction of $29,258,187.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Jeffrey Tuder sold 35,033 shares of Inseego stock in a transaction on Wednesday, November 28th. The shares were sold at an average price of $3.76, for a total transaction of $131,724.08. Following the completion of the transaction, the director now owns 145,798 shares in the company, valued at $548,200.48. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 154,191 shares of company stock worth $569,966. 1.30% of the stock is currently owned by company insiders.

Large investors have recently bought and sold shares of the company. PEAK6 Investments LLC acquired a new position in shares of Inseego in the third quarter valued at approximately $106,000. BlackRock Inc. increased its position in Inseego by 3.1% during the second quarter. BlackRock Inc. now owns 1,047,118 shares of the technology company’s stock worth $2,105,000 after purchasing an additional 31,469 shares during the last quarter. EAM Investors LLC acquired a new position in Inseego during the third quarter worth approximately $1,117,000. Renaissance Technologies LLC increased its position in Inseego by 21.6% during the second quarter. Renaissance Technologies LLC now owns 451,900 shares of the technology company’s stock worth $908,000 after purchasing an additional 80,400 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its position in Inseego by 1,187.4% during the third quarter. JPMorgan Chase & Co. now owns 818,297 shares of the technology company’s stock worth $3,150,000 after purchasing an additional 754,733 shares during the last quarter. 25.19% of the stock is owned by institutional investors and hedge funds.

COPYRIGHT VIOLATION WARNING: “Inseego Corp (INSG) Sees Large Growth in Short Interest” was first published by Dakota Financial News and is the property of of Dakota Financial News. If you are accessing this article on another site, it was illegally stolen and reposted in violation of United States and international copyright & trademark legislation. The correct version of this article can be accessed at https://dakotafinancialnews.com/2019/02/11/inseego-corp-insg-sees-large-growth-in-short-interest.html.

Inseego Company Profile

Inseego Corp., together with its subsidiaries, provides software-as-a-service (SaaS), Internet of Things (IoT), and mobile solutions worldwide. The company sells SaaS, software, and service solutions across multiple IoT vertical markets, including fleet management and vehicle telematics, aviation, usage-based insurance, stolen vehicle recovery, asset tracking and monitoring, business connectivity, and subscription management.

See Also: What are the reasons investors use put options?

Receive News & Ratings for Inseego Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Inseego and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply