Zacks Investment Research Lowers Inseego (NASDAQ:INSG) to Sell

Zacks Investment Research cut shares of Inseego (NASDAQ:INSG) from a hold rating to a sell rating in a research report sent to investors on Friday morning, Zacks.com reports.

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 recently issued research reports about the company. Cowen dropped their price objective on Inseego from $20.00 to $15.00 and set an outperform rating for the company in a report on Tuesday, March 2nd. Canaccord Genuity restated a hold rating and set a $12.00 price objective (down previously from $13.00) on shares of Inseego in a report on Monday, March 8th. Lake Street Capital dropped their price objective on Inseego from $13.00 to $9.00 and set a hold rating for the company in a report on Thursday, May 6th. Finally, Stifel Nicolaus restated a hold rating and set a $13.00 price objective (down previously from $14.00) on shares of Inseego in a report on Monday, March 8th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and one has assigned a buy rating to the stock. Inseego currently has an average rating of Hold and a consensus price target of $12.17.

Shares of Inseego stock opened at $7.58 on Friday. The stock has a market cap of $779.42 million, a price-to-earnings ratio of -6.26 and a beta of 1.92. The stock has a 50 day moving average price of $8.89 and a 200-day moving average price of $12.32. Inseego has a one year low of $7.13 and a one year high of $21.93.

Inseego (NASDAQ:INSG) last announced its earnings results on Wednesday, May 5th. The technology company reported ($0.08) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.15) by $0.07. Equities analysts expect that Inseego will post -1.08 EPS for the current year.

Several hedge funds have recently modified their holdings of INSG. Washington Harbour Partners LP purchased a new stake in shares of Inseego in the 4th quarter worth $15,470,000. Renaissance Technologies LLC purchased a new stake in shares of Inseego in the 1st quarter worth $6,184,000. LMR Partners LLP purchased a new stake in shares of Inseego in the 4th quarter worth $6,652,000. BlackRock Inc. lifted its holdings in shares of Inseego by 7.8% in the 1st quarter. BlackRock Inc. now owns 5,068,063 shares of the technology company’s stock worth $50,682,000 after buying an additional 368,435 shares during the period. Finally, Credit Suisse AG bought a new position in shares of Inseego in the 4th quarter worth $4,251,000. Institutional investors and hedge funds own 47.30% of the company’s stock.

Inseego Company Profile

Inseego Corp. engages in the design and development of fixed and mobile wireless solutions, industrial Internet of Things (IIoT), and cloud solutions for large enterprise verticals, service providers, and small and medium-sized businesses worldwide. The company provides wireless 4G and 5G hardware products for vertical markets, including private LTE/5G networks, First responders network authority/Firstnet, SD-WAN, telematics, remote monitoring and surveillance, and fixed wireless access and mobile broadband devices.

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