Inseego (INSG) Raised to “Strong-Buy” at BidaskClub

BidaskClub upgraded shares of Inseego (NASDAQ:INSG) from a buy rating to a strong-buy rating in a research note released on Friday.

A number of other equities analysts have also recently issued reports on INSG. Canaccord Genuity raised shares of Inseego from a hold rating to a buy rating and raised their price objective for the company from $2.25 to $4.50 in a research note on Thursday, September 6th. Northland Securities raised their price objective on shares of Inseego from $3.00 to $4.50 and gave the company an outperform rating in a research note on Tuesday. Finally, ValuEngine raised shares of Inseego from a hold rating to a buy rating in a research note on Thursday, August 9th. One analyst has rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. The stock presently has an average rating of Buy and a consensus target price of $3.83.

Shares of INSG remained flat at $$4.22 during mid-day trading on Friday. 1,376,909 shares of the stock traded hands, compared to its average volume of 1,286,294. Inseego has a twelve month low of $1.23 and a twelve month high of $4.43. The company has a debt-to-equity ratio of -2.07, a current ratio of 0.91 and a quick ratio of 0.72. The company has a market capitalization of $291.82 million, a PE ratio of -5.41 and a beta of 0.28.

Inseego (NASDAQ:INSG) last released its quarterly earnings results on Tuesday, August 7th. The technology company reported ($0.02) EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.02). The company had revenue of $49.06 million for the quarter, compared to the consensus estimate of $46.44 million. sell-side analysts anticipate that Inseego will post -0.38 EPS for the current fiscal year.

Hedge funds have recently made changes to their positions in the business. Family Management Corp boosted its stake in Inseego by 525.0% in the second quarter. Family Management Corp now owns 262,502 shares of the technology company’s stock valued at $527,000 after acquiring an additional 220,502 shares during the last quarter. Renaissance Technologies LLC boosted its stake in Inseego by 21.6% in the second quarter. Renaissance Technologies LLC now owns 451,900 shares of the technology company’s stock valued at $908,000 after acquiring an additional 80,400 shares during the last quarter. Finally, BlackRock Inc. boosted its stake in Inseego by 3.1% in the second quarter. BlackRock Inc. now owns 1,047,118 shares of the technology company’s stock valued at $2,105,000 after acquiring an additional 31,469 shares during the last quarter. 6.41% of the stock is currently owned by hedge funds and other institutional investors.

About Inseego

Inseego Corp., together with its subsidiaries, provides software-as-a-service (SaaS), Internet of Things (IoT), and mobile solutions worldwide. The company sells SaaS, software, and service solutions across multiple IoT vertical markets, including fleet management and vehicle telematics, aviation, usage-based insurance, stolen vehicle recovery, asset tracking and monitoring, business connectivity, and subscription management.

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