Inseego (NASDAQ:INSG) Posts Quarterly Earnings Results, Misses Expectations By $0.06 EPS

Inseego (NASDAQ:INSG) released its earnings results on Wednesday. The technology company reported ($0.18) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.12) by ($0.06), FiscalAI reports. The firm had revenue of $43.98 million during the quarter, compared to the consensus estimate of $39.90 million. Inseego had a negative return on equity of 13.38% and a negative net margin of 1.26%.

Inseego Price Performance

Shares of NASDAQ:INSG traded down $0.32 during trading on Wednesday, reaching $7.43. 513,379 shares of the company were exchanged, compared to its average volume of 248,072. The business’s fifty day simple moving average is $9.56 and its 200-day simple moving average is $11.51. Inseego has a 12-month low of $6.22 and a 12-month high of $21.90. The firm has a market capitalization of $120.96 million, a PE ratio of 11.98 and a beta of 1.70.

Analyst Upgrades and Downgrades

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

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. BNP Paribas Financial Markets raised its position in Inseego by 129.3% during the 3rd 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. Barclays PLC raised its holdings in shares of Inseego by 11.9% in the fourth quarter. Barclays PLC now owns 19,593 shares of the technology company’s stock valued at $201,000 after acquiring an additional 2,080 shares in the last quarter. Kestra Advisory Services LLC purchased a new stake in Inseego in the fourth quarter worth about $33,000. Bank of America Corp DE lifted its stake in Inseego by 134.3% in the second quarter. Bank of America Corp DE now owns 5,870 shares of the technology company’s stock worth $48,000 after acquiring an additional 3,365 shares during the period. Finally, Dynamic Technology Lab Private Ltd grew its holdings in Inseego by 23.6% during the 1st quarter. Dynamic Technology Lab Private Ltd now owns 19,313 shares of the technology company’s stock worth $158,000 after acquiring an additional 3,685 shares in the last quarter. 34.20% of the stock is currently owned by hedge funds and other institutional investors.

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.