Inseego (NASDAQ:INSG) Stock Rating Lowered by Wall Street Zen

Inseego (NASDAQ:INSG) was downgraded by Wall Street Zen from a “sell” rating to a “strong sell” rating in a research note issued to investors on Saturday, Wall Street Zen reports.

Several other research firms have also recently commented on INSG. UBS Group set a $9.00 target price on shares of Inseego in a research note on Thursday, August 6th. Weiss Ratings cut Inseego from a “sell (d+)” rating to a “sell (d)” rating in a report on Friday, August 21st. Zacks Research downgraded Inseego from a “hold” rating to a “strong sell” rating in a research report on Friday, August 14th. Roth Capital reaffirmed a “buy” rating on shares of Inseego in a research note on Friday, August 7th. Finally, Lake Street Capital set a $12.00 price target on Inseego in a research report on Thursday, August 6th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, Inseego currently has a consensus rating of “Hold” and an average price target of $14.60.

Inseego Stock Performance

NASDAQ:INSG opened at $4.61 on Friday. The stock has a market cap of $75.70 million, a price-to-earnings ratio of 35.46 and a beta of 1.61. Inseego has a 1 year low of $3.58 and a 1 year high of $21.90. The business has a fifty day moving average of $4.80 and a 200-day moving average of $9.42.

Inseego (NASDAQ:INSG) last issued its quarterly earnings data on Wednesday, August 5th. The technology company reported ($0.18) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.06). The company had revenue of $43.98 million for the quarter, compared to analyst estimates of $39.90 million. On average, equities research analysts predict that Inseego will post -1.39 EPS for the current year.

Institutional Investors Weigh In On Inseego

A number of institutional investors and hedge funds have recently modified their holdings of the stock. WINTON GROUP Ltd raised its holdings in shares of Inseego by 138.3% during the second quarter. WINTON GROUP Ltd now owns 36,387 shares of the technology company’s stock valued at $376,000 after acquiring an additional 21,119 shares during the period. Engineers Gate Manager LP acquired a new position in Inseego in the 2nd quarter worth approximately $115,000. AXQ Capital LP acquired a new position in Inseego in the 2nd quarter worth approximately $128,000. Bank of New York Mellon Corp purchased a new position in Inseego during the 2nd quarter worth approximately $290,000. Finally, Militia Capital Management LLC purchased a new position in Inseego during the 1st quarter worth approximately $518,000. 34.20% of the stock is owned by institutional investors and hedge funds.

About Inseego

Inseego Corp. (NASDAQ: INSG) develops and supplies wireless broadband solutions for businesses, service providers and other organizations. Its product portfolio includes 4G LTE and 5G mobile hotspots, fixed wireless access devices, indoor and outdoor customer-premises equipment, routers and gateways designed to provide primary or backup internet connectivity.

The company also provides cloud-based management and software tools that help customers deploy, monitor and manage connected devices and wireless networks.