Inseego (NASDAQ:INSG) Stock Lifted to Sell by Wall Street Zen

Key Points

• Wall Street Zen upgraded Inseego from “strong sell” to “sell,” while the broader analyst consensus remains “Hold” with a $13.00 price target.
• Inseego shares opened at $4.58, near the lower end of their 52-week range of $3.58 to $21.90, with the stock’s 200-day moving average at $9.33.
• The company reported a quarterly loss of $0.18 per share, missing estimates by $0.06, although revenue of $43.98 million exceeded analyst expectations.

Inseego (NASDAQ:INSG - Get Free Report) was upgraded by research analysts at Wall Street Zen from a "strong sell" rating to a "sell" rating in a research note issued on Saturday, Wall Street Zen reports.

A number of other research analysts have also weighed in on INSG. Lake Street Capital set a $12.00 target price on Inseego in a report on Thursday, August 6th. Roth Capital reiterated a "buy" rating on shares of Inseego in a report on Friday, August 7th. UBS Group set a $9.00 price target on Inseego in a report on Thursday, August 6th. Weiss Ratings lowered Inseego from a "sell (d+)" rating to a "sell (d)" rating in a research report on Friday, August 21st. Finally, Zacks Research upgraded Inseego from a "strong sell" rating to a "hold" rating in a research note on Tuesday, October 6th. Three equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, Inseego presently has a consensus rating of "Hold" and a consensus price target of $13.00.

Inseego Price Performance

NASDAQ:INSG opened at $4.58 on Friday. The firm has a 50-day moving average of $4.30 and a 200-day moving average of $9.33. Inseego has a one year low of $3.58 and a one year high of $21.90.

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

Hedge Funds Weigh In On Inseego

Several institutional investors have recently modified their holdings of INSG. Engineers Gate Manager LP purchased a new position in Inseego in the second quarter worth $115,000. WINTON GROUP Ltd grew 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 valued at $376,000 after purchasing an additional 21,119 shares during the period. AXQ Capital LP purchased a new stake in shares of Inseego during the 2nd quarter valued at $128,000. Bank of New York Mellon Corp purchased a new stake in shares of Inseego during the 2nd quarter valued at $290,000. Finally, Dimensional Fund Advisors LP raised its stake in shares of Inseego by 25.7% during the 1st quarter. Dimensional Fund Advisors LP now owns 129,235 shares of the technology company's stock worth $1,436,000 after purchasing an additional 26,423 shares during the period. 34.20% of the stock is owned by institutional investors.

About Inseego

Inseego Corp. develops wireless broadband and mobile networking solutions for service providers, enterprises, small businesses, government organizations and consumers. The company focuses on connecting devices, locations and users through cellular networks, with an emphasis on 5G and other high-speed wireless technologies.

Its product portfolio includes mobile hotspots, fixed wireless access equipment, indoor and outdoor customer-premises equipment, routers and gateways. Inseego also provides cloud-based device management and networking software designed to help customers provision, monitor and manage connected equipment.

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