Wall Street analysts expect Inseego Corp (NASDAQ:INSG) to report $52.48 million in sales for the current quarter, Zacks Investment Research reports. Two analysts have made estimates for Inseego’s earnings, with the lowest sales estimate coming in at $51.55 million and the highest estimate coming in at $53.40 million. Inseego posted sales of $56.04 million in the same quarter last year, which would indicate a negative year-over-year growth rate of 6.4%. The company is scheduled to announce its next quarterly earnings report on Thursday, March 5th.
According to Zacks, analysts expect that Inseego will report full-year sales of $219.61 million for the current year, with estimates ranging from $218.71 million to $220.50 million. For the next financial year, analysts anticipate that the company will post sales of $265.90 million. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research firms that cover Inseego.
Several equities research analysts recently issued reports on the stock. Roth Capital restated a “buy” rating and issued a $9.50 target price on shares of Inseego in a report on Monday, January 27th. BidaskClub cut shares of Inseego from a “buy” rating to a “hold” rating in a report on Tuesday, January 28th. Canaccord Genuity raised their target price on shares of Inseego from $7.00 to $8.50 and gave the stock a “buy” rating in a report on Monday, October 28th. Cowen raised their target price on shares of Inseego from $8.00 to $9.00 and gave the stock an “outperform” rating in a report on Monday, January 13th. Finally, Zacks Investment Research cut shares of Inseego from a “buy” rating to a “hold” rating in a report on Wednesday. Four analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $8.54.
Several institutional investors have recently modified their holdings of the company. BlackRock Inc. increased its holdings in Inseego by 229.2% in the 2nd quarter. BlackRock Inc. now owns 2,918,234 shares of the technology company’s stock valued at $13,977,000 after acquiring an additional 2,031,809 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Inseego by 31.5% during the 2nd quarter. Vanguard Group Inc. now owns 2,235,809 shares of the technology company’s stock worth $10,709,000 after acquiring an additional 535,156 shares in the last quarter. State Street Corp raised its stake in shares of Inseego by 6.2% during the 4th quarter. State Street Corp now owns 872,246 shares of the technology company’s stock worth $6,394,000 after acquiring an additional 51,003 shares in the last quarter. Northern Trust Corp raised its stake in shares of Inseego by 30.9% during the 2nd quarter. Northern Trust Corp now owns 159,290 shares of the technology company’s stock worth $763,000 after acquiring an additional 37,587 shares in the last quarter. Finally, Capital Wealth Alliance LLC bought a new position in shares of Inseego during the 4th quarter worth approximately $875,000. Institutional investors and hedge funds own 46.97% of the company’s stock.
Inseego Corp. engages in the design and development of mobile, Internet of Things (IoT), and cloud solutions for large enterprise verticals, service providers, and small and medium-sized businesses worldwide. The company provides wireless 3G, 4G, and 5G hardware products that address various markets, including fleet and commercial telematics, aftermarket telematics, smart city infrastructure management, remote monitoring and control, wireless surveillance systems, security and connected home and fixed wireless access, and mobile broadband devices.
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