Inseego (NASDAQ:INSG) Shares Gap Down to $6.46

Inseego Corp (NASDAQ:INSG)’s share price gapped down before the market opened on Wednesday . The stock had previously closed at $6.44, but opened at $6.46. Inseego shares last traded at $6.74, with a volume of 39,500 shares traded.

Several research firms have recently commented on INSG. ValuEngine cut shares of Inseego from a “buy” rating to a “hold” rating in a research note on Tuesday. Zacks Investment Research upgraded shares of Inseego from a “sell” rating to a “hold” rating in a research note on Monday. BidaskClub raised shares of Inseego from a “hold” rating to a “buy” rating in a report on Tuesday. Northland Securities initiated coverage on shares of Inseego in a research report on Tuesday, November 26th. They issued a “buy” rating and a $6.00 price objective for the company. Finally, Canaccord Genuity lifted their price objective on Inseego from $7.00 to $8.50 and gave the company a “buy” rating in a report on Monday, October 28th. Two investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $6.50.

The company has a 50-day simple moving average of $5.39 and a 200-day simple moving average of $4.88. The stock has a market cap of $521.00 million, a PE ratio of -54.25 and a beta of 0.75.

Inseego (NASDAQ:INSG) last issued its earnings results on Wednesday, November 6th. The technology company reported ($0.04) EPS for the quarter, topping the consensus estimate of ($0.12) by $0.08. The company had revenue of $62.72 million for the quarter, compared to analysts’ expectations of $59.77 million. During the same quarter in the previous year, the firm posted ($0.10) earnings per share. Inseego’s revenue for the quarter was up 23.9% on a year-over-year basis. As a group, equities research analysts forecast that Inseego Corp will post -0.48 earnings per share for the current fiscal year.

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Advisory Services Network LLC grew its position in Inseego by 71.2% during the second quarter. Advisory Services Network LLC now owns 10,820 shares of the technology company’s stock worth $52,000 after buying an additional 4,500 shares during the period. BB&T Securities LLC boosted its stake in shares of Inseego by 14.3% during the 3rd quarter. BB&T Securities LLC now owns 20,000 shares of the technology company’s stock worth $95,000 after acquiring an additional 2,500 shares in the last quarter. FNY Investment Advisers LLC boosted its stake in shares of Inseego by 87.5% during the 3rd quarter. FNY Investment Advisers LLC now owns 51,572 shares of the technology company’s stock worth $247,000 after acquiring an additional 24,072 shares in the last quarter. Northern Trust Corp grew its holdings in shares of Inseego by 30.9% in the 2nd quarter. Northern Trust Corp now owns 159,290 shares of the technology company’s stock worth $763,000 after acquiring an additional 37,587 shares during the period. Finally, Cubist Systematic Strategies LLC grew its holdings in shares of Inseego by 132.4% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 73,404 shares of the technology company’s stock worth $352,000 after acquiring an additional 41,824 shares during the period. Hedge funds and other institutional investors own 47.24% of the company’s stock.

About Inseego (NASDAQ:INSG)

Inseego Corp. engages in the design and development of mobile, Internet of Things (IoT), and cloud solutions for large enterprise verticals, service providers, and small and medium-sized businesses worldwide. The company provides wireless 3G, 4G, and 5G hardware products that address various markets, including fleet and commercial telematics, aftermarket telematics, smart city infrastructure management, remote monitoring and control, wireless surveillance systems, security and connected home and fixed wireless access, and mobile broadband devices.

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