Inseego (NASDAQ:INSG) Share Price Passes Above Two Hundred Day Moving Average – Here’s What Happened

Inseego (NASDAQ:INSG)’s share price passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $12.03 and traded as high as $13.54. Inseego shares last traded at $13.15, with a volume of 685,183 shares changing hands.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on INSG shares. Weiss Ratings upgraded Inseego from a “sell (d)” rating to a “sell (d+)” rating in a report on Monday, May 11th. Lake Street Capital restated a “buy” rating and issued a $22.00 price target on shares of Inseego in a report on Friday, May 1st. Finally, TD Cowen restated a “hold” rating and issued a $18.00 price target (up from $15.00) on shares of Inseego in a report on Wednesday, May 13th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $18.50.

Inseego Stock Performance

The firm has a market cap of $213.59 million, a price-to-earnings ratio of 21.16 and a beta of 1.76. The business has a fifty day moving average of $13.68 and a two-hundred day moving average of $12.04.

Inseego (NASDAQ:INSG) last released its quarterly earnings results on Thursday, May 7th. The technology company reported ($0.06) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.09. Inseego had a negative return on equity of 13.38% and a negative net margin of 1.26%.The business had revenue of $34.34 million for the quarter, compared to analysts’ expectations of $34.53 million. On average, equities research analysts forecast that Inseego will post -0.45 earnings per share for the current year.

Institutional Investors Weigh In On Inseego

Large investors have recently bought and sold shares of the stock. Royce & Associates LP acquired a new stake in Inseego during the 3rd quarter valued at $6,063,000. First Eagle Investment Management LLC acquired a new stake in Inseego during the 3rd quarter valued at $2,109,000. Kestra Private Wealth Services LLC acquired a new stake in Inseego during the 4th quarter valued at $191,000. AlphaQuest LLC grew its holdings in Inseego by 276.2% during the 3rd quarter. AlphaQuest LLC now owns 35,525 shares of the technology company’s stock valued at $532,000 after buying an additional 26,083 shares during the last quarter. Finally, Renaissance Technologies LLC grew its holdings in Inseego by 24.4% during the 4th quarter. Renaissance Technologies LLC now owns 71,817 shares of the technology company’s stock valued at $738,000 after buying an additional 14,071 shares during the last quarter. Institutional investors and hedge funds own 34.20% of the company’s stock.

Inseego Company 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.