Inseego (INSG) Rating Lowered to Sell at Zacks Investment Research
Zacks Investment Research cut shares of Inseego (NASDAQ:INSG) from a hold rating to a sell rating in a report published on Wednesday.
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. “
A number of other equities research analysts also recently issued reports on the company. ValuEngine downgraded Inseego from a sell rating to a strong sell rating in a research report on Wednesday, January 3rd. Canaccord Genuity increased their price target on Inseego from $1.50 to $1.75 and gave the stock a hold rating in a research report on Friday, November 3rd. Finally, Northland Securities reissued a buy rating and set a $2.00 price target on shares of Inseego in a research report on Sunday, October 1st.
Inseego (NASDAQ:INSG) last issued its quarterly earnings results on Thursday, November 2nd. The technology company reported ($0.23) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.20) by ($0.03). equities analysts expect that Inseego will post -0.86 EPS for the current fiscal year.
In other Inseego news, Chairman Philip Falcone sold 91,023 shares of the firm’s stock in a transaction on Wednesday, November 8th. The stock was sold at an average price of $1.33, for a total value of $121,060.59. Following the sale, the chairman now owns 28,333 shares of the company’s stock, valued at approximately $37,682.89. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 4.10% of the company’s stock.
A hedge fund recently raised its stake in Inseego stock. Vanguard Group Inc. raised its holdings in Inseego Corp (NASDAQ:INSG) by 2.4% during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,050,470 shares of the technology company’s stock after purchasing an additional 25,100 shares during the quarter. Vanguard Group Inc. owned 1.88% of Inseego worth $1,313,000 as of its most recent SEC filing. Institutional investors own 12.14% of the company’s stock.
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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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