Inseego (NASDAQ:INSG) Trading Down 9.1%

Inseego Corp (NASDAQ:INSG)’s share price fell 9.1% on Wednesday . The stock traded as low as $5.18 and last traded at $5.19, 1,998,906 shares were traded during mid-day trading. An increase of 98% from the average session volume of 1,008,668 shares. The stock had previously closed at $5.71.

Several brokerages recently weighed in on INSG. Canaccord Genuity set a $7.00 price objective on Inseego and gave the stock a “buy” rating in a research report on Wednesday, August 7th. BidaskClub upgraded Inseego from a “sell” rating to a “hold” rating in a research report on Tuesday. Zacks Investment Research upgraded Inseego from a “strong sell” rating to a “hold” rating in a research report on Wednesday, October 9th. ValuEngine lowered Inseego from a “buy” rating to a “hold” rating in a research report on Tuesday. Finally, National Securities reiterated a “buy” rating and issued a $5.50 price objective on shares of Inseego in a research report on Wednesday, August 7th. Three analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Inseego currently has a consensus rating of “Buy” and an average price target of $6.25.

The business has a 50 day simple moving average of $4.88 and a 200 day simple moving average of $4.71. The company has a market capitalization of $429.52 million, a price-to-earnings ratio of -43.25 and a beta of 0.66.

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

Large investors have recently added to or reduced their stakes in the business. RVW Wealth LLC acquired a new position in Inseego during the second quarter worth $48,000. Wedbush Securities Inc. acquired a new stake in shares of Inseego in the third quarter valued at $48,000. Advisory Services Network LLC raised its stake in shares of Inseego by 71.2% in the second quarter. Advisory Services Network LLC now owns 10,820 shares of the technology company’s stock valued at $52,000 after acquiring an additional 4,500 shares in the last quarter. Traynor Capital Management Inc. raised its stake in shares of Inseego by 25.0% in the second quarter. Traynor Capital Management Inc. now owns 15,000 shares of the technology company’s stock valued at $73,000 after acquiring an additional 3,000 shares in the last quarter. Finally, Chicago Capital LLC acquired a new stake in shares of Inseego in the second quarter valued at $96,000. Institutional investors own 47.97% 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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