Short Interest in Inseego Corp. (NASDAQ:INSG) Expands By 14.7%

Inseego Corp. (NASDAQ:INSG) saw a significant growth in short interest in June. As of June 15th, there was short interest totalling 906,300 shares, a growth of 14.7% from the May 31st total of 790,200 shares. Based on an average daily trading volume, of 195,100 shares, the short-interest ratio is presently 4.6 days. Approximately 9.5% of the shares of the stock are sold short.

Analyst Ratings Changes

Separately, TD Cowen raised their price target on Inseego from $12.00 to $13.50 and gave the stock a “hold” rating in a research report on Tuesday.

Institutional Investors Weigh In On Inseego

Several hedge funds have recently made changes to their positions in INSG. Simplicity Solutions LLC acquired a new stake in shares of Inseego during the fourth quarter worth $1,674,000. Braslyn Ltd. acquired a new position in Inseego in the fourth quarter valued at $1,675,000. Simplicity Wealth LLC acquired a new position in Inseego in the first quarter valued at $2,132,000. GSA Capital Partners LLP boosted its holdings in Inseego by 16.4% in the third quarter. GSA Capital Partners LLP now owns 1,602,866 shares of the technology company’s stock valued at $673,000 after acquiring an additional 225,340 shares during the last quarter. Finally, Stratos Wealth Partners LTD. boosted its holdings in Inseego by 14.8% in the fourth quarter. Stratos Wealth Partners LTD. now owns 207,972 shares of the technology company’s stock valued at $46,000 after acquiring an additional 26,850 shares during the last quarter. Institutional investors and hedge funds own 34.20% of the company’s stock.

Inseego Stock Performance

Inseego stock traded up $0.21 during mid-day trading on Wednesday, hitting $11.82. 21,360 shares of the company were exchanged, compared to its average volume of 160,920. The business’s 50 day simple moving average is $7.26 and its two-hundred day simple moving average is $4.21. Inseego has a 12-month low of $1.62 and a 12-month high of $13.42.

Inseego (NASDAQ:INSG) last posted its quarterly earnings data on Thursday, May 9th. The technology company reported ($0.44) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.49) by $0.05. The business had revenue of $45.01 million for the quarter, compared to analyst estimates of $41.40 million. During the same quarter last year, the business earned ($0.50) EPS. On average, analysts anticipate that Inseego will post -0.43 EPS for the current fiscal year.

Inseego Company Profile

Inseego Corp. engages in the design and development of cloud-managed wireless wide area network (WAN) and intelligent edge solutions for businesses, consumers, and governments worldwide. The company provides 5G and 4G mobile broadband solutions, such as mobile hotspots under the MiFi brand; and 4G VoLTE products and 4G USB modems.