Inseego (NASDAQ:INSG) Stock Crosses Above Two Hundred Day Moving Average - What's Next?

Key Points

• Inseego's stock has recently surpassed its 200-day moving average of $9.50, trading as high as $16.06 before closing at $15.97 with a volume of 215,866 shares.
• Wall Street analysts have mixed opinions on Inseego, with an overall rating of "Moderate Buy" and a price target averaging $14.75.
• Insider activity is notable, with Director Sound Trading Lp North purchasing 31,094 shares in August, raising their ownership to approximately 20.90% of the company's stock.

Inseego (NASDAQ:INSG - Get Free Report) passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $9.50 and traded as high as $16.06. Inseego shares last traded at $15.97, with a volume of 215,866 shares changing hands.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Weiss Ratings reaffirmed a "sell (d+)" rating on shares of Inseego in a research report on Wednesday, October 8th. Craig Hallum set a $20.00 price objective on shares of Inseego and gave the company a "buy" rating in a research report on Monday, October 6th. Two analysts have rated the stock with a Strong Buy rating, one has given a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $14.75.

Inseego Price Performance

The stock has a market cap of $242.90 million, a PE ratio of -45.63, a P/E/G ratio of 1.96 and a beta of 1.26. The business has a fifty day moving average of $12.87 and a 200 day moving average of $9.50.

Insider Activity at Inseego

In related news, Director Sound Trading Lp North purchased 31,094 shares of the firm's stock in a transaction dated 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 transaction, the director owned 2,128,669 shares of the company's stock, valued at $19,115,447.62. This represents a 1.48% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last three months, insiders purchased 55,001 shares of company stock worth $479,591. Corporate insiders own 20.90% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in INSG. Balyasny Asset Management L.P. lifted its holdings 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 worth $4,137,000 after acquiring an additional 317,401 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Inseego by 118.9% in the 2nd quarter. Geode Capital Management LLC now owns 279,787 shares of the technology company's stock worth $2,306,000 after purchasing an additional 151,970 shares during the last quarter. Acadian Asset Management LLC boosted its position in Inseego by 48.6% during the 1st quarter. Acadian Asset Management LLC now owns 229,169 shares of the technology company's stock valued at $1,870,000 after purchasing an additional 74,955 shares during the period. OMERS ADMINISTRATION Corp grew its stake in Inseego by 205.5% during the 1st quarter. OMERS ADMINISTRATION Corp now owns 61,400 shares of the technology company's stock worth $502,000 after buying an additional 41,300 shares during the last quarter. Finally, AlphaQuest LLC acquired a new stake in Inseego in the first quarter worth $317,000. 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.

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