Inseego (NASDAQ:INSG) Cut to “Hold” at ValuEngine

Inseego (NASDAQ:INSG) was downgraded by investment analysts at ValuEngine from a “buy” rating to a “hold” rating in a research report issued on Tuesday, ValuEngine reports.

A number of other analysts have also recently issued reports on the company. BidaskClub raised Inseego from a “sell” rating to a “hold” rating in a research report on Tuesday. Northland Securities set a $6.00 price objective on Inseego and gave the company a “buy” rating in a research report on Friday, July 19th. National Securities reissued a “buy” rating and set a $5.50 price objective on shares of Inseego in a research report on Wednesday, August 7th. Zacks Investment Research raised Inseego from a “strong sell” rating to a “hold” rating in a research report on Wednesday, October 9th. Finally, Canaccord Genuity set a $7.00 price objective on Inseego and gave the company a “buy” rating in a research report on Wednesday, August 7th. Three analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $6.25.

Shares of Inseego stock traded up $0.31 during midday trading on Tuesday, hitting $5.71. The company’s stock had a trading volume of 2,003,752 shares, compared to its average volume of 1,003,801. The firm has a market capitalization of $413.61 million, a P/E ratio of -47.58 and a beta of 0.66. The stock has a 50-day simple moving average of $4.86 and a 200-day simple moving average of $4.71. Inseego has a 1-year low of $3.30 and a 1-year high of $6.00.

Inseego (NASDAQ:INSG) last issued its earnings results on Tuesday, August 6th. The technology company reported ($0.14) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.08) by ($0.06). The firm had revenue of $55.89 million during the quarter, compared to analyst estimates of $53.11 million. The firm’s revenue for the quarter was up 13.9% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.11) earnings per share. On average, analysts forecast that Inseego will post -0.44 EPS for the current year.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in INSG. BlackRock Inc. boosted its position in Inseego by 229.2% during the second quarter. BlackRock Inc. now owns 2,918,234 shares of the technology company’s stock valued at $13,977,000 after purchasing an additional 2,031,809 shares during the last quarter. Vanguard Group Inc. boosted its position in Inseego by 31.5% during the second quarter. Vanguard Group Inc. now owns 2,235,809 shares of the technology company’s stock valued at $10,709,000 after purchasing an additional 535,156 shares during the last quarter. Bank of New York Mellon Corp boosted its position in Inseego by 323.7% during the second quarter. Bank of New York Mellon Corp now owns 155,048 shares of the technology company’s stock valued at $742,000 after purchasing an additional 118,450 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in Inseego by 666.9% during the second quarter. Charles Schwab Investment Management Inc. now owns 106,603 shares of the technology company’s stock valued at $511,000 after purchasing an additional 92,703 shares during the last quarter. Finally, Family Management Corp boosted its position in Inseego by 42.1% during the second quarter. Family Management Corp now owns 299,527 shares of the technology company’s stock valued at $1,435,000 after purchasing an additional 88,802 shares during the last quarter. 47.97% of the stock is owned by hedge funds and other institutional investors.

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.

Recommended Story: Why is a lock-up period needed for an IPO?

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

Analyst Recommendations for Inseego (NASDAQ:INSG)

Receive News & Ratings for Inseego Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Inseego and related companies with MarketBeat.com's FREE daily email newsletter.