Inseego (INSG) Downgraded by Zacks Investment Research
Zacks Investment Research cut shares of Inseego (NASDAQ:INSG) from a strong-buy rating to a hold rating in a research report released on Thursday.
According to Zacks, “Inseego Corp. is a provider of software-as-a-service and solutions for the Internet of Things. The company sells telematics solutions under the Ctrack brand, including fleet management, asset tracking and monitoring, stolen vehicle recovery and usage-based insurance platforms. It also sells business connectivity solutions and device management services through Novatel Wireless, Inc. and Feeney Wireless. Inseego Corp., formerly known as Novatel Wireless Inc., is headquartered in San Diego, California. “
Several other research analysts have also commented on INSG. Canaccord Genuity reaffirmed a buy rating and set a $5.50 price objective on shares of Inseego in a research note on Monday, December 10th. Northland Securities reissued a buy rating and set a $4.50 target price on shares of Inseego in a research note on Friday, November 30th. BidaskClub lowered shares of Inseego from a buy rating to a hold rating in a research note on Tuesday, October 23rd. Roth Capital initiated coverage on shares of Inseego in a research note on Friday, October 12th. They set a buy rating and a $5.00 target price for the company. Finally, Lake Street Capital set a $5.00 target price on shares of Inseego and gave the company a buy rating in a research note on Wednesday, November 7th. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. The company presently has an average rating of Buy and a consensus target price of $4.85.
Inseego (NASDAQ:INSG) last posted its quarterly earnings data on Tuesday, November 6th. The technology company reported $0.15 EPS for the quarter, topping the consensus estimate of ($0.08) by $0.23. The firm had revenue of $50.63 million for the quarter, compared to analysts’ expectations of $50.59 million. Equities research analysts expect that Inseego will post -0.14 earnings per share for the current fiscal year.
In other news, Director Jeffrey Tuder sold 12,685 shares of the business’s stock in a transaction on Monday, November 19th. The shares were sold at an average price of $3.70, for a total transaction of $46,934.50. Following the completion of the sale, the director now directly owns 126,413 shares of the company’s stock, valued at $467,728.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold 154,191 shares of company stock valued at $569,966 over the last three months. Insiders own 1.30% of the company’s stock.
Several institutional investors and hedge funds have recently modified their holdings of INSG. PEAK6 Investments LLC purchased a new stake in shares of Inseego during the third quarter valued at $106,000. Jane Street Group LLC purchased a new stake in Inseego in the third quarter worth about $134,000. Virtu Financial LLC purchased a new stake in Inseego in the third quarter worth about $156,000. FNY Investment Advisers LLC purchased a new stake in Inseego in the third quarter worth about $380,000. Finally, ClariVest Asset Management LLC purchased a new stake in Inseego in the third quarter worth about $480,000. 25.26% of the stock is owned by hedge funds and other institutional investors.
Inseego Company Profile
Inseego Corp., together with its subsidiaries, provides software-as-a-service (SaaS), Internet of Things (IoT), and mobile solutions worldwide. The company sells SaaS, software, and service solutions across multiple IoT vertical markets, including fleet management and vehicle telematics, aviation, usage-based insurance, stolen vehicle recovery, asset tracking and monitoring, business connectivity, and subscription management.
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