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

Wall Street Zen lowered shares of Inseego (NASDAQ:INSG) from a sell rating to a strong sell rating in a research note published on Saturday morning,Wall Street Zen reports.

A number of other equities research analysts have also recently weighed in on INSG. Zacks Research cut Inseego from a “hold” rating to a “strong sell” rating in a report on Friday, August 14th. Lake Street Capital set a $12.00 price objective on Inseego in a report on Thursday, August 6th. Roth Capital restated a “buy” rating on shares of Inseego in a research report on Friday, August 7th. UBS Group set a $9.00 target price on Inseego in a research note on Thursday, August 6th. Finally, Weiss Ratings lowered Inseego from a “sell (d+)” rating to a “sell (d)” rating in a research report on Friday, August 21st. Three research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $13.25.

Inseego Stock Performance

Shares of INSG opened at $4.62 on Friday. Inseego has a 1 year low of $3.58 and a 1 year high of $21.90. The company has a market cap of $75.86 million, a price-to-earnings ratio of 35.54 and a beta of 1.61. The firm has a fifty day moving average of $4.75 and a 200-day moving average of $9.37.

Inseego (NASDAQ:INSG) last released its quarterly earnings data on Wednesday, August 5th. The technology company reported ($0.18) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.06). The company had revenue of $43.98 million for the quarter, compared to analyst estimates of $39.90 million. Analysts predict that Inseego will post -1.39 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in INSG. Militia Capital Management LLC purchased a new position in shares of Inseego in the first quarter worth approximately $518,000. Renaissance Technologies LLC lifted its position in shares of Inseego by 64.7% in the 1st quarter. Renaissance Technologies LLC now owns 118,317 shares of the technology company’s stock valued at $1,316,000 after acquiring an additional 46,500 shares in the last quarter. Bank of New York Mellon Corp acquired a new position in Inseego in the 2nd quarter worth approximately $290,000. Dimensional Fund Advisors LP boosted its stake in Inseego by 25.7% in the 1st quarter. Dimensional Fund Advisors LP now owns 129,235 shares of the technology company’s stock worth $1,436,000 after purchasing an additional 26,423 shares during the period. Finally, WINTON GROUP Ltd grew its position in Inseego by 138.3% during the 2nd quarter. WINTON GROUP Ltd now owns 36,387 shares of the technology company’s stock worth $376,000 after purchasing an additional 21,119 shares in the last quarter. 34.20% of the stock is currently owned by institutional investors.

Inseego Company Profile

Inseego Corp. (NASDAQ: INSG) develops and supplies wireless broadband solutions for businesses, service providers and other organizations. Its product portfolio includes 4G LTE and 5G mobile hotspots, fixed wireless access devices, indoor and outdoor customer-premises equipment, routers and gateways designed to provide primary or backup internet connectivity.

The company also provides cloud-based management and software tools that help customers deploy, monitor and manage connected devices and wireless networks.