Inseego Corp. (NASDAQ:INSG) Short Interest Update

Inseego Corp. (NASDAQ:INSG) saw a significant increase in short interest in the month of June. As of June 15th, there was short interest totalling 906,300 shares, an increase of 14.7% from the May 31st total of 790,200 shares. Based on an average trading volume of 195,100 shares, the days-to-cover ratio is currently 4.6 days. Approximately 9.5% of the shares of the company are sold short.

Institutional Trading of Inseego

Hedge funds and other institutional investors have recently made changes to their positions in the company. Braslyn Ltd. bought a new position in shares of Inseego in the 4th quarter worth about $1,675,000. Simplicity Wealth LLC bought a new stake in Inseego in the first quarter worth approximately $2,132,000. Stratos Wealth Partners LTD. lifted its stake in Inseego by 14.8% in the fourth quarter. Stratos Wealth Partners LTD. now owns 207,972 shares of the technology company’s stock valued at $46,000 after buying an additional 26,850 shares during the period. Simplicity Solutions LLC bought a new position in shares of Inseego during the 4th quarter worth approximately $1,674,000. Finally, GSA Capital Partners LLP grew its position in shares of Inseego by 16.4% during the 3rd quarter. GSA Capital Partners LLP now owns 1,602,866 shares of the technology company’s stock worth $673,000 after buying an additional 225,340 shares during the period. 34.20% of the stock is currently owned by institutional investors.

Inseego Stock Up 3.3 %

INSG traded up $0.38 during trading on Wednesday, hitting $11.99. 50,014 shares of the stock traded hands, compared to its average volume of 161,146. The business has a 50 day moving average price of $7.26 and a 200 day moving average price of $4.21. Inseego has a twelve month low of $1.62 and a twelve month high of $13.42.

Inseego (NASDAQ:INSG) last announced its quarterly earnings data on Thursday, May 9th. The technology company reported ($0.44) earnings per share for the quarter, topping the consensus estimate of ($0.49) by $0.05. The business had revenue of $45.01 million for the quarter, compared to the consensus estimate of $41.40 million. During the same quarter in the prior year, the company earned ($0.50) earnings per share. Research analysts forecast that Inseego will post -0.43 EPS for the current fiscal year.

Analysts Set New Price Targets

Separately, TD Cowen increased their target price on shares of Inseego from $12.00 to $13.50 and gave the stock a “hold” rating in a research report on Tuesday.

About Inseego

Inseego Corp. engages in the design and development of cloud-managed wireless wide area network (WAN) and intelligent edge solutions for businesses, consumers, and governments worldwide. The company provides 5G and 4G mobile broadband solutions, such as mobile hotspots under the MiFi brand; and 4G VoLTE products and 4G USB modems.