Inseego (NASDAQ:INSG) Director Sound Trading Lp North Buys 15,100 Shares

Key Points

• Inseego Director Sound Trading Lp North purchased 15,100 shares at an average price of $8.93, raising total ownership to approximately $19.1 million.
• Recent analyst ratings for Inseego reflect a mixed sentiment, with Stifel Nicolaus lowering its price target and several firms maintaining hold ratings amidst an average consensus target price of $13.00.
• Institutional investors have been actively modifying their holdings in Inseego, with ownership levels now at 34.20% of the company's stock.

Inseego (NASDAQ:INSG - Get Free Report) Director Sound Trading Lp North purchased 15,100 shares of Inseego stock in a transaction dated Thursday, August 14th. The stock was acquired at an average cost of $8.93 per share, with a total value of $134,843.00. Following the completion of the acquisition, the director directly owned 2,143,769 shares in the company, valued at approximately $19,143,857.17. This trade represents a 0.71% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

Sound Trading Lp North also recently made the following trade(s):

• On Wednesday, August 13th, Sound Trading Lp North purchased 31,094 shares of Inseego stock. The shares were bought at an average cost of $8.98 per share, with a total value of $279,224.12.
• On Tuesday, August 12th, Sound Trading Lp North purchased 8,807 shares of Inseego stock. The shares were bought at an average cost of $7.44 per share, with a total value of $65,524.08.

Inseego Stock Performance

Shares of Inseego stock traded down $0.17 on Friday, reaching $8.61. 111,251 shares of the company were exchanged, compared to its average volume of 187,710. The company's 50-day moving average is $7.68 and its two-hundred day moving average is $8.66. The firm has a market cap of $129.49 million, a price-to-earnings ratio of -24.60, a P/E/G ratio of 2.61 and a beta of 1.10. Inseego has a 1-year low of $6.24 and a 1-year high of $20.67.

Hedge Funds Weigh In On Inseego

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Police & Firemen s Retirement System of New Jersey bought a new stake in shares of Inseego during the 2nd quarter worth $28,000. Bank of America Corp DE raised its holdings in shares of Inseego by 134.3% during 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. raised its holdings in shares of Inseego by 3,087.9% during 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 raised its holdings in Inseego by 258.1% during the fourth quarter. BNP Paribas Financial Markets now owns 4,924 shares of the technology company's stock valued at $51,000 after buying an additional 3,549 shares in the last quarter. Finally, Lazard Asset Management LLC raised its holdings in Inseego by 2,862.7% during the fourth quarter. Lazard Asset Management LLC now owns 5,244 shares of the technology company's stock valued at $53,000 after buying an additional 5,067 shares in the last quarter. 34.20% of the stock is owned by institutional investors.

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 equities research analysts have rated the stock with a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $13.00.

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.