AlphaQuest LLC Acquires Shares of 38,804 Inseego $INSG

Key Points

• AlphaQuest LLC has invested $317,000 in Inseego, acquiring 38,804 shares and representing a 0.26% ownership in the company.
• Several institutional investors made significant increases in their stakes in Inseego during the fourth quarter, including BNP Paribas Financial Markets with a 258.1% increase.
• The stock has been recently downgraded from a "buy" to a "hold" rating by Wall Street Zen, alongside an average target price of $13.00 based on ratings from multiple analysts.

AlphaQuest LLC purchased a new position in shares of Inseego (NASDAQ:INSG - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 38,804 shares of the technology company's stock, valued at approximately $317,000. AlphaQuest LLC owned about 0.26% of Inseego as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently modified their holdings of the stock. Geode Capital Management LLC boosted its holdings in Inseego by 19.0% in the 4th quarter. Geode Capital Management LLC now owns 124,121 shares of the technology company's stock worth $1,274,000 after buying an additional 19,817 shares during the last quarter. BNP Paribas Financial Markets increased its stake in shares of Inseego by 258.1% during the fourth quarter. BNP Paribas Financial Markets now owns 4,924 shares of the technology company's stock worth $51,000 after buying an additional 3,549 shares during the period. Wells Fargo & Company MN boosted its position in shares of Inseego by 655.1% during the 4th quarter. Wells Fargo & Company MN now owns 8,080 shares of the technology company's stock worth $83,000 after acquiring an additional 7,010 shares in the last quarter. Jacobs Levy Equity Management Inc. purchased a new position in shares of Inseego in the 4th quarter valued at $1,114,000. Finally, Lazard Asset Management LLC boosted its position in shares of Inseego by 2,862.7% in the 4th quarter. Lazard Asset Management LLC now owns 5,244 shares of the technology company's stock valued at $53,000 after purchasing an additional 5,067 shares during the period. Hedge funds and other institutional investors own 34.20% of the company's stock.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen lowered shares of Inseego from a "buy" rating to a "hold" rating in a research note on Thursday, May 22nd. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $13.00.

Insider Activity

In related news, Director Sound Trading Lp North acquired 31,094 shares of the stock in a transaction that occurred on Wednesday, August 13th. The shares were purchased at an average cost of $8.98 per share, with a total value of $279,224.12. Following the completion of the transaction, the director owned 2,128,669 shares of the company's stock, valued at approximately $19,115,447.62. This trade represents a 1.48% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. In the last 90 days, insiders acquired 55,001 shares of company stock valued at $479,591. Insiders own 20.90% of the company's stock.

Inseego Price Performance

INSG traded down $0.24 on Wednesday, reaching $12.71. The company's stock had a trading volume of 53,442 shares, compared to its average volume of 173,551. The business's 50 day moving average is $8.57 and its 200 day moving average is $8.54. The stock has a market cap of $191.08 million, a price-to-earnings ratio of -36.46, a price-to-earnings-growth ratio of 1.55 and a beta of 1.25. Inseego has a 1 year low of $6.24 and a 1 year high of $20.67.

Inseego Profile

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.