Inseego (NASDAQ:INSG) Issues Quarterly Earnings Results, Beats Estimates By $0.05 EPS

Inseego (NASDAQ:INSG) announced its quarterly earnings data on Thursday. The technology company reported $0.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.07 by $0.05, FiscalAI reports. Inseego had a negative return on equity of 8.87% and a negative net margin of 0.12%.The firm had revenue of $48.40 million for the quarter, compared to analysts’ expectations of $46.89 million.

Inseego Stock Performance

Shares of NASDAQ:INSG traded up $0.66 during trading hours on Thursday, hitting $10.56. 319,662 shares of the company’s stock traded hands, compared to its average volume of 159,125. The company’s fifty day simple moving average is $10.81 and its two-hundred day simple moving average is $11.95. The company has a market cap of $161.88 million, a price-to-earnings ratio of -40.62 and a beta of 1.18. Inseego has a 52 week low of $6.24 and a 52 week high of $18.11.

Analyst Upgrades and Downgrades

Several research firms have recently commented on INSG. Wall Street Zen raised shares of Inseego from a “sell” rating to a “hold” rating in a report on Sunday, November 16th. Lake Street Capital began coverage on Inseego in a report on Monday, December 15th. They issued a “buy” rating and a $17.00 price target on the stock. TD Cowen restated a “hold” rating and set a $15.00 price objective (up from $14.00) on shares of Inseego in a research note on Thursday, January 15th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Inseego in a research report on Monday, December 29th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $16.50.

Institutional Investors Weigh In On Inseego

Institutional investors and hedge funds have recently modified their holdings of the stock. Kestra Advisory Services LLC acquired a new stake in shares of Inseego during the fourth quarter worth $33,000. BNP Paribas Financial Markets raised its holdings in shares of Inseego by 129.3% during the third quarter. BNP Paribas Financial Markets now owns 2,708 shares of the technology company’s stock valued at $41,000 after acquiring an additional 1,527 shares during the period. Bank of America Corp DE lifted its position in shares of Inseego by 134.3% in the 2nd quarter. Bank of America Corp DE now owns 5,870 shares of the technology company’s stock valued at $48,000 after acquiring an additional 3,365 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in Inseego by 3,087.9% in the 2nd quarter. JPMorgan Chase & Co. now owns 6,057 shares of the technology company’s stock worth $50,000 after purchasing an additional 5,867 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in Inseego during the second quarter valued at $56,000. Institutional investors and hedge funds own 34.20% of the company’s stock.

About Inseego

Inseego Corp is a U.S.-based technology company specializing in 5G and intelligent Internet of Things (IoT) device-to-cloud solutions. The company develops hardware and software platforms designed to connect devices, vehicles and remote locations to high-speed wireless networks. Its core offerings include mobile hotspots, fixed wireless access gateways and ruggedized routers optimized for enterprise, industrial and government applications.

Inseego’s product portfolio encompasses 5G MiFi® mobile hotspots, virtual network functions (VNFs) for network management, telematics devices for fleet tracking and asset monitoring, as well as a suite of cloud-native software for device lifecycle management and data analytics.