Inseego (NASDAQ:INSG) Shares Pass Above 200-Day Moving Average – Here’s What Happened

Shares of Inseego (NASDAQ:INSG) passed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $12.19 and traded as high as $12.25. Inseego shares last traded at $12.21, with a volume of 86,076 shares.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the company. Lake Street Capital assumed coverage on Inseego in a research note on Monday, December 15th. They issued a “buy” rating and a $17.00 price target for the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Inseego in a research note on Monday, December 29th. Finally, TD Cowen reissued a “hold” rating and set a $15.00 price objective (up from $14.00) on shares of Inseego in a report on Thursday, January 15th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $16.50.

Inseego Price Performance

The stock has a market cap of $198.17 million, a PE ratio of -64.26 and a beta of 1.30. The stock has a 50-day moving average price of $11.40 and a two-hundred day moving average price of $12.19.

Inseego (NASDAQ:INSG) last issued its quarterly earnings data on Thursday, February 19th. The technology company reported $0.12 earnings per share for the quarter, beating analysts’ consensus estimates of $0.07 by $0.05. The firm had revenue of $48.40 million during the quarter, compared to analyst estimates of $46.89 million. Inseego had a negative return on equity of 13.38% and a net margin of 0.50%. Equities research analysts expect that Inseego will post -0.06 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Invesco Ltd. bought a new position in shares of Inseego in the 4th quarter valued at about $123,000. XTX Topco Ltd bought a new position in shares of Inseego in the 4th quarter valued at about $205,000. VestGen Advisors LLC bought a new position in shares of Inseego in the 4th quarter valued at about $122,000. Toronto Dominion Bank lifted its holdings in shares of Inseego by 910.0% in the 4th quarter. Toronto Dominion Bank now owns 50,501 shares of the technology company’s stock valued at $519,000 after acquiring an additional 45,501 shares during the last quarter. Finally, Millennium Management LLC bought a new position in shares of Inseego in the 4th quarter valued at about $1,114,000. Institutional investors own 34.20% of the company’s stock.

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.