Inseego (NASDAQ:INSG) Raised to "Hold" at Zacks Research

Key Points

• Zacks Research upgraded Inseego from “strong sell” to “hold,” while analyst opinions remain mixed; the stock has an average rating of “Hold” and an average price target of $13.25.
• Inseego shares opened at $4.57, well below their 52-week high of $21.90, with the company valued at approximately $75 million and trading at a price-to-earnings ratio of 35.16.
• The company missed quarterly earnings expectations, reporting a loss of $0.18 per share versus the expected $0.12 loss, although revenue of $43.98 million exceeded the $39.90 million consensus estimate.

Inseego (NASDAQ:INSG - Get Free Report) was upgraded by equities research analysts at Zacks Research from a "strong sell" rating to a "hold" rating in a research note issued on Tuesday, Zacks reports.

Several other equities analysts also recently commented on INSG. Roth Capital restated a "buy" rating on shares of Inseego in a research report on Friday, August 7th. Weiss Ratings cut Inseego from a "sell (d+)" rating to a "sell (d)" rating in a research report on Friday, August 21st. Lake Street Capital set a $12.00 target price on Inseego in a research note on Thursday, August 6th. UBS Group set a $9.00 price target on Inseego in a report on Thursday, August 6th. Finally, Wall Street Zen lowered shares of Inseego from a "sell" rating to a "strong sell" rating in a report on Saturday, October 3rd. Three analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Inseego presently has an average rating of "Hold" and an average price target of $13.25.

Inseego Price Performance

Shares of NASDAQ INSG opened at $4.57 on Tuesday. The firm has a fifty day moving average price of $4.67 and a 200-day moving average price of $9.26. The stock has a market cap of $75.04 million, a PE ratio of 35.16 and a beta of 1.61. Inseego has a 1 year low of $3.58 and a 1 year high of $21.90.

Inseego (NASDAQ:INSG - Get Free Report) last released its earnings results on Wednesday, August 5th. The technology company reported ($0.18) earnings per share for the quarter, missing analysts' consensus estimates of ($0.12) by ($0.06). The company had revenue of $43.98 million for the quarter, compared to the consensus estimate of $39.90 million. On average, research analysts expect that Inseego will post -1.39 EPS for the current year.

Hedge Funds Weigh In On Inseego

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. WINTON GROUP Ltd increased its stake in Inseego by 138.3% in the 2nd quarter. WINTON GROUP Ltd now owns 36,387 shares of the technology company's stock worth $376,000 after acquiring an additional 21,119 shares during the last quarter. Engineers Gate Manager LP bought a new stake in shares of Inseego in the 2nd quarter worth about $115,000. AXQ Capital LP bought a new stake in shares of Inseego in the 2nd quarter worth about $128,000. Bank of New York Mellon Corp purchased a new stake in shares of Inseego during the 2nd quarter valued at about $290,000. Finally, Militia Capital Management LLC purchased a new stake in shares of Inseego during the 1st quarter valued at about $518,000. 34.20% of the stock is owned by institutional investors.

Inseego Company Profile

Inseego Corp. NASDAQ: INSG develops wireless broadband and connectivity solutions for carriers, enterprises, small and medium-sized businesses, public-sector organizations, and consumers. Its products are designed to provide high-speed internet access over cellular networks, including 5G and 4G LTE.

The company's portfolio includes fixed wireless access devices, mobile broadband hotspots, wireless routers, customer-premises equipment, and related networking hardware. Inseego also provides cloud-based management and monitoring software intended to help customers deploy, control, and support connected devices and wireless networks.

Inseego serves customers through relationships with mobile network operators, channel partners, and technology providers in North America and international markets.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.