Inseego Corp. (NASDAQ:INSG) Short Interest Update

by · The Cerbat Gem

Inseego Corp. (NASDAQ:INSG – Get Free Report) was the recipient of a significant increase in short interest during the month of August. As of August 31st, there was short interest totalling 1,130,000 shares, an increase of 19.8% from the August 15th total of 943,100 shares. Currently, 11.9% of the company’s stock are sold short. Based on an average daily trading volume, of 203,700 shares, the days-to-cover ratio is currently 5.5 days.

Analyst Ratings Changes

Several brokerages have recently commented on INSG. TD Cowen lifted their target price on Inseego from $13.50 to $15.00 and gave the stock a “hold” rating in a research report on Wednesday, August 14th. Stifel Nicolaus lifted their price objective on shares of Inseego from $11.00 to $17.00 and gave the stock a “hold” rating in a report on Tuesday.

Read Our Latest Analysis on INSG

Inseego Trading Down 3.5 %

NASDAQ:INSG traded down $0.62 during mid-day trading on Tuesday, hitting $16.87. The stock had a trading volume of 328,635 shares, compared to its average volume of 172,425. The company has a 50 day simple moving average of $12.11 and a 200-day simple moving average of $7.89. The stock has a market capitalization of $200.47 million, a price-to-earnings ratio of -4.25 and a beta of 1.61. Inseego has a 52 week low of $1.62 and a 52 week high of $18.36.

Inseego (NASDAQ:INSG – Get Free Report) last announced its quarterly earnings results on Wednesday, August 7th. The technology company reported ($0.02) EPS for the quarter. The business had revenue of $59.15 million for the quarter, compared to the consensus estimate of $53.63 million. As a group, equities research analysts anticipate that Inseego will post -0.11 earnings per share for the current year.

Hedge Funds Weigh In On Inseego

Large investors have recently bought and sold shares of the stock. Marshall Wace LLP bought a new position in Inseego during the 2nd quarter valued at $833,000. Renaissance Technologies LLC acquired a new position in Inseego during the second quarter worth about $274,000. Simplicity Wealth LLC bought a new stake in Inseego in the first quarter worth about $2,132,000. Finally, Braslyn Ltd. acquired a new stake in Inseego in the 4th quarter valued at about $1,675,000. Institutional investors and hedge funds own 34.20% of the company’s stock.

About Inseego

(Get Free Report)

Inseego Corp. engages in the design and development of cloud-managed wireless wide area network (WAN) and intelligent edge solutions for businesses, consumers, and governments worldwide. The company provides 5G and 4G mobile broadband solutions, such as mobile hotspots under the MiFi brand; and 4G VoLTE products and 4G USB modems.

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