Wall Street brokerages expect Inseego Corp (NASDAQ:INSG) to report sales of $53.39 million for the current quarter, according to Zacks. Two analysts have made estimates for Inseego’s earnings, with estimates ranging from $51.38 million to $55.40 million. Inseego posted sales of $46.53 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 14.7%. The firm is scheduled to issue its next quarterly earnings report on Wednesday, March 6th.
According to Zacks, analysts expect that Inseego will report full year sales of $199.80 million for the current year, with estimates ranging from $197.80 million to $201.80 million. For the next year, analysts forecast that the firm will report sales of $228.33 million, with estimates ranging from $224.96 million to $231.70 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of research firms that that provide coverage for Inseego.
Several research firms recently issued reports on INSG. Zacks Investment Research lowered shares of Inseego from a “strong-buy” rating to a “hold” rating in a research report on Thursday, December 13th. ValuEngine lowered shares of Inseego from a “strong-buy” rating to a “buy” rating in a research report on Friday. BidaskClub lowered shares of Inseego from a “buy” rating to a “hold” rating in a research report on Saturday. Northland Securities reissued a “buy” rating and issued a $4.50 price target on shares of Inseego in a research report on Friday, November 30th. Finally, Canaccord Genuity reissued a “buy” rating and issued a $6.50 price target (up previously from $5.50) on shares of Inseego in a research report on Friday, January 11th. One analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $5.40.
In other news, major shareholder Harbor Ltd. Golden acquired 9,752,729 shares of the firm’s stock in a transaction on Wednesday, December 19th. The shares were purchased at an average cost of $3.00 per share, with a total value of $29,258,187.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Jeffrey Tuder sold 12,685 shares of the company’s stock in a transaction dated Monday, November 19th. The stock was sold at an average price of $3.70, for a total transaction of $46,934.50. Following the sale, the director now directly owns 126,413 shares in the company, valued at $467,728.10. The disclosure for this sale can be found here. Insiders have sold 154,191 shares of company stock worth $569,966 over the last ninety days. Insiders own 1.30% of the company’s stock.
A number of institutional investors have recently modified their holdings of the business. PEAK6 Investments LLC bought a new stake in shares of Inseego during the third quarter valued at approximately $106,000. BlackRock Inc. grew its stake in shares of Inseego by 3.1% during the second quarter. BlackRock Inc. now owns 1,047,118 shares of the technology company’s stock valued at $2,105,000 after purchasing an additional 31,469 shares during the last quarter. EAM Investors LLC bought a new stake in shares of Inseego during the third quarter valued at approximately $1,117,000. Renaissance Technologies LLC grew its stake in shares of Inseego by 21.6% during the second quarter. Renaissance Technologies LLC now owns 451,900 shares of the technology company’s stock valued at $908,000 after purchasing an additional 80,400 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its stake in shares of Inseego by 1,187.4% during the third quarter. JPMorgan Chase & Co. now owns 818,297 shares of the technology company’s stock valued at $3,150,000 after purchasing an additional 754,733 shares during the last quarter. 25.19% of the stock is currently owned by hedge funds and other institutional investors.
NASDAQ:INSG opened at $4.81 on Tuesday. Inseego has a 12-month low of $1.64 and a 12-month high of $6.00. The stock has a market capitalization of $347.14 million, a P/E ratio of -6.17 and a beta of 0.59.
Inseego Company Profile
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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