Inseego (NASDAQ:INSG) Cut to "Strong Sell" at Wall Street Zen

Key Points

• Wall Street Zen downgraded Inseego to “Strong Sell” from “Hold,” despite the broader analyst consensus remaining “Moderate Buy” with an average price target of $14.60.
• Inseego reported a quarterly loss of $0.18 per share, missing estimates by $0.06, although revenue of $43.98 million exceeded expectations. Analysts project a full-year loss of $0.45 per share.
• The stock opened at $5.51, well below its 12-month high of $21.90, while institutional investors owned 34.2% of the company and several hedge funds increased their positions.

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

A number of other research analysts also recently issued reports on the stock. TD Cowen restated a "hold" rating and issued a $18.00 price target (up from $15.00) on shares of Inseego in a research report on Wednesday, May 13th. UBS Group set a $9.00 price objective on shares of Inseego in a research note on Thursday. Weiss Ratings upgraded shares of Inseego from a "sell (d)" rating to a "sell (d+)" rating in a research note on Monday, May 11th. Lake Street Capital set a $12.00 target price on shares of Inseego in a report on Thursday. Finally, Roth Capital restated a "buy" rating on shares of Inseego in a research note on Friday. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Inseego presently has an average rating of "Moderate Buy" and an average target price of $14.60.

Inseego Trading Up 4.0%

Shares of NASDAQ INSG opened at $5.51 on Friday. The company has a market capitalization of $89.70 million, a price-to-earnings ratio of 42.39 and a beta of 1.70. Inseego has a twelve month low of $4.77 and a twelve month high of $21.90. The business has a 50 day simple moving average of $9.15 and a 200-day simple moving average of $11.39.

Inseego (NASDAQ:INSG - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The technology company reported ($0.18) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.12) by ($0.06). The firm had revenue of $43.98 million for the quarter, compared to the consensus estimate of $39.90 million. Inseego had a negative return on equity of 13.38% and a negative net margin of 6.41%. As a group, equities analysts predict that Inseego will post -0.45 earnings per share for the current year.

Hedge Funds Weigh In On Inseego

Hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. increased its holdings in shares of Inseego by 4.6% in the 3rd quarter. Vanguard Group Inc. now owns 663,660 shares of the technology company's stock worth $9,935,000 after acquiring an additional 29,236 shares during the period. Royce & Associates LP boosted its stake in Inseego by 25.4% during the 4th quarter. Royce & Associates LP now owns 508,000 shares of the technology company's stock valued at $5,217,000 after purchasing an additional 103,000 shares during the period. Balyasny Asset Management L.P. boosted its stake in Inseego by 171.9% during the 2nd quarter. Balyasny Asset Management L.P. now owns 502,026 shares of the technology company's stock valued at $4,137,000 after purchasing an additional 317,401 shares during the period. First Eagle Investment Management LLC boosted its stake in Inseego by 209.4% during the 4th quarter. First Eagle Investment Management LLC now owns 435,849 shares of the technology company's stock valued at $4,476,000 after purchasing an additional 294,999 shares during the period. Finally, Gendell Jeffrey L grew its position in Inseego by 34.6% in the 4th quarter. Gendell Jeffrey L now owns 429,301 shares of the technology company's stock worth $4,409,000 after purchasing an additional 110,253 shares during the last quarter. Institutional investors and hedge funds own 34.20% of the company's stock.

About Inseego

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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