Inseego (NASDAQ:INSG) Shares Cross Above 50 Day Moving Average - Here's Why

Key Points

• Inseego shares moved above their 50-day moving average, reaching $4.51 before closing at $4.43, compared with a 50-day average of $4.26.
• Analyst sentiment remains mixed: three analysts rate the stock Buy, two Hold and one Sell. The consensus rating is Hold, with an average price target of $13.00.
• Inseego reported a quarterly loss of $0.18 per share, missing estimates by $0.06, although revenue of $43.98 million exceeded analysts’ expectations. Institutional investors own 34.20% of the company.

Inseego (NASDAQ:INSG - Get Free Report) passed above its 50 day moving average during trading on Monday. The stock has a 50 day moving average of $4.26 and traded as high as $4.51. Inseego shares last traded at $4.43, with a volume of 150,876 shares trading hands.

Analysts Set New Price Targets

Several research firms have recently issued reports on INSG. Weiss Ratings lowered shares of Inseego from a "sell (d+)" rating to a "sell (d)" rating in a research note on Friday, August 21st. Roth Capital reissued a "buy" rating on shares of Inseego in a research report on Friday, August 7th. Lake Street Capital set a $12.00 price target on shares of Inseego in a research report on Thursday, August 6th. UBS Group set a $9.00 price target on shares of Inseego in a report on Thursday, August 6th. Finally, Zacks Research raised shares of Inseego from a "strong sell" rating to a "hold" rating in a research report on Tuesday, October 6th. Three research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $13.00.

Inseego Price Performance

The firm has a market cap of $72.74 million, a PE ratio of 34.08 and a beta of 1.61. The business's fifty day moving average is $4.26 and its 200-day moving average is $9.47.

Inseego (NASDAQ:INSG - Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The technology company reported ($0.18) EPS for the quarter, missing the consensus estimate of ($0.12) by ($0.06). The company had revenue of $43.98 million during the quarter, compared to analyst estimates of $39.90 million. Analysts forecast that Inseego will post -1.39 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. WINTON GROUP Ltd raised its stake in shares of Inseego by 138.3% during the second quarter. WINTON GROUP Ltd now owns 36,387 shares of the technology company's stock worth $376,000 after acquiring an additional 21,119 shares in the last quarter. Engineers Gate Manager LP purchased a new stake in Inseego in the 2nd quarter worth approximately $115,000. AXQ Capital LP bought a new stake in Inseego in the second quarter valued at $128,000. Bank of New York Mellon Corp purchased a new position in shares of Inseego during the second quarter valued at about $290,000. Finally, Militia Capital Management LLC bought a new position in shares of Inseego in the 1st quarter worth approximately $518,000. 34.20% of the stock is currently owned by hedge funds and other institutional investors.

Inseego Company Profile

Inseego Corp. develops wireless broadband and mobile networking solutions for service providers, enterprises, small businesses, government organizations and consumers. The company focuses on connecting devices, locations and users through cellular networks, with an emphasis on 5G and other high-speed wireless technologies.

Its product portfolio includes mobile hotspots, fixed wireless access equipment, indoor and outdoor customer-premises equipment, routers and gateways. Inseego also provides cloud-based device management and networking software designed to help customers provision, monitor and manage connected equipment.

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