Zacks Investment Research upgraded shares of Inseego (NASDAQ:INSG) from a hold rating to a buy rating in a research note issued to investors on Friday morning. They currently have $4.25 price target on the technology company’s stock.
According to Zacks, “Inseego Corp. is a provider of software-as-a-service and solutions for the Internet of Things. The company sells telematics solutions under the Ctrack brand, including fleet management, asset tracking and monitoring, stolen vehicle recovery and usage-based insurance platforms. It also sells business connectivity solutions and device management services through Novatel Wireless, Inc. and Feeney Wireless. Inseego Corp., formerly known as Novatel Wireless Inc., is headquartered in San Diego, California. “
Other equities analysts have also issued research reports about the stock. Roth Capital initiated coverage on shares of Inseego in a report on Friday, October 12th. They issued a buy rating and a $5.00 price target for the company. BidaskClub lowered shares of Inseego from a strong-buy rating to a buy rating in a report on Tuesday, October 9th. Canaccord Genuity reissued a buy rating and issued a $5.00 price target (up previously from $4.50) on shares of Inseego in a report on Monday, September 17th. ValuEngine raised shares of Inseego from a hold rating to a buy rating in a report on Thursday, August 9th. Finally, Lake Street Capital set a $5.00 price target on shares of Inseego and gave the company a buy rating in a report on Wednesday. Two analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The company currently has a consensus rating of Buy and an average target price of $4.75.
Inseego (NASDAQ:INSG) last announced its quarterly earnings results on Tuesday, August 7th. The technology company reported ($0.02) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.02). The firm had revenue of $49.06 million during the quarter, compared to analyst estimates of $46.44 million. Sell-side analysts predict that Inseego will post -0.37 earnings per share for the current year.
Several hedge funds have recently made changes to their positions in INSG. BlackRock Inc. boosted its stake in Inseego by 3.1% in the 2nd quarter. BlackRock Inc. now owns 1,047,118 shares of the technology company’s stock worth $2,105,000 after purchasing an additional 31,469 shares during the period. Renaissance Technologies LLC boosted its stake in Inseego by 21.6% in the 2nd quarter. Renaissance Technologies LLC now owns 451,900 shares of the technology company’s stock worth $908,000 after purchasing an additional 80,400 shares during the period. Family Management Corp boosted its stake in Inseego by 525.0% in the 2nd quarter. Family Management Corp now owns 262,502 shares of the technology company’s stock worth $527,000 after purchasing an additional 220,502 shares during the period. FNY Investment Advisers LLC acquired a new position in Inseego in the 3rd quarter worth $380,000. Finally, Engineers Gate Manager LP acquired a new position in Inseego in the 3rd quarter worth $499,000. 6.56% of the stock is owned by institutional investors.
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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