Inseego $INSG Shares Sold by Wolverine Asset Management LLC

Key Points

• Wolverine Asset Management reduced its stake in Inseego by 37.4% in Q4, selling 89,001 shares and leaving 148,741 shares (0.97% ownership) valued at about $1.53 million.
• Inseego beat quarterly estimates with $0.12 EPS vs. $0.07 expected and $48.4M revenue vs. $46.89M, but analysts still forecast a full-year EPS of -$0.21 and the company shows a negative P/E and ROE.
• The stock opened at $18.05 (down 7.9%), trades in a 12‑month range of $6.27–$21.90 with a market cap near $293M, and has an average analyst rating of Hold with a $17.75 price target.

Wolverine Asset Management LLC lessened its holdings in shares of Inseego (NASDAQ:INSG - Free Report) by 37.4% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 148,741 shares of the technology company's stock after selling 89,001 shares during the quarter. Wolverine Asset Management LLC owned 0.97% of Inseego worth $1,528,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of the business. Kestra Private Wealth Services LLC acquired a new stake in Inseego during the 4th quarter valued at approximately $191,000. Wexford Capital LP acquired a new stake in Inseego during the 3rd quarter valued at approximately $290,000. Larson Financial Group LLC acquired a new stake in Inseego during the 3rd quarter valued at approximately $417,000. Bank of America Corp DE grew its stake in Inseego by 393.2% during the 3rd quarter. Bank of America Corp DE now owns 28,948 shares of the technology company's stock valued at $433,000 after purchasing an additional 23,078 shares in the last quarter. Finally, Occudo Quantitative Strategies LP acquired a new position in Inseego during the 3rd quarter worth $162,000. Institutional investors and hedge funds own 34.20% of the company's stock.

Inseego Trading Down 7.9%

Shares of NASDAQ INSG opened at $18.05 on Wednesday. Inseego has a twelve month low of $6.27 and a twelve month high of $21.90. The company has a market capitalization of $293.13 million, a price-to-earnings ratio of -95.00 and a beta of 1.76. The business has a 50 day simple moving average of $12.96 and a 200-day simple moving average of $12.15.

Inseego (NASDAQ:INSG - Get Free Report) last issued its quarterly earnings results on Thursday, February 19th. The technology company reported $0.12 earnings per share for the quarter, beating analysts' consensus estimates of $0.07 by $0.05. Inseego had a negative return on equity of 13.38% and a net margin of 0.50%.The business had revenue of $48.40 million during the quarter, compared to the consensus estimate of $46.89 million. As a group, equities analysts predict that Inseego will post -0.21 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the stock. TD Cowen reissued a "hold" rating and issued a $15.00 target price (up from $14.00) on shares of Inseego in a research report on Thursday, January 15th. Lake Street Capital reissued a "buy" rating and issued a $22.00 target price on shares of Inseego in a research report on Friday. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $17.75.

Inseego Company Profile

Inseego Corp is a U.S.-based technology company specializing in 5G and intelligent Internet of Things (IoT) device-to-cloud solutions. The company develops hardware and software platforms designed to connect devices, vehicles and remote locations to high-speed wireless networks. Its core offerings include mobile hotspots, fixed wireless access gateways and ruggedized routers optimized for enterprise, industrial and government applications.

Inseego's product portfolio encompasses 5G MiFi® mobile hotspots, virtual network functions (VNFs) for network management, telematics devices for fleet tracking and asset monitoring, as well as a suite of cloud-native software for device lifecycle management and data analytics.

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