Inseego Corp. (INSG) Rating Lowered to Sell at Zacks Investment Research
Zacks Investment Research lowered shares of Inseego Corp. (NASDAQ:INSG) from a hold rating to a sell rating in a research note released on Tuesday morning.
According to Zacks, “Inseego Corp. is a provider of software-as-a-service and solutions for the Internet of Things. The company sells telematics solutions under the Ctrack brand, including fleet management, asset tracking and monitoring, stolen vehicle recovery and usage-based insurance platforms. It also sells business connectivity solutions and device management services through Novatel Wireless, Inc. and Feeney Wireless. Inseego Corp., formerly known as Novatel Wireless Inc., is headquartered in San Diego, California. “
Other equities research analysts have also issued reports about the stock. Northland Securities set a $2.00 price target on shares of Inseego Corp. and gave the company a buy rating in a report on Monday, August 14th. Canaccord Genuity reiterated a hold rating and set a $1.25 price target on shares of Inseego Corp. in a report on Thursday, June 8th. Finally, ValuEngine upgraded shares of Inseego Corp. from a strong sell rating to a sell rating in a report on Tuesday, June 27th.
Inseego Corp. (NASDAQ INSG) opened at 1.35 on Tuesday. Inseego Corp. has a 1-year low of $0.87 and a 1-year high of $3.74. The stock’s 50 day moving average is $1.23 and its 200 day moving average is $1.69. The company’s market cap is $75.86 million.
Inseego Corp. (NASDAQ:INSG) last posted its quarterly earnings results on Monday, August 7th. The technology company reported ($0.21) EPS for the quarter, meeting the Zacks’ consensus estimate of ($0.21). Inseego Corp. had a negative net margin of 32.34% and a negative return on equity of 204.22%. The company had revenue of $59.91 million during the quarter, compared to analyst estimates of $55.11 million. Equities analysts anticipate that Inseego Corp. will post ($0.35) earnings per share for the current fiscal year.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. increased its position in shares of Inseego Corp. by 2.4% in the second quarter. Vanguard Group Inc. now owns 1,050,470 shares of the technology company’s stock worth $1,313,000 after buying an additional 25,100 shares during the last quarter. Goldman Sachs Group Inc. increased its position in shares of Inseego Corp. by 0.6% in the second quarter. Goldman Sachs Group Inc. now owns 700,539 shares of the technology company’s stock worth $876,000 after buying an additional 4,037 shares during the last quarter. Dimensional Fund Advisors LP bought a new position in shares of Inseego Corp. during the fourth quarter worth about $1,485,000. Finally, Spark Investment Management LLC increased its position in shares of Inseego Corp. by 55.1% in the first quarter. Spark Investment Management LLC now owns 58,800 shares of the technology company’s stock worth $122,000 after buying an additional 20,900 shares during the last quarter. 9.89% of the stock is currently owned by institutional investors and hedge funds.
About Inseego Corp.
Novatel Wireless, Inc is a provider of intelligent wireless solutions for the mobile communications market. The Company’s range of products includes intelligent mobile hotspots, universal serial bus (USB) modems, embedded modules, integrated asset-management and mobile tracking machine-to-machine (M2M) devices, communications and applications software and cloud services.
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