Inseego (NASDAQ:INSG) Shares Pass Above 200-Day Moving Average - Here's What Happened

Key Points

• Inseego shares passed above their 200-day moving average, trading as high as $12.25 and last at $12.21 versus the 200-day MA of $12.19 on volume of 86,076 shares.
• The stock carries a consensus analyst rating of "Hold" with a $16.50 consensus price target, reflecting mixed views (1 Strong Buy, 1 Buy, 2 Hold, 1 Sell) and recent notes including Lake Street's buy ($17) and TD Cowen's hold ($15).
• Inseego beat quarterly estimates with $0.12 EPS (vs. $0.07 est.) and $48.4M revenue, has a market cap of ~$198M and negative PE of -64.26, and institutional ownership is ~34.2% with recent new positions from firms like Invesco and Millennium Management.

Shares of Inseego (NASDAQ:INSG - Get Free Report) passed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $12.19 and traded as high as $12.25. Inseego shares last traded at $12.21, with a volume of 86,076 shares.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the company. Lake Street Capital assumed coverage on Inseego in a research note on Monday, December 15th. They issued a "buy" rating and a $17.00 price target for the company. Weiss Ratings reiterated a "sell (d-)" rating on shares of Inseego in a research note on Monday, December 29th. Finally, TD Cowen reissued a "hold" rating and set a $15.00 price objective (up from $14.00) on shares of Inseego in a report on Thursday, January 15th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $16.50.

Inseego Price Performance

The stock has a market cap of $198.17 million, a PE ratio of -64.26 and a beta of 1.30. The stock has a 50-day moving average price of $11.40 and a two-hundred day moving average price of $12.19.

Inseego (NASDAQ:INSG - Get Free Report) last issued its quarterly earnings data 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. The firm had revenue of $48.40 million during the quarter, compared to analyst estimates of $46.89 million. Inseego had a negative return on equity of 13.38% and a net margin of 0.50%. Equities research analysts expect that Inseego will post -0.06 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Invesco Ltd. bought a new position in shares of Inseego in the 4th quarter valued at about $123,000. XTX Topco Ltd bought a new position in shares of Inseego in the 4th quarter valued at about $205,000. VestGen Advisors LLC bought a new position in shares of Inseego in the 4th quarter valued at about $122,000. Toronto Dominion Bank lifted its holdings in shares of Inseego by 910.0% in the 4th quarter. Toronto Dominion Bank now owns 50,501 shares of the technology company's stock valued at $519,000 after acquiring an additional 45,501 shares during the last quarter. Finally, Millennium Management LLC bought a new position in shares of Inseego in the 4th quarter valued at about $1,114,000. Institutional investors 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.