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

Key Points

• Inseego's stock price has surpassed its 200-day moving average, currently trading at $8.81, indicating potential market momentum.
• The company was recently downgraded from a "buy" to a "hold" rating by Wall Street Zen, with a consensus target price of $13.00.
• Insider purchases have been significant, with a director acquiring 15,100 shares, reflecting confidence in the company despite the recent downgrade.

Inseego (NASDAQ:INSG - Get Free Report) passed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $8.61 and traded as high as $8.91. Inseego shares last traded at $8.81, with a volume of 177,851 shares trading hands.

Analyst Ratings Changes

Separately, Wall Street Zen lowered shares of Inseego from a "buy" rating to a "hold" rating in a research note on Thursday, May 22nd. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $13.00.

Inseego Price Performance

The firm's 50-day moving average price is $7.94 and its 200-day moving average price is $8.58. The company has a market cap of $166.07 million, a price-to-earnings ratio of -31.54, a price-to-earnings-growth ratio of 1.39 and a beta of 1.10.

Insiders Place Their Bets

In related news, Director Sound Trading Lp North acquired 15,100 shares of Inseego stock in a transaction on Thursday, August 14th. The shares were purchased at an average cost of $8.93 per share, for a total transaction of $134,843.00. Following the purchase, the director directly owned 2,143,769 shares of the company's stock, valued at $19,143,857.17. The trade was a 0.71% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last ninety days, insiders have acquired 55,001 shares of company stock worth $479,591. 20.90% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. Mackenzie Financial Corp boosted its stake in Inseego by 16.8% during the 1st quarter. Mackenzie Financial Corp now owns 12,659 shares of the technology company's stock valued at $103,000 after acquiring an additional 1,825 shares during the last quarter. Northern Trust Corp boosted its stake in Inseego by 9.2% during the 4th quarter. Northern Trust Corp now owns 21,962 shares of the technology company's stock valued at $225,000 after acquiring an additional 1,854 shares during the last quarter. Police & Firemen s Retirement System of New Jersey bought a new position in shares of Inseego in the 2nd quarter worth about $28,000. 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 worth $48,000 after buying an additional 3,365 shares during the last quarter. Finally, BNP Paribas Financial Markets lifted its position in shares of Inseego by 258.1% in the 4th quarter. BNP Paribas Financial Markets now owns 4,924 shares of the technology company's stock worth $51,000 after buying an additional 3,549 shares during the last quarter. 34.20% of the stock is currently owned by institutional investors.

About Inseego

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.