Inseego (NASDAQ:INSG) Stock Price Passes Above Two Hundred Day Moving Average - Time to Sell?

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 200-day moving average during trading on Monday . The stock has a 200-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 changing hands.

Analyst Ratings Changes

Separately, Wall Street Zen downgraded Inseego from a "buy" rating to a "hold" rating in a research report on Thursday, May 22nd. Three research analysts have rated the stock with a hold rating, one has given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $13.00.

Inseego Stock Performance

The stock has a market capitalization of $132.50 million, a PE ratio of -25.17, a price-to-earnings-growth ratio of 2.61 and a beta of 1.10. The stock's 50 day moving average is $7.70 and its two-hundred day moving average is $8.61.

Insider Activity

In other news, Director Sound Trading Lp North purchased 15,100 shares of the business's stock in a transaction dated Thursday, August 14th. The stock was acquired at an average price of $8.93 per share, for a total transaction of $134,843.00. Following the acquisition, the director directly owned 2,143,769 shares of the company's stock, valued at approximately $19,143,857.17. This represents a 0.71% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In the last three months, insiders have purchased 55,001 shares of company stock worth $479,591. 20.90% of the stock is owned by company insiders.

Institutional Investors Weigh In On Inseego

Several institutional investors and hedge funds have recently modified their holdings of the company. Police & Firemen s Retirement System of New Jersey purchased a new position in Inseego in the 2nd quarter valued at approximately $28,000. Bank of America Corp DE grew its stake in shares of Inseego by 134.3% in the second quarter. Bank of America Corp DE now owns 5,870 shares of the technology company's stock worth $48,000 after acquiring an additional 3,365 shares in the last quarter. JPMorgan Chase & Co. grew its stake in shares of Inseego by 3,087.9% in the second quarter. JPMorgan Chase & Co. now owns 6,057 shares of the technology company's stock worth $50,000 after acquiring an additional 5,867 shares in the last quarter. BNP Paribas Financial Markets grew its stake in shares of Inseego by 258.1% in the fourth quarter. BNP Paribas Financial Markets now owns 4,924 shares of the technology company's stock worth $51,000 after acquiring an additional 3,549 shares in the last quarter. Finally, Lazard Asset Management LLC grew its stake in shares of Inseego by 2,862.7% in the fourth quarter. Lazard Asset Management LLC now owns 5,244 shares of the technology company's stock worth $53,000 after acquiring an additional 5,067 shares in the last quarter. Hedge funds and other 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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