Inseego (INSG) Downgraded by ValuEngine to “Buy”

ValuEngine cut shares of Inseego (NASDAQ:INSG) from a strong-buy rating to a buy rating in a report released on Thursday.

A number of other research firms have also commented on INSG. Lake Street Capital reiterated a buy rating and issued a $6.50 price target on shares of Inseego in a research report on Monday, January 14th. Northland Securities reiterated a buy rating and issued a $6.00 price target on shares of Inseego in a research report on Friday, March 1st. BidaskClub lowered Inseego from a buy rating to a hold rating in a research report on Saturday, February 9th. Canaccord Genuity reiterated a buy rating and issued a $6.50 price target (up previously from $5.50) on shares of Inseego in a research report on Friday, January 11th. Finally, Zacks Investment Research lowered Inseego from a buy rating to a hold rating in a research report on Friday, March 8th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The company presently has an average rating of Buy and a consensus target price of $5.70.

Shares of INSG stock opened at $4.87 on Thursday. The firm has a market cap of $357.42 million, a P/E ratio of -40.58 and a beta of 0.67. Inseego has a twelve month low of $1.64 and a twelve month high of $6.00.

Inseego (NASDAQ:INSG) last issued its quarterly earnings data on Thursday, March 7th. The technology company reported ($0.06) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.01. The firm had revenue of $56.04 million for the quarter, compared to the consensus estimate of $53.39 million. On average, analysts forecast that Inseego will post -0.22 earnings per share for the current fiscal year.

In related news, major shareholder Harbor Ltd. Golden purchased 9,752,729 shares of Inseego stock in a transaction on Wednesday, December 19th. The shares were purchased at an average price of $3.00 per share, for a total transaction of $29,258,187.00. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 1.30% of the company’s stock.

Large investors have recently made changes to their positions in the company. Resources Investment Advisors Inc. acquired a new position in shares of Inseego in the 4th quarter valued at about $86,000. PEAK6 Investments LLC acquired a new position in shares of Inseego in the 3rd quarter valued at about $106,000. Jane Street Group LLC acquired a new position in shares of Inseego in the 3rd quarter valued at about $134,000. Virtu Financial LLC acquired a new position in shares of Inseego in the 3rd quarter valued at about $156,000. Finally, FNY Investment Advisers LLC acquired a new position in shares of Inseego in the 3rd quarter valued at about $380,000. 42.49% of the stock is currently owned by institutional investors.

About Inseego

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.

Further Reading: Systematic Risk and Investors

To view ValuEngine’s full report, visit ValuEngine’s official website.

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