Inseego (NASDAQ:INSG) Issues Earnings Results

by · The Markets Daily

Inseego (NASDAQ:INSG – Get Free Report) posted its earnings results on Thursday. The technology company reported $0.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.07 by $0.05, FiscalAI reports. The company had revenue of $48.40 million during the quarter, compared to analyst estimates of $46.89 million. Inseego had a negative return on equity of 8.87% and a negative net margin of 0.12%.

Inseego Trading Up 6.7%

Shares of INSG stock traded up $0.66 on Thursday, hitting $10.56. 325,304 shares of the stock were exchanged, compared to its average volume of 162,038. The firm has a market capitalization of $161.88 million, a P/E ratio of -40.62 and a beta of 1.18. Inseego has a fifty-two week low of $6.24 and a fifty-two week high of $18.11. The business has a 50-day moving average of $10.81 and a 200 day moving average of $11.95.

Institutional Trading of Inseego

Hedge funds and other institutional investors have recently made changes to their positions in the business. BNP Paribas Financial Markets raised its stake in Inseego by 129.3% in the third quarter. BNP Paribas Financial Markets now owns 2,708 shares of the technology company’s stock valued at $41,000 after buying an additional 1,527 shares during the period. Kestra Advisory Services LLC bought a new stake in Inseego in the 4th quarter valued at $33,000. Bank of America Corp DE raised its stake in Inseego by 134.3% in the 2nd quarter. Bank of America Corp DE now owns 5,870 shares of the technology company’s stock valued at $48,000 after acquiring an additional 3,365 shares during the period. JPMorgan Chase & Co. lifted its holdings in Inseego by 3,087.9% during the 2nd quarter. JPMorgan Chase & Co. now owns 6,057 shares of the technology company’s stock valued at $50,000 after purchasing an additional 5,867 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in shares of Inseego in the second quarter valued at $56,000. 34.20% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. Lake Street Capital initiated coverage on shares of Inseego in a research note on Monday, December 15th. They issued a “buy” rating and a $17.00 target price for the company. Weiss Ratings restated a “sell (d-)” rating on shares of Inseego in a research report on Monday, December 29th. TD Cowen reiterated a “hold” rating and set a $15.00 target price (up from $14.00) on shares of Inseego in a report on Thursday, January 15th. Finally, Wall Street Zen raised Inseego from a “sell” rating to a “hold” rating in a research note on Sunday, November 16th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $16.50.

Read Our Latest Stock Report on INSG

Inseego Company Profile

(Get Free Report)

Inseego Corp is a U.S.-based technology company specializing in 5G and intelligent Internet of Things (IoT) device-to-cloud solutions. The company develops hardware and software platforms designed to connect devices, vehicles and remote locations to high-speed wireless networks. Its core offerings include mobile hotspots, fixed wireless access gateways and ruggedized routers optimized for enterprise, industrial and government applications.

Inseego’s product portfolio encompasses 5G MiFi® mobile hotspots, virtual network functions (VNFs) for network management, telematics devices for fleet tracking and asset monitoring, as well as a suite of cloud-native software for device lifecycle management and data analytics.

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