Zacks: Analysts Anticipate Inseego Corp. (NASDAQ:INSG) Will Announce Quarterly Sales of $72.46 Million

Equities analysts expect Inseego Corp. (NASDAQ:INSG) to report sales of $72.46 million for the current quarter, Zacks Investment Research reports. Two analysts have issued estimates for Inseego’s earnings, with the highest sales estimate coming in at $73.31 million and the lowest estimate coming in at $71.60 million. Inseego reported sales of $86.06 million in the same quarter last year, which would indicate a negative year over year growth rate of 15.8%. The company is expected to report its next earnings results on Monday, March 7th.

On average, analysts expect that Inseego will report full year sales of $261.08 million for the current fiscal year, with estimates ranging from $259.31 million to $262.82 million. For the next fiscal year, analysts forecast that the company will post sales of $304.10 million, with estimates ranging from $299.67 million to $307.00 million. Zacks’ sales averages are a mean average based on a survey of research analysts that cover Inseego.

Inseego (NASDAQ:INSG) last released its quarterly earnings results on Wednesday, November 3rd. The technology company reported ($0.08) EPS for the quarter, topping the consensus estimate of ($0.11) by $0.03. The firm had revenue of $66.22 million for the quarter, compared to analysts’ expectations of $65.16 million. During the same quarter in the prior year, the business earned ($0.06) earnings per share.

Several research analysts have recently commented on INSG shares. Roth Capital lowered their price target on Inseego from $8.50 to $7.50 and set a “neutral” rating for the company in a research report on Thursday, August 5th. Zacks Investment Research lowered Inseego from a “hold” rating to a “sell” rating in a report on Tuesday, August 3rd. One analyst has rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat.com, Inseego currently has a consensus rating of “Hold” and a consensus target price of $11.30.

Shares of INSG traded up $0.22 during midday trading on Friday, hitting $6.82. 963,587 shares of the stock were exchanged, compared to its average volume of 2,193,542. Inseego has a 52-week low of $5.94 and a 52-week high of $21.93. The stock has a fifty day simple moving average of $6.83 and a 200 day simple moving average of $8.17. The firm has a market cap of $716.96 million, a P/E ratio of -12.40 and a beta of 1.56.

In other news, President Ashish Sharma acquired 5,000 shares of the company’s stock in a transaction dated Monday, November 22nd. The stock was acquired at an average cost of $6.90 per share, for a total transaction of $34,500.00. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Dan Mondor acquired 10,000 shares of the company’s stock in a transaction dated Tuesday, November 16th. The shares were purchased at an average price of $6.81 per share, with a total value of $68,100.00. The disclosure for this purchase can be found here. Company insiders own 2.80% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Patriot Financial Group Insurance Agency LLC increased its holdings in Inseego by 103.8% in the 2nd quarter. Patriot Financial Group Insurance Agency LLC now owns 2,650 shares of the technology company’s stock valued at $27,000 after purchasing an additional 1,350 shares in the last quarter. US Bancorp DE increased its holdings in Inseego by 302.7% in the 3rd quarter. US Bancorp DE now owns 4,756 shares of the technology company’s stock valued at $32,000 after purchasing an additional 3,575 shares in the last quarter. Moors & Cabot Inc. acquired a new stake in Inseego in the 3rd quarter valued at $578,000. SRS Capital Advisors Inc. acquired a new stake in Inseego in the 2nd quarter valued at $71,000. Finally, Rockefeller Capital Management L.P. boosted its position in Inseego by 329.4% in the 3rd quarter. Rockefeller Capital Management L.P. now owns 9,125 shares of the technology company’s stock valued at $60,000 after buying an additional 7,000 shares during the last quarter. Hedge funds and other institutional investors own 68.04% of the company’s stock.

About Inseego

Inseego Corp. engages in the business of communications equipment. The firm’s products include mobile hotspots, industrial gateways and routers, home and enterprise routers, industrial USB modems, and telematics and mobile tracking hardware devices. Its SaaS platforms include Ctrack, an asset tracking and management solution that delivers business intelligence for fleets used in various verticals, including aviation, construction, government, and transport; and Device Management Solutions, a hosted subscription management platform.

Recommended Story: Margin

Get a free copy of the Zacks research report on Inseego (INSG)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Inseego Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Inseego and related companies with MarketBeat.com's FREE daily email newsletter.