Insider Buying: Inseego Corp. (NASDAQ:INSG) Chairman Buys 10,000 Shares of Stock

Inseego Corp. (NASDAQ:INSG) Chairman Philip G. Brace purchased 10,000 shares of the firm’s stock in a transaction on Friday, November 15th. The shares were purchased at an average cost of $12.40 per share, with a total value of $124,000.00. Following the completion of the transaction, the chairman now owns 177,763 shares of the company’s stock, valued at approximately $2,204,261.20. The trade was a 5.96 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

Inseego Trading Up 8.1 %

NASDAQ:INSG opened at $12.84 on Tuesday. The company has a market capitalization of $191.96 million, a P/E ratio of -7.17 and a beta of 1.60. Inseego Corp. has a 12 month low of $1.62 and a 12 month high of $20.67. The firm has a fifty day simple moving average of $17.49 and a 200-day simple moving average of $12.42.

Wall Street Analyst Weigh In

A number of research firms recently commented on INSG. Roth Mkm raised shares of Inseego from a “neutral” rating to a “buy” rating and increased their target price for the company from $13.00 to $15.00 in a research report on Thursday, November 14th. TD Cowen decreased their price objective on Inseego from $20.00 to $16.00 and set a “hold” rating for the company in a report on Friday. Roth Capital upgraded Inseego from a “hold” rating to a “strong-buy” rating in a research note on Thursday, November 14th. Finally, Stifel Nicolaus increased their price target on Inseego from $11.00 to $17.00 and gave the company a “hold” rating in a research note on Tuesday, September 17th.

Institutional Trading of Inseego

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Renaissance Technologies LLC purchased a new position in shares of Inseego in the second quarter worth about $274,000. Marshall Wace LLP purchased a new position in Inseego during the 2nd quarter worth approximately $833,000. Olympiad Research LP purchased a new position in Inseego during the 3rd quarter worth approximately $184,000. Covestor Ltd purchased a new stake in shares of Inseego in the 3rd quarter valued at $32,000. Finally, Dynamic Technology Lab Private Ltd acquired a new stake in shares of Inseego in the third quarter worth $353,000. Institutional investors and hedge funds own 34.20% of the company’s stock.

About Inseego

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.