Inseego (NASDAQ:INSG) Director Buys $65,524.08 in Stock

Key Points

• Inseego Director Sound Trading Lp North acquired 8,807 shares for a total of $65,524.08, raising their ownership stake to about 2,097,575 shares valued at approximately $15.6 million.
• The company's stock is currently trading at $8.78, having decreased by 4.8% during midday trading on Thursday.
• Several research firms downgraded Inseego's stock rating, with Stifel Nicolaus lowering their price target from $11.00 to $8.00, reflecting a cautious outlook on the company's performance.

Inseego (NASDAQ:INSG - Get Free Report) Director Sound Trading Lp North bought 8,807 shares of the firm's stock in a transaction on Tuesday, August 12th. The stock was purchased at an average price of $7.44 per share, with a total value of $65,524.08. Following the transaction, the director owned 2,097,575 shares in the company, valued at $15,605,958. The trade was a 0.42% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link.

Sound Trading Lp North also recently made the following trade(s):

• On Thursday, August 14th, Sound Trading Lp North bought 15,100 shares of Inseego stock. The stock was purchased at an average price of $8.93 per share, with a total value of $134,843.00.
• On Wednesday, August 13th, Sound Trading Lp North bought 31,094 shares of Inseego stock. The stock was purchased at an average price of $8.98 per share, with a total value of $279,224.12.

Inseego Stock Performance

Shares of NASDAQ:INSG traded down $0.17 during trading on Friday, reaching $8.61. The company had a trading volume of 111,251 shares, compared to its average volume of 187,710. The firm's fifty day moving average is $7.68 and its 200 day moving average is $8.66. The firm has a market capitalization of $129.49 million, a PE ratio of -24.60, a price-to-earnings-growth ratio of 2.61 and a beta of 1.10. Inseego has a twelve month low of $6.24 and a twelve month high of $20.67.

Wall Street Analyst Weigh In

Separately, Wall Street Zen lowered shares of Inseego from a "buy" rating to a "hold" rating in a research note on Thursday, May 22nd. Three investment analysts have rated the stock with a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $13.00.

Institutional Trading of Inseego

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. FourWorld Capital Management LLC acquired a new stake in Inseego during the second quarter valued at approximately $109,000. Balyasny Asset Management L.P. lifted its stake in Inseego by 171.9% during the second 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 last quarter. Bank of America Corp DE lifted its position in shares of Inseego by 134.3% in the 2nd quarter. Bank of America Corp DE now owns 5,870 shares of the technology company's stock valued at $48,000 after acquiring an additional 3,365 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in shares of Inseego in the 2nd quarter valued at approximately $56,000. Finally, Maven Securities LTD purchased a new stake in shares of Inseego in the 2nd quarter valued at approximately $82,000. 34.20% of the stock is owned by institutional investors and hedge funds.

Inseego Company 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.