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

Key Points

• Inseego's stock recently surpassed its 200-day moving average, reaching a high of $15.51 and currently trading at $14.74, with a trading volume of 231,545 shares.
• Wall Street analysts have mixed opinions on Inseego, with target prices ranging from $14.00 to $20.00, resulting in a consensus rating of "Moderate Buy".
• Insider trading activity shows increased confidence, as insiders purchased a total of 55,001 shares valued at approximately $479,591 over the last three months.

Inseego (NASDAQ:INSG - Get Free Report) shares crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $9.79 and traded as high as $15.51. Inseego shares last traded at $14.74, with a volume of 231,545 shares traded.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on INSG. Craig Hallum set a $20.00 target price on Inseego and gave the stock a "buy" rating in a report on Monday, October 6th. Weiss Ratings reissued a "sell (d+)" rating on shares of Inseego in a report on Wednesday, October 8th. Finally, Stifel Nicolaus set a $14.00 target price on Inseego and gave the stock a "hold" rating in a report on Friday, October 17th. Two equities research analysts have rated the stock with a Strong Buy rating, one has given a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $16.25.

Inseego Stock Down 1.3%

The firm has a market cap of $224.20 million, a price-to-earnings ratio of -42.11, a P/E/G ratio of 1.88 and a beta of 1.26. The stock has a 50 day moving average of $13.63 and a 200 day moving average of $9.79.

Insider Buying and Selling

In related news, Director Sound Trading Lp North purchased 31,094 shares of the company's stock in a transaction that occurred on Wednesday, August 13th. The stock was acquired at an average price of $8.98 per share, with a total value of $279,224.12. Following the completion of the purchase, the director directly owned 2,128,669 shares in the company, valued at $19,115,447.62. This trade represents a 1.48% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders bought a total of 55,001 shares of company stock valued at $479,591 over the last three months. 20.90% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. FourWorld Capital Management LLC bought a new position in Inseego in the second quarter valued at about $109,000. Balyasny Asset Management L.P. grew its position in Inseego by 171.9% in 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 acquiring an additional 317,401 shares during the last quarter. Bank of America Corp DE grew its position in Inseego by 134.3% in the second 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 during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in Inseego in the second quarter valued at about $56,000. Finally, Maven Securities LTD bought a new position in Inseego in the second quarter valued at about $82,000. Institutional investors own 34.20% of the company's stock.

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.

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