Inseego $INSG Shares Sold by Wolverine Asset Management LLC

Wolverine Asset Management LLC cut its holdings in Inseego (NASDAQ:INSG) by 37.4% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 148,741 shares of the technology company’s stock after selling 89,001 shares during the period. Wolverine Asset Management LLC’s holdings in Inseego were worth $1,528,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Vanguard Group Inc. boosted its holdings in shares of Inseego by 4.6% in the 3rd quarter. Vanguard Group Inc. now owns 663,660 shares of the technology company’s stock valued at $9,935,000 after buying an additional 29,236 shares during the period. Balyasny Asset Management L.P. boosted its position in Inseego by 171.9% during the 2nd quarter. Balyasny Asset Management L.P. now owns 502,026 shares of the technology company’s stock valued at $4,137,000 after purchasing an additional 317,401 shares during the period. Royce & Associates LP acquired a new position in Inseego during the 3rd quarter valued at approximately $6,063,000. Geode Capital Management LLC boosted its position in Inseego by 118.9% during the 2nd quarter. Geode Capital Management LLC now owns 279,787 shares of the technology company’s stock valued at $2,306,000 after purchasing an additional 151,970 shares during the period. Finally, First Eagle Investment Management LLC acquired a new position in Inseego during the 3rd quarter valued at approximately $2,109,000. 34.20% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts recently issued reports on INSG shares. Lake Street Capital restated a “buy” rating and set a $22.00 price objective on shares of Inseego in a research report on Friday. TD Cowen restated a “hold” rating and set a $15.00 price objective (up from $14.00) on shares of Inseego in a research report on Thursday, January 15th. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $17.75.

Inseego Trading Down 7.9%

Shares of NASDAQ INSG opened at $18.05 on Wednesday. The stock has a 50 day simple moving average of $12.96 and a 200-day simple moving average of $12.15. The company has a market cap of $293.13 million, a PE ratio of -95.00 and a beta of 1.76. Inseego has a 12-month low of $6.27 and a 12-month high of $21.90.

Inseego (NASDAQ:INSG) last issued its quarterly earnings data on Thursday, February 19th. The technology company reported $0.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.07 by $0.05. The business had revenue of $48.40 million during the quarter, compared to the consensus estimate of $46.89 million. Inseego had a negative return on equity of 13.38% and a net margin of 0.50%. Sell-side analysts forecast that Inseego will post -0.21 earnings per share for the current fiscal year.

Inseego Profile

Inseego Corp is a U.S.-based technology company specializing in 5G and intelligent Internet of Things (IoT) device-to-cloud solutions. The company develops hardware and software platforms designed to connect devices, vehicles and remote locations to high-speed wireless networks. Its core offerings include mobile hotspots, fixed wireless access gateways and ruggedized routers optimized for enterprise, industrial and government applications.

Inseego’s product portfolio encompasses 5G MiFi® mobile hotspots, virtual network functions (VNFs) for network management, telematics devices for fleet tracking and asset monitoring, as well as a suite of cloud-native software for device lifecycle management and data analytics.