Inseego Corp. (INSG) Sees Large Volume Increase on Analyst Upgrade
Shares of Inseego Corp. (NASDAQ:INSG) saw strong trading volume on Tuesday after Canaccord Genuity raised their price target on the stock from $1.25 to $1.50. Canaccord Genuity currently has a hold rating on the stock. 1,094,499 shares traded hands during trading, an increase of 281% from the previous session’s volume of 287,347 shares.The stock last traded at $1.15 and had previously closed at $1.11.
Several other equities analysts also recently commented on the stock. Zacks Investment Research raised shares of Inseego Corp. from a “sell” rating to a “buy” rating and set a $1.50 price objective for the company in a research note on Wednesday, July 12th. ValuEngine raised shares of Inseego Corp. from a “strong sell” rating to a “sell” rating in a research note on Tuesday, June 27th. Finally, 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. One analyst has rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $2.00.
A number of institutional investors have recently modified their holdings of the stock. Goldman Sachs Group Inc. increased its position 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. Spark Investment Management LLC increased its position 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. Renaissance Technologies LLC bought a new position in shares of Inseego Corp. during the fourth quarter valued at approximately $1,748,000. Finally, Dimensional Fund Advisors LP bought a new position in shares of Inseego Corp. during the fourth quarter valued at approximately $1,485,000. 12.36% of the stock is owned by institutional investors and hedge funds.
The company’s 50-day moving average is $1.26 and its 200 day moving average is $1.96. The company’s market capitalization is $64.37 million.
Inseego Corp. (NASDAQ:INSG) last announced its earnings results on Monday, August 7th. The technology company reported ($0.21) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.21). Inseego Corp. had a negative net margin of 27.92% and a negative return on equity of 204.22%. The business had revenue of $59.91 million during the quarter, compared to analyst estimates of $55.11 million. On average, analysts expect that Inseego Corp. will post ($0.34) earnings per share for the current year.
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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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