Zacks Investment Research Lowers Inseego (NASDAQ:INSG) to Strong Sell

Zacks Investment Research lowered shares of Inseego (NASDAQ:INSG) from a hold rating to a strong sell rating in a report published on Tuesday morning, Zacks.com reports.

According to Zacks, “Inseego Corp. is a provider of software-as-a-service and solutions for the Internet of Things. The company sells telematics solutions under the Ctrack brand, including fleet management, asset tracking and monitoring, stolen vehicle recovery and usage-based insurance platforms. It also sells business connectivity solutions and device management services through Novatel Wireless, Inc. and Feeney Wireless. Inseego Corp., formerly known as Novatel Wireless Inc., is headquartered in San Diego, California. “

A number of other brokerages have also issued reports on INSG. BidaskClub upgraded shares of Inseego from a sell rating to a hold rating in a research report on Wednesday, July 17th. Canaccord Genuity set a $7.00 target price on shares of Inseego and gave the stock a buy rating in a research report on Wednesday, August 7th. National Securities reiterated a buy rating and set a $5.50 target price on shares of Inseego in a research report on Wednesday, August 7th. ValuEngine upgraded shares of Inseego from a buy rating to a strong-buy rating in a research note on Wednesday, May 15th. Finally, Northland Securities set a $6.00 target price on shares of Inseego and gave the stock a buy rating in a research note on Friday, July 19th. Two research analysts have rated the stock with a sell rating, six have given a buy rating and one has given a strong buy rating to the stock. The stock presently has an average rating of Buy and a consensus target price of $6.07.



NASDAQ:INSG opened at $4.04 on Tuesday. The firm has a market cap of $332.48 million, a PE ratio of -33.67 and a beta of 0.45. Inseego has a 12 month low of $2.48 and a 12 month high of $6.00. The company’s 50-day moving average price is $4.80 and its two-hundred day moving average price is $4.84.

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

In related news, Director Brian Miller sold 3,900,000 shares of the firm’s stock in a transaction dated Wednesday, July 10th. The shares were sold at an average price of $4.80, for a total transaction of $18,720,000.00. The transaction was disclosed in a document filed with the SEC, which is available through this link. 15.20% of the stock is currently owned by company insiders.

Large investors have recently added to or reduced their stakes in the stock. RVW Wealth LLC bought a new position in Inseego during the second quarter worth about $48,000. Advisory Services Network LLC increased its position in Inseego by 71.2% during the second quarter. Advisory Services Network LLC now owns 10,820 shares of the technology company’s stock worth $52,000 after acquiring an additional 4,500 shares during the period. Traynor Capital Management Inc. increased its position in Inseego by 25.0% during the second quarter. Traynor Capital Management Inc. now owns 15,000 shares of the technology company’s stock worth $73,000 after acquiring an additional 3,000 shares during the period. Chicago Capital LLC bought a new position in Inseego during the second quarter worth about $96,000. Finally, Private Advisor Group LLC increased its position in Inseego by 41.1% during the second quarter. Private Advisor Group LLC now owns 22,407 shares of the technology company’s stock worth $107,000 after acquiring an additional 6,530 shares during the period. 44.83% of the stock is currently owned by institutional investors and hedge funds.

Inseego Company Profile

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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