Inseego (NASDAQ:INSG) Share Price Breaks Above 50-Day Moving Average – Here’s What Happened

Inseego (NASDAQ:INSG) passed above its 50 day moving average during trading on Wednesday. The stock has a 50 day moving average of $4.30 and traded as high as $4.57. Inseego shares last traded at $4.54, with a volume of 175,953 shares changing hands.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the stock. Wall Street Zen raised shares of Inseego from a “strong sell” rating to a “sell” rating in a research note on Saturday, October 31st. Zacks Research raised Inseego from a “strong sell” rating to a “hold” rating in a research report on Tuesday, October 6th. UBS Group set a $9.00 price target on shares of Inseego in a research report on Thursday, August 6th. Lake Street Capital set a $12.00 price target on Inseego in a research report on Thursday, August 6th. Finally, Weiss Ratings cut Inseego from a “sell (d)” rating to a “sell (d-)” rating in a research report on Monday. Three analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $13.00.

Inseego Trading Down 9.2%

The stock’s fifty day moving average price is $4.30 and its two-hundred day moving average price is $8.97.

Inseego (NASDAQ:INSG) last announced its quarterly earnings data on Wednesday, November 4th. The technology company reported ($0.27) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.33) by $0.06. The firm had revenue of $33.26 million during the quarter, compared to the consensus estimate of $31.21 million. On average, research analysts forecast that Inseego will post -1.39 earnings per share for the current year.

Hedge Funds Weigh In On Inseego

Several hedge funds and other institutional investors have recently modified their holdings of INSG. Militia Capital Management LLC acquired a new position in shares of Inseego during the 1st quarter worth $518,000. Renaissance Technologies LLC lifted its position in shares of Inseego by 64.7% during the 1st quarter. Renaissance Technologies LLC now owns 118,317 shares of the technology company’s stock worth $1,316,000 after buying an additional 46,500 shares during the last quarter. Bank of New York Mellon Corp acquired a new stake in Inseego in the second quarter valued at about $290,000. Dimensional Fund Advisors LP boosted its stake in Inseego by 25.7% in the first quarter. Dimensional Fund Advisors LP now owns 129,235 shares of the technology company’s stock valued at $1,436,000 after buying an additional 26,423 shares in the last quarter. Finally, WINTON GROUP Ltd boosted its stake in Inseego by 138.3% in the second quarter. WINTON GROUP Ltd now owns 36,387 shares of the technology company’s stock valued at $376,000 after buying an additional 21,119 shares in the last quarter. Institutional investors own 34.20% of the company’s stock.

About Inseego

Inseego Corp. develops wireless broadband and mobile networking solutions for service providers, enterprises, small businesses, government organizations and consumers. The company focuses on connecting devices, locations and users through cellular networks, with an emphasis on 5G and other high-speed wireless technologies. Its product portfolio includes mobile hotspots, fixed wireless access equipment, indoor and outdoor customer-premises equipment, routers and gateways. Inseego also provides cloud-based device management and networking software designed to help customers provision, monitor and manage connected equipment.