First Eagle Investment Management LLC Invests $2.11 Million in Inseego $INSG

First Eagle Investment Management LLC acquired a new stake in Inseego (NASDAQ:INSG) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 140,850 shares of the technology company’s stock, valued at approximately $2,109,000.

Several other hedge funds have also recently added to or reduced their stakes in INSG. Police & Firemen s Retirement System of New Jersey purchased a new stake in shares of Inseego in the second quarter valued at about $28,000. Bank of America Corp DE raised its position in shares of Inseego by 134.3% during the 2nd quarter. Bank of America Corp DE now owns 5,870 shares of the technology company’s stock worth $48,000 after purchasing an additional 3,365 shares during the last quarter. JPMorgan Chase & Co. lifted 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 valued at $50,000 after buying an additional 5,867 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in Inseego in the 2nd quarter valued at approximately $56,000. Finally, Maven Securities LTD purchased a new position in Inseego during the second quarter worth $82,000. 34.20% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

Inseego Trading Down 0.3%

Shares of NASDAQ:INSG opened at $11.47 on Thursday. The firm has a market cap of $186.04 million, a price-to-earnings ratio of -60.37 and a beta of 1.18. The stock’s 50-day moving average price is $11.03 and its two-hundred day moving average price is $12.28. Inseego has a 12-month low of $6.24 and a 12-month high of $18.11.

Inseego (NASDAQ:INSG) last posted its quarterly earnings data on Thursday, February 19th. The technology company reported $0.12 EPS for the quarter, beating analysts’ consensus estimates of $0.07 by $0.05. Inseego had a net margin of 0.50% and a negative return on equity of 13.38%. The company had revenue of $48.40 million during the quarter, compared to the consensus estimate of $46.89 million. As a group, research analysts forecast that Inseego will post -0.06 earnings per share for the current fiscal year.

Inseego Company Profile

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.