Inseego (NASDAQ:INSG) Stock Rating Lowered by Wall Street Zen

Key Points

• Wall Street Zen downgraded Inseego from “sell” to “strong sell,” while the broader analyst consensus remains “hold” with an average price target of $14.60.
• Inseego shares opened at $4.61, near the lower end of their 52-week range of $3.58 to $21.90, with the stock’s 200-day moving average at $9.44.
• The company reported a quarterly loss of $0.18 per share, missing estimates by $0.06, although revenue of $43.98 million exceeded expectations; institutional investors and hedge funds own 34.2% of the stock.

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

Several other equities analysts have also weighed in on the stock. Lake Street Capital set a $12.00 target price on shares of Inseego in a report on Thursday, August 6th. Roth Capital restated a "buy" rating on shares of Inseego in a research note on Friday, August 7th. Weiss Ratings lowered Inseego from a "sell (d+)" rating to a "sell (d)" rating in a research note on Friday, August 21st. Zacks Research downgraded Inseego from a "hold" rating to a "strong sell" rating in a report on Friday, August 14th. Finally, UBS Group set a $9.00 price target on Inseego in a research report on Thursday, August 6th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, Inseego currently has a consensus rating of "Hold" and an average target price of $14.60.

Inseego Price Performance

NASDAQ INSG opened at $4.61 on Friday. Inseego has a 1-year low of $3.58 and a 1-year high of $21.90. The firm has a market capitalization of $75.70 million, a P/E ratio of 35.46 and a beta of 1.61. The business's 50-day simple moving average is $4.80 and its 200-day simple moving average is $9.44.

Inseego (NASDAQ:INSG - Get Free Report) last posted its earnings results on Wednesday, August 5th. The technology company reported ($0.18) earnings per share (EPS) 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 analysts' expectations of $39.90 million. On average, equities research analysts expect that Inseego will post -1.39 EPS for the current fiscal year.

Hedge Funds Weigh In On Inseego

A number of institutional investors have recently made changes to their positions in the business. Engineers Gate Manager LP acquired a new stake in shares of Inseego during the second quarter worth approximately $115,000. AXQ Capital LP acquired a new stake in Inseego in the fourth quarter valued at $125,000. Bank of New York Mellon Corp bought a new position in Inseego during the 2nd quarter valued at $290,000. WINTON GROUP Ltd boosted its stake in Inseego by 138.3% during the 2nd quarter. WINTON GROUP Ltd now owns 36,387 shares of the technology company's stock valued at $376,000 after acquiring an additional 21,119 shares during the last quarter. Finally, Militia Capital Management LLC acquired a new position in Inseego during the 1st quarter worth $518,000. 34.20% of the stock is owned by institutional investors and hedge funds.

Inseego Company Profile

Inseego Corp. NASDAQ: INSG develops and supplies wireless broadband solutions for businesses, service providers and other organizations. Its product portfolio includes 4G LTE and 5G mobile hotspots, fixed wireless access devices, indoor and outdoor customer-premises equipment, routers and gateways designed to provide primary or backup internet connectivity.

The company also provides cloud-based management and software tools that help customers deploy, monitor and manage connected devices and wireless networks.

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