Inseego (INSG) Issueds New 1-Year High on Analyst Upgrade

Inseego (INSG) Issueds New 1-Year High on Analyst Upgrade

Shares of Inseego Corp (NASDAQ:INSG) hit a new 52-week high on Friday after Canaccord Genuity raised their price target on the stock from $5.50 to $6.50. Canaccord Genuity currently has a buy rating on the stock. Inseego traded as high as $5.62 and last traded at $5.47, with a volume of 1306475 shares traded. The stock had previously closed at $5.10.

Several other equities analysts also recently issued reports on the company. BidaskClub upgraded Inseego from a “buy” rating to a “strong-buy” rating in a research report on Friday, September 14th. Roth Capital initiated coverage on Inseego in a research report on Friday, October 12th. They issued a “buy” rating and a $5.00 price objective for the company. Lake Street Capital set a $5.00 price objective on Inseego and gave the company a “buy” rating in a research report on Wednesday, November 7th. Zacks Investment Research upgraded Inseego from a “hold” rating to a “buy” rating and set a $4.25 price objective for the company in a research report on Friday, November 9th. Finally, Northland Securities reiterated a “buy” rating and issued a $4.50 price objective on shares of Inseego in a research report on Friday, November 30th. Five research analysts have rated the stock with a buy rating and two have given a strong buy rating to the stock. Inseego presently has a consensus rating of “Buy” and a consensus target price of $5.10.

In related news, major shareholder Harbor Ltd. Golden acquired 9,752,729 shares of the company’s stock in a transaction that occurred on Wednesday, December 19th. The stock was acquired at an average price of $3.00 per share, for a total transaction of $29,258,187.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Jeffrey Tuder sold 53,862 shares of the company’s stock in a transaction dated Monday, November 26th. The shares were sold at an average price of $3.69, for a total value of $198,750.78. Following the completion of the sale, the director now owns 164,627 shares of the company’s stock, valued at approximately $607,473.63. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 154,191 shares of company stock valued at $569,966. 1.30% of the stock is currently owned by corporate insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc increased its holdings in Inseego by 39.8% in the third quarter. Vanguard Group Inc now owns 1,854,954 shares of the technology company’s stock valued at $7,142,000 after purchasing an additional 528,331 shares during the last quarter. Vanguard Group Inc. increased its holdings in Inseego by 39.8% in the third quarter. Vanguard Group Inc. now owns 1,854,954 shares of the technology company’s stock valued at $7,142,000 after purchasing an additional 528,331 shares during the last quarter. Renaissance Technologies LLC increased its holdings in Inseego by 227.3% in the third quarter. Renaissance Technologies LLC now owns 1,479,097 shares of the technology company’s stock valued at $5,695,000 after purchasing an additional 1,027,197 shares during the last quarter. BlackRock Inc. increased its holdings in Inseego by 3.1% in the second quarter. BlackRock Inc. now owns 1,047,118 shares of the technology company’s stock valued at $2,105,000 after purchasing an additional 31,469 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its holdings in Inseego by 1,187.4% in the third quarter. JPMorgan Chase & Co. now owns 818,297 shares of the technology company’s stock valued at $3,150,000 after purchasing an additional 754,733 shares during the last quarter. Institutional investors and hedge funds own 25.26% of the company’s stock.

The firm has a market cap of $372.83 million, a P/E ratio of -7.01 and a beta of 0.29.

Inseego (NASDAQ:INSG) last released its quarterly earnings data on Tuesday, November 6th. The technology company reported $0.15 EPS for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.23. The company had revenue of $50.63 million during the quarter, compared to the consensus estimate of $50.59 million. On average, sell-side analysts predict that Inseego Corp will post -0.14 earnings per share for the current year.

Inseego Company Profile (NASDAQ:INSG)

Inseego Corp., together with its subsidiaries, provides software-as-a-service (SaaS), Internet of Things (IoT), and mobile solutions worldwide. The company sells SaaS, software, and service solutions across multiple IoT vertical markets, including fleet management and vehicle telematics, aviation, usage-based insurance, stolen vehicle recovery, asset tracking and monitoring, business connectivity, and subscription management.

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