Lake Street Capital Initiates Coverage on Inseego (NASDAQ:INSG)

Analysts at Lake Street Capital started coverage on shares of Inseego (NASDAQ:INSG) in a research report issued on Monday, Marketbeat reports. The firm set a “buy” rating and a $17.00 price target on the technology company’s stock. Lake Street Capital’s price target suggests a potential upside of 35.18% from the company’s current price.

A number of other brokerages have also recently commented on INSG. Craig Hallum set a $20.00 price target on shares of Inseego and gave the company a “buy” rating in a research note on Monday, October 6th. Wall Street Zen upgraded Inseego from a “sell” rating to a “hold” rating in a research note on Sunday, November 16th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Inseego in a report on Monday, December 8th. Finally, Stifel Nicolaus set a $14.00 price target on Inseego and gave the company a “hold” rating in a research note on Friday, October 17th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $17.00.

Inseego Price Performance

Shares of NASDAQ INSG opened at $12.58 on Monday. Inseego has a fifty-two week low of $6.24 and a fifty-two week high of $18.11. The stock has a market capitalization of $192.79 million, a price-to-earnings ratio of -48.37 and a beta of 1.26. The business has a 50-day moving average of $13.23 and a 200-day moving average of $10.93.

Inseego (NASDAQ:INSG) last posted its quarterly earnings results on Friday, November 7th. The technology company reported $0.12 earnings per share for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.16). The company had revenue of $45.89 million during the quarter, compared to the consensus estimate of $41.86 million. Inseego had a negative net margin of 0.12% and a negative return on equity of 8.87%. On average, sell-side analysts expect that Inseego will post -0.06 EPS for the current year.

Institutional Trading of Inseego

Hedge funds and other institutional investors have recently modified their holdings of the stock. Police & Firemen s Retirement System of New Jersey acquired a new stake in shares of Inseego during the 2nd quarter valued at $28,000. BNP Paribas Financial Markets boosted its stake in shares of Inseego by 129.3% during the third quarter. BNP Paribas Financial Markets now owns 2,708 shares of the technology company’s stock valued at $41,000 after purchasing an additional 1,527 shares in the last quarter. Bank of America Corp DE grew its holdings in shares of Inseego by 134.3% during the second 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 last quarter. JPMorgan Chase & Co. increased its stake in shares of Inseego by 3,087.9% in the second quarter. JPMorgan Chase & Co. now owns 6,057 shares of the technology company’s stock valued at $50,000 after buying an additional 5,867 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in Inseego in the 2nd quarter valued at approximately $56,000. Institutional investors own 34.20% of the company’s stock.

About Inseego

Inseego Corp. engages in the design and development of cloud-managed wireless wide area network (WAN) and intelligent edge solutions for businesses, consumers, and governments worldwide. The company provides 5G and 4G mobile broadband solutions, such as mobile hotspots under the MiFi brand; and 4G VoLTE products and 4G USB modems.