Inseego Corp. (NASDAQ:INSG) Posts Earnings Results, Meets Estimates
Inseego Corp. (NASDAQ:INSG) announced its quarterly earnings results on Monday. The technology company reported ($0.21) earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of ($0.21), Morningstar.com reports. 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 for the quarter, compared to the consensus estimate of $55.11 million.
Shares of Inseego Corp. (NASDAQ INSG) traded up 3.60% on Tuesday, hitting $1.15. The stock had a trading volume of 437,209 shares. The stock has a 50 day moving average of $1.25 and a 200 day moving average of $1.97. Inseego Corp. has a 12-month low of $0.87 and a 12-month high of $3.80. The firm’s market cap is $64.37 million.
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A number of research analysts have recently issued reports on INSG shares. Zacks Investment Research upgraded Inseego Corp. from a “sell” rating to a “buy” rating and set a $1.50 price target on the stock in a report on Wednesday, July 12th. Northland Securities set a $2.00 price target on Inseego Corp. and gave the company a “buy” rating in a report on Monday, June 26th. Canaccord Genuity reiterated a “hold” rating and issued a $1.25 price target on shares of Inseego Corp. in a report on Thursday, June 8th. Finally, ValuEngine upgraded Inseego Corp. from a “strong sell” rating to a “sell” rating in a report on Tuesday, June 27th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the company. Inseego Corp. has an average rating of “Hold” and a consensus target price of $1.94.
Several hedge funds have recently made changes to their positions in the stock. Renaissance Technologies LLC bought a new stake in shares of Inseego Corp. during the fourth quarter valued at about $1,748,000. Two Sigma Investments LP bought a new stake in shares of Inseego Corp. during the fourth quarter valued at about $167,000. Spark Investment Management LLC boosted its stake in shares of 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 bought a new stake in shares of Inseego Corp. during the fourth quarter valued at about $1,485,000. Finally, Goldman Sachs Group Inc. boosted its stake in shares of Inseego Corp. by 2,239.6% in the first quarter. Goldman Sachs Group Inc. now owns 696,502 shares of the technology company’s stock valued at $1,456,000 after buying an additional 666,732 shares during the last quarter. Institutional investors and hedge funds own 12.36% of the company’s stock.
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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