Inseego Corp. (NASDAQ:INSG) Sees Significant Increase in Short Interest

Inseego Corp. (NASDAQ:INSG) was the recipient of a significant increase in short interest during the month of March. As of March 31st, there was short interest totalling 801,100 shares, an increase of 15.8% from the March 15th total of 691,500 shares. Approximately 8.4% of the company’s shares are sold short. Based on an average daily trading volume, of 105,000 shares, the days-to-cover ratio is currently 7.6 days.

Institutional Investors Weigh In On Inseego

Hedge funds have recently made changes to their positions in the company. Simplicity Solutions LLC bought a new stake in shares of Inseego in the fourth quarter valued at about $1,674,000. Braslyn Ltd. bought a new stake in shares of Inseego in the 4th quarter valued at about $1,675,000. Millennium Management LLC raised its holdings in shares of Inseego by 688.5% in the 4th quarter. Millennium Management LLC now owns 1,325,142 shares of the technology company’s stock valued at $1,116,000 after purchasing an additional 1,157,093 shares in the last quarter. Jacobs Levy Equity Management Inc. purchased a new stake in shares of Inseego in the 3rd quarter worth approximately $354,000. Finally, Renaissance Technologies LLC boosted its stake in shares of Inseego by 2,215.8% during the second quarter. Renaissance Technologies LLC now owns 833,694 shares of the technology company’s stock valued at $537,000 after purchasing an additional 797,694 shares in the last quarter. 34.20% of the stock is currently owned by hedge funds and other institutional investors.

Inseego Stock Performance

Shares of INSG opened at $2.32 on Tuesday. Inseego has a 1-year low of $1.62 and a 1-year high of $12.30. The company has a 50-day moving average of $2.83 and a 200 day moving average of $2.78.

Inseego (NASDAQ:INSG) last issued its earnings results on Wednesday, February 21st. The technology company reported ($1.28) EPS for the quarter, missing analysts’ consensus estimates of ($0.80) by ($0.48). The firm had revenue of $42.75 million for the quarter, compared to analyst estimates of $40.57 million. Equities research analysts predict that Inseego will post -2.24 EPS for the current year.

Analyst Ratings Changes

Separately, TD Cowen boosted their price objective on Inseego from $2.50 to $3.50 and gave the company a “market perform” rating in a report on Wednesday, March 13th.

About Inseego

Inseego Corp. engages in the design and development of cloud-managed wireless wide area network (WAN) and intelligent edge solutions for businesses, consumers, and governments worldwide. The company provides 5G and 4G mobile broadband solutions, such as mobile hotspots under the MiFi brand; and 4G VoLTE products and 4G USB modems.