Royce & Associates LP Invests $6.06 Million in Inseego $INSG

Royce & Associates LP bought a new stake in Inseego (NASDAQ:INSG) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 405,000 shares of the technology company’s stock, valued at approximately $6,063,000. Royce & Associates LP owned approximately 2.66% of Inseego as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Police & Firemen s Retirement System of New Jersey purchased a new position in Inseego in the second quarter worth $28,000. Bank of America Corp DE raised its stake in shares of Inseego by 134.3% during the 2nd quarter. Bank of America Corp DE now owns 5,870 shares of the technology company’s stock worth $48,000 after purchasing an additional 3,365 shares during the period. JPMorgan Chase & Co. boosted its holdings in shares of Inseego by 3,087.9% in the 2nd quarter. JPMorgan Chase & Co. now owns 6,057 shares of the technology company’s stock worth $50,000 after buying an additional 5,867 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in shares of Inseego in the 2nd quarter worth about $56,000. Finally, Maven Securities LTD bought a new position in Inseego during the second quarter valued at about $82,000. 34.20% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have commented on INSG shares. TD Cowen reaffirmed a “hold” rating and issued a $15.00 price objective (up from $14.00) on shares of Inseego in a research report on Thursday, January 15th. Lake Street Capital started coverage on shares of Inseego in a research note on Monday, December 15th. They set a “buy” rating and a $17.00 price target for the company. Wall Street Zen raised shares of Inseego from a “sell” rating to a “hold” rating in a report on Sunday, November 16th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Inseego in a report on Monday, December 29th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $16.50.

Inseego Trading Down 0.3%

Inseego stock opened at $11.47 on Thursday. The firm has a 50 day simple moving average of $11.03 and a 200 day simple moving average of $12.28. Inseego has a 1-year low of $6.24 and a 1-year high of $18.11. The firm has a market capitalization of $186.04 million, a price-to-earnings ratio of -60.37 and a beta of 1.18.

Inseego (NASDAQ:INSG) last posted its quarterly earnings results on Thursday, February 19th. The technology company reported $0.12 EPS for the quarter, topping analysts’ consensus estimates of $0.07 by $0.05. The firm had revenue of $48.40 million during the quarter, compared to analyst estimates of $46.89 million. Inseego had a negative return on equity of 13.38% and a net margin of 0.50%. On average, equities research analysts forecast that Inseego will post -0.06 EPS for the current year.

About Inseego

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.