Goldman Sachs Group Inc. raised its stake in shares of Inseego Corp. (NASDAQ:INSG) by 2,239.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 696,502 shares of the technology company’s stock after buying an additional 666,732 shares during the period. Goldman Sachs Group Inc.’s holdings in Inseego Corp. were worth $1,456,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Spark Investment Management LLC raised its position in Inseego Corp. by 55.1% in the first quarter. Spark Investment Management LLC now owns 58,800 shares of the technology company’s stock valued at $122,000 after buying an additional 20,900 shares during the last quarter. Dimensional Fund Advisors LP acquired a new position in Inseego Corp. during the fourth quarter valued at approximately $1,485,000. Finally, Renaissance Technologies LLC acquired a new position in Inseego Corp. during the fourth quarter valued at approximately $1,748,000. 12.36% of the stock is owned by institutional investors and hedge funds.
Inseego Corp. (NASDAQ INSG) traded down 0.90% on Tuesday, hitting $1.10. 480,581 shares of the stock traded hands. Inseego Corp. has a 12-month low of $0.87 and a 12-month high of $3.80. The firm’s 50-day moving average price is $1.25 and its 200-day moving average price is $1.97. The stock’s market cap is $61.57 million.
Inseego Corp. (NASDAQ:INSG) last issued its earnings results on Monday, August 7th. The technology company reported ($0.21) earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of ($0.21). Inseego Corp. had a negative return on equity of 204.22% and a negative net margin of 27.92%. The business had revenue of $59.91 million during the quarter, compared to analysts’ expectations of $55.11 million. On average, equities research analysts anticipate that Inseego Corp. will post ($0.34) EPS for the current fiscal year.
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Several research firms have recently commented on INSG. Zacks Investment Research lowered shares of Inseego Corp. from a “hold” rating to a “sell” rating in a research note on Monday, May 1st. Northland Securities set a $2.00 price objective on shares of Inseego Corp. and gave the company a “buy” rating in a research note on Monday, June 26th. Canaccord Genuity reissued a “hold” rating and issued a $1.25 price objective on shares of Inseego Corp. in a research note on Thursday, June 8th. Finally, ValuEngine lowered shares of Inseego Corp. from a “sell” rating to a “strong sell” rating in a research note on Tuesday, May 16th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $1.94.
About Inseego Corp.
Novatel Wireless, Inc is a provider of intelligent wireless solutions for the mobile communications market. The Company’s range of products includes intelligent mobile hotspots, universal serial bus (USB) modems, embedded modules, integrated asset-management and mobile tracking machine-to-machine (M2M) devices, communications and applications software and cloud services.
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