Canaccord Genuity Raises Inseego Corp. (NASDAQ:INSG) Price Target to $1.50
Inseego Corp. (NASDAQ:INSG) had its price objective boosted by stock analysts at Canaccord Genuity from $1.25 to $1.50 in a research report issued on Tuesday. The brokerage currently has a “hold” rating on the technology company’s stock. Canaccord Genuity’s target price points to a potential upside of 30.43% from the company’s previous close.
Other equities research analysts also recently issued research reports about the company. Zacks Investment Research downgraded Inseego Corp. from a “hold” rating to a “sell” rating in a research report on Monday, May 1st. ValuEngine downgraded Inseego Corp. from a “sell” rating to a “strong sell” rating in a research report on Tuesday, May 16th. Finally, Northland Securities set a $2.00 price objective on Inseego Corp. and gave the company a “buy” rating in a research report on Monday, June 26th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $2.00.
Shares of Inseego Corp. (INSG) traded up 3.60% during mid-day trading on Tuesday, reaching $1.15. The company’s stock had a trading volume of 1,094,499 shares. Inseego Corp. has a 1-year low of $0.87 and a 1-year high of $3.80. The firm’s market capitalization is $64.37 million. The company’s 50-day moving average is $1.25 and its 200 day moving average is $1.97.
Inseego Corp. (NASDAQ:INSG) last released its quarterly earnings results on Monday, August 7th. The technology company reported ($0.21) earnings per share for the quarter, hitting the Zacks’ consensus estimate of ($0.21). Inseego Corp. had a negative return on equity of 204.22% and a negative net margin of 27.92%. The company had revenue of $59.91 million during the quarter, compared to analysts’ expectations of $55.11 million. On average, analysts expect that Inseego Corp. will post ($0.34) earnings per share for the current year.
Several large investors have recently made changes to their positions in INSG. Spark Investment Management LLC increased its stake in shares of Inseego Corp. by 55.1% in the first quarter. Spark Investment Management LLC now owns 58,800 shares of the technology company’s stock worth $122,000 after buying an additional 20,900 shares in the last quarter. Goldman Sachs Group Inc. increased its stake in shares of Inseego Corp. by 2,239.6% in the first quarter. Goldman Sachs Group Inc. now owns 696,502 shares of the technology company’s stock worth $1,456,000 after buying an additional 666,732 shares in the last quarter. Dimensional Fund Advisors LP acquired a new stake in shares of Inseego Corp. during the fourth quarter worth approximately $1,485,000. Finally, Renaissance Technologies LLC acquired a new stake in shares of Inseego Corp. during the fourth quarter worth approximately $1,748,000. 12.36% of the stock is owned by institutional investors and hedge funds.
About Inseego Corp.
Novatel Wireless, Inc is a provider of intelligent wireless solutions for the mobile communications market. The Company’s range of products includes intelligent mobile hotspots, universal serial bus (USB) modems, embedded modules, integrated asset-management and mobile tracking machine-to-machine (M2M) devices, communications and applications software and cloud services.
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