Zacks Investment Research Downgrades Inseego Corp. (INSG) to Sell
Inseego Corp. (NASDAQ:INSG) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Tuesday.
According to Zacks, “Inseego Corp. is a provider of software-as-a-service and solutions for the Internet of Things. The company sells telematics solutions under the Ctrack brand, including fleet management, asset tracking and monitoring, stolen vehicle recovery and usage-based insurance platforms. It also sells business connectivity solutions and device management services through Novatel Wireless, Inc. and Feeney Wireless. Inseego Corp., formerly known as Novatel Wireless Inc., is headquartered in San Diego, California. “
Several other analysts also recently weighed in on the stock. Northland Securities set a $2.00 price target on shares of Inseego Corp. and gave the company a “buy” rating in a research note on Monday, August 14th. Canaccord Genuity lifted their price target on shares of Inseego Corp. from $1.25 to $1.50 and gave the company a “hold” rating in a research note on Tuesday, August 8th. Finally, ValuEngine raised shares of Inseego Corp. from a “strong sell” rating to a “sell” rating in a research note on Tuesday, June 27th.
Shares of Inseego Corp. (INSG) opened at 1.35 on Tuesday. The company’s 50-day moving average price is $1.23 and its 200 day moving average price is $1.75. Inseego Corp. has a 1-year low of $0.87 and a 1-year high of $3.74. The firm’s market cap is $75.86 million.
Inseego Corp. (NASDAQ:INSG) last announced its earnings results on Monday, August 7th. The technology company reported ($0.21) earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.21). Inseego Corp. had a negative return on equity of 204.22% and a negative net margin of 32.34%. The business had revenue of $59.91 million during the quarter, compared to analyst estimates of $55.11 million. On average, analysts predict that Inseego Corp. will post ($0.35) EPS for the current year.
A number of institutional investors have recently modified their holdings of INSG. Spark Investment Management LLC increased its position in shares of Inseego Corp. by 55.1% in the first quarter. Spark Investment Management LLC now owns 58,800 shares of the technology company’s stock worth $122,000 after buying an additional 20,900 shares during the last quarter. Dimensional Fund Advisors LP acquired a new position in shares of Inseego Corp. during the fourth quarter worth about $1,485,000. Goldman Sachs Group Inc. increased its position in shares of Inseego Corp. by 2,239.6% in the first quarter. Goldman Sachs Group Inc. now owns 696,502 shares of the technology company’s stock worth $1,456,000 after buying an additional 666,732 shares during the last quarter. Finally, Vanguard Group Inc. increased its position in shares of Inseego Corp. by 2.4% in the second quarter. Vanguard Group Inc. now owns 1,050,470 shares of the technology company’s stock worth $1,313,000 after buying an additional 25,100 shares during the last quarter. 9.89% of the stock is owned by institutional investors.
Inseego Corp. Company Profile
Novatel Wireless, Inc is a provider of intelligent wireless solutions for the mobile communications market. The Company’s range of products includes intelligent mobile hotspots, universal serial bus (USB) modems, embedded modules, integrated asset-management and mobile tracking machine-to-machine (M2M) devices, communications and applications software and cloud services.
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