Inseego (NASDAQ:INSG) Releases Earnings Results, Misses Expectations By $0.06 EPS

Key Points

• Inseego missed earnings expectations: The company reported a quarterly loss of $0.18 per share, $0.06 worse than the consensus estimate, while revenue of $43.98 million exceeded expectations of $39.90 million.
• Shares declined and remain well below recent averages: Inseego stock fell $0.32 to $7.43, compared with 50-day and 200-day moving averages of $9.56 and $11.51, respectively.
• Analyst sentiment is mixed: The stock has an average “Hold” rating and a consensus price target of $18.50, while institutional investors own 34.2% of outstanding shares.

Inseego (NASDAQ:INSG - Get Free Report) announced its quarterly earnings data on Wednesday. The technology company reported ($0.18) EPS for the quarter, missing the consensus estimate of ($0.12) by ($0.06), FiscalAI reports. The firm had revenue of $43.98 million for the quarter, compared to the consensus estimate of $39.90 million. Inseego had a negative net margin of 1.26% and a negative return on equity of 13.38%.

Inseego Price Performance

Shares of NASDAQ INSG traded down $0.32 during midday trading on Wednesday, reaching $7.43. 513,379 shares of the stock traded hands, compared to its average volume of 248,072. The company's 50 day moving average is $9.56 and its 200 day moving average is $11.51. Inseego has a one year low of $6.22 and a one year high of $21.90. The stock has a market capitalization of $120.96 million, a PE ratio of 11.98 and a beta of 1.70.

Analysts Set New Price Targets

INSG has been the subject of several research analyst reports. TD Cowen reiterated a "hold" rating and set a $18.00 target price (up from $15.00) on shares of Inseego in a research report on Wednesday, May 13th. Lake Street Capital reiterated a "buy" rating and set a $22.00 price objective on shares of Inseego in a research report on Friday, May 1st. Finally, Weiss Ratings upgraded shares of Inseego from a "sell (d)" rating to a "sell (d+)" rating in a research report on Monday, May 11th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $18.50.

Hedge Funds Weigh In On Inseego

Several institutional investors have recently bought and sold shares of INSG. BNP Paribas Financial Markets increased its holdings in shares of Inseego by 129.3% in the 3rd quarter. BNP Paribas Financial Markets now owns 2,708 shares of the technology company's stock worth $41,000 after buying an additional 1,527 shares during the last quarter. Kestra Advisory Services LLC bought a new stake in Inseego during the fourth quarter worth approximately $33,000. Bank of America Corp DE raised its position in Inseego by 134.3% during the second quarter. Bank of America Corp DE now owns 5,870 shares of the technology company's stock valued at $48,000 after purchasing an additional 3,365 shares during the period. JPMorgan Chase & Co. lifted its stake in shares of Inseego by 3,087.9% in the 2nd quarter. JPMorgan Chase & Co. now owns 6,057 shares of the technology company's stock valued at $50,000 after purchasing an additional 5,867 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in shares of Inseego in the 2nd quarter worth approximately $56,000. Institutional investors own 34.20% of the company's stock.

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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