Zacks: Analysts Expect Inseego Corp. (NASDAQ:INSG) to Post -$0.11 Earnings Per Share

Equities analysts expect Inseego Corp. (NASDAQ:INSGGet Rating) to announce ($0.11) earnings per share for the current fiscal quarter, according to Zacks Investment Research. Four analysts have made estimates for Inseego’s earnings. The highest EPS estimate is ($0.09) and the lowest is ($0.13). Inseego reported earnings per share of ($0.08) in the same quarter last year, which suggests a negative year-over-year growth rate of 37.5%. The company is scheduled to report its next earnings results on Monday, January 1st.

According to Zacks, analysts expect that Inseego will report full year earnings of ($0.38) per share for the current year, with EPS estimates ranging from ($0.44) to ($0.35). For the next year, analysts forecast that the business will post earnings of ($0.23) per share, with EPS estimates ranging from ($0.26) to ($0.18). Zacks’ EPS averages are an average based on a survey of analysts that follow Inseego.

Inseego (NASDAQ:INSGGet Rating) last announced its earnings results on Wednesday, May 4th. The technology company reported ($0.24) EPS for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.10). The company had revenue of $61.38 million during the quarter, compared to the consensus estimate of $62.64 million. During the same period last year, the business earned ($0.18) EPS. Inseego’s revenue for the quarter was up 6.6% compared to the same quarter last year.

INSG has been the subject of several recent analyst reports. Zacks Investment Research downgraded Inseego from a “hold” rating to a “sell” rating in a research note on Friday, May 13th. Canaccord Genuity Group upgraded Inseego from a “hold” rating to a “buy” rating and cut their price objective for the company from $8.00 to $7.00 in a research report on Wednesday, March 2nd. Stifel Nicolaus began coverage on Inseego in a research note on Friday, May 13th. They issued a “hold” rating for the company. Finally, Canaccord Genuity Group upgraded Inseego from a “hold” rating to a “buy” rating and reduced their price objective for the stock from $8.00 to $7.00 in a research report on Wednesday, March 2nd. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $7.17.

In related news, Chairman Dan Mondor sold 50,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 9th. The stock was sold at an average price of $4.61, for a total transaction of $230,500.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 2.80% of the stock is currently owned by insiders.

Institutional investors have recently made changes to their positions in the stock. US Bancorp DE boosted its position in shares of Inseego by 302.7% during the third quarter. US Bancorp DE now owns 4,756 shares of the technology company’s stock valued at $32,000 after buying an additional 3,575 shares during the period. Patriot Financial Group Insurance Agency LLC raised its holdings in Inseego by 64.5% in the 4th quarter. Patriot Financial Group Insurance Agency LLC now owns 5,675 shares of the technology company’s stock worth $33,000 after purchasing an additional 2,225 shares during the period. Wedbush Securities Inc. purchased a new position in Inseego in the 1st quarter valued at $42,000. Hsbc Holdings PLC purchased a new stake in Inseego in the 1st quarter valued at about $50,000. Finally, Rockefeller Capital Management L.P. grew its position in shares of Inseego by 329.4% during the third quarter. Rockefeller Capital Management L.P. now owns 9,125 shares of the technology company’s stock worth $60,000 after buying an additional 7,000 shares in the last quarter. Institutional investors own 47.75% of the company’s stock.

Shares of NASDAQ INSG traded up $0.08 during midday trading on Friday, reaching $2.16. 1,294,733 shares of the stock were exchanged, compared to its average volume of 1,139,119. The company has a market capitalization of $231.98 million, a P/E ratio of -3.72 and a beta of 1.68. Inseego has a 52-week low of $1.97 and a 52-week high of $10.99. The stock has a 50 day moving average price of $3.15 and a 200-day moving average price of $4.61.

Inseego Company Profile (Get Rating)

Inseego Corp. engages in the design and development of fixed and mobile wireless solutions, industrial Internet of Things (IIoT), and cloud solutions for large enterprise verticals, service providers, small and medium-sized businesses, governments, and consumers worldwide. The company provides wireless 4G and 5G hardware products, including private LTE/5G networks, First responders network authority/Firstnet, SD-WAN, telematics, remote monitoring and surveillance, and fixed wireless access and mobile broadband devices.

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