Inseego (INSG) Trading 8.1% Higher

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Shares of Inseego Corp (NASDAQ:INSG) traded up 8.1% during trading on Thursday . The stock traded as high as $4.00 and last traded at $4.00. 855,386 shares were traded during trading, an increase of 114% from the average session volume of 399,700 shares. The stock had previously closed at $3.70.

Several analysts recently commented on the company. Zacks Investment Research downgraded Inseego from a “buy” rating to a “hold” rating in a research note on Saturday. ValuEngine raised Inseego from a “hold” rating to a “buy” rating in a research note on Thursday, August 9th. Northland Securities raised their price objective on Inseego from $3.00 to $4.50 and gave the stock an “outperform” rating in a research note on Tuesday, September 11th. BidaskClub downgraded Inseego from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, October 9th. Finally, Canaccord Genuity raised Inseego from a “hold” rating to a “buy” rating and lifted their price target for the company from $2.25 to $4.50 in a research note on Thursday, September 6th. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $4.75.

The company has a market cap of $267.92 million, a PE ratio of -5.19 and a beta of 0.37.

Inseego (NASDAQ:INSG) last released its quarterly earnings results on Tuesday, August 7th. The technology company reported ($0.02) earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.02). The firm had revenue of $49.06 million during the quarter, compared to analyst estimates of $46.44 million. As a group, equities analysts forecast that Inseego Corp will post -0.37 EPS for the current year.

Several institutional investors and hedge funds have recently added to or reduced their stakes in INSG. FNY Investment Advisers LLC acquired a new stake in shares of Inseego in the 3rd quarter valued at about $380,000. ClariVest Asset Management LLC bought a new position in shares of Inseego in the 3rd quarter valued at about $480,000. Engineers Gate Manager LP bought a new position in shares of Inseego in the 3rd quarter valued at about $499,000. Family Management Corp grew its holdings in shares of Inseego by 525.0% in the 2nd quarter. Family Management Corp now owns 262,502 shares of the technology company’s stock valued at $527,000 after acquiring an additional 220,502 shares in the last quarter. Finally, Renaissance Technologies LLC grew its holdings in shares of Inseego by 21.6% in the 2nd quarter. Renaissance Technologies LLC now owns 451,900 shares of the technology company’s stock valued at $908,000 after acquiring an additional 80,400 shares in the last quarter. 6.56% of the stock is currently owned by hedge funds and other institutional investors.

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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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