Renaissance Technologies LLC Boosts Stake in Inseego Corp. (NASDAQ:INSG)

Renaissance Technologies LLC boosted its holdings in Inseego Corp. (NASDAQ:INSG - Free Report) by 199.0% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 117,941 shares of the technology company's stock after purchasing an additional 78,495 shares during the quarter. Renaissance Technologies LLC owned 0.79% of Inseego worth $1,210,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. WINTON GROUP Ltd bought a new stake in Inseego during the fourth quarter worth $1,025,000. Jane Street Group LLC raised its stake in Inseego by 142.9% during the third quarter. Jane Street Group LLC now owns 24,307 shares of the technology company's stock worth $397,000 after acquiring an additional 80,996 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Inseego by 6,510.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 34,044 shares of the technology company's stock valued at $556,000 after purchasing an additional 33,529 shares in the last quarter. Geode Capital Management LLC increased its position in Inseego by 19.0% during the 4th quarter. Geode Capital Management LLC now owns 124,121 shares of the technology company's stock worth $1,274,000 after purchasing an additional 19,817 shares in the last quarter. Finally, Victory Capital Management Inc. bought a new position in Inseego in the 4th quarter valued at approximately $193,000. 34.20% of the stock is owned by institutional investors.

Inseego Stock Performance

NASDAQ:INSG traded up $0.01 during midday trading on Friday, reaching $8.24. 77,517 shares of the stock traded hands, compared to its average volume of 196,928. The company has a fifty day moving average of $8.52 and a 200 day moving average of $11.51. Inseego Corp. has a 12 month low of $3.59 and a 12 month high of $20.67. The stock has a market capitalization of $123.65 million, a P/E ratio of -13.29 and a beta of 1.79.

Inseego (NASDAQ:INSG - Get Free Report) last released its earnings results on Wednesday, February 19th. The technology company reported ($0.04) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.02 by ($0.06). Inseego had a net margin of 2.22% and a negative return on equity of 4.08%. The business had revenue of $48.09 million for the quarter, compared to analysts' expectations of $45.56 million. On average, analysts predict that Inseego Corp. will post -0.06 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Separately, Stifel Nicolaus decreased their price objective on Inseego from $11.00 to $8.00 and set a "hold" rating for the company in a report on Thursday, April 17th.

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.