Inseego (NASDAQ:INSG) Cut to “Strong Sell” at Wall Street Zen

Wall Street Zen cut shares of Inseego (NASDAQ:INSG) from a hold rating to a strong sell rating in a research note released on Saturday morning.

Several other analysts also recently issued reports on the stock. UBS Group set a $9.00 price objective on shares of Inseego in a report on Thursday. TD Cowen reissued a “hold” rating and set a $18.00 target price (up from $15.00) on shares of Inseego in a research report on Wednesday, May 13th. Lake Street Capital set a $12.00 price target on shares of Inseego in a report on Thursday. Roth Capital restated a “buy” rating on shares of Inseego in a report on Friday. Finally, Weiss Ratings raised Inseego from a “sell (d)” rating to a “sell (d+)” rating in a research report on Monday, May 11th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $14.60.

Inseego Stock Performance

Shares of NASDAQ INSG opened at $5.34 on Friday. The business’s 50-day simple moving average is $8.98 and its 200-day simple moving average is $11.34. Inseego has a 52 week low of $4.77 and a 52 week high of $21.90. The firm has a market cap of $87.68 million, a price-to-earnings ratio of 41.08 and a beta of 1.70.

Inseego (NASDAQ:INSG) last announced its earnings results on Wednesday, August 5th. The technology company reported ($0.18) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.06). Inseego had a negative return on equity of 13.38% and a negative net margin of 6.41%.The company had revenue of $43.98 million for the quarter, compared to the consensus estimate of $39.90 million. As a group, equities research analysts forecast that Inseego will post -0.45 earnings per share for the current year.

Institutional Investors Weigh In On Inseego

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Dynamic Technology Lab Private Ltd raised its stake in Inseego by 23.6% during the 1st quarter. Dynamic Technology Lab Private Ltd now owns 19,313 shares of the technology company’s stock valued at $158,000 after purchasing an additional 3,685 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Inseego by 118.9% in the 2nd quarter. Geode Capital Management LLC now owns 279,787 shares of the technology company’s stock worth $2,306,000 after buying an additional 151,970 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Inseego by 3,087.9% during the second quarter. JPMorgan Chase & Co. now owns 6,057 shares of the technology company’s stock valued at $50,000 after acquiring an additional 5,867 shares during the period. XTX Topco Ltd bought a new position in Inseego during the 2nd quarter valued at about $89,000. Finally, New York State Common Retirement Fund acquired a new position in shares of Inseego in the 2nd quarter worth approximately $101,000. Institutional investors and hedge funds own 34.20% of the company’s stock.

About Inseego

Inseego Corp is a U.S.-based technology company specializing in 5G and intelligent Internet of Things (IoT) device-to-cloud solutions. The company develops hardware and software platforms designed to connect devices, vehicles and remote locations to high-speed wireless networks. Its core offerings include mobile hotspots, fixed wireless access gateways and ruggedized routers optimized for enterprise, industrial and government applications.

Inseego’s product portfolio encompasses 5G MiFi® mobile hotspots, virtual network functions (VNFs) for network management, telematics devices for fleet tracking and asset monitoring, as well as a suite of cloud-native software for device lifecycle management and data analytics.