Inseego (NASDAQ:INSG) Stock Crosses Above 200-Day Moving Average – Here’s Why

Shares of Inseego (NASDAQ:INSG) crossed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $12.03 and traded as high as $13.54. Inseego shares last traded at $13.15, with a volume of 685,183 shares traded.

Wall Street Analysts Forecast Growth

INSG has been the subject of several research analyst reports. Weiss Ratings raised shares of Inseego from a “sell (d)” rating to a “sell (d+)” rating in a research note on Monday, May 11th. TD Cowen reissued a “hold” rating and issued a $18.00 price objective (up from $15.00) on shares of Inseego in a research note on Wednesday, May 13th. Finally, Lake Street Capital reiterated a “buy” rating and issued a $22.00 price target on shares of Inseego in a research note on Friday, May 1st. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $18.50.

Inseego Stock Up 7.6%

The business’s fifty day simple moving average is $13.67 and its two-hundred day simple moving average is $12.03. The company has a market cap of $214.08 million, a price-to-earnings ratio of 21.21 and a beta of 1.76.

Inseego (NASDAQ:INSG) last released its quarterly earnings data on Thursday, May 7th. The technology company reported ($0.06) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.09. Inseego had a negative net margin of 1.26% and a negative return on equity of 13.38%. The company had revenue of $34.34 million for the quarter, compared to analysts’ expectations of $34.53 million. Sell-side analysts predict that Inseego will post -0.45 EPS for the current fiscal year.

Institutional Trading of Inseego

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Royce & Associates LP acquired a new position in shares of Inseego in the 3rd quarter valued at $6,063,000. Balyasny Asset Management L.P. increased its holdings in shares of Inseego by 171.9% in the 2nd quarter. Balyasny Asset Management L.P. now owns 502,026 shares of the technology company’s stock valued at $4,137,000 after acquiring an additional 317,401 shares during the period. First Eagle Investment Management LLC increased its holdings in shares of Inseego by 209.4% in the 4th quarter. First Eagle Investment Management LLC now owns 435,849 shares of the technology company’s stock valued at $4,476,000 after acquiring an additional 294,999 shares during the period. Blue Door Asset Management LLC acquired a new position in shares of Inseego in the 4th quarter valued at $2,210,000. Finally, Geode Capital Management LLC increased its holdings in shares of Inseego by 118.9% in the 2nd quarter. Geode Capital Management LLC now owns 279,787 shares of the technology company’s stock valued at $2,306,000 after acquiring an additional 151,970 shares during the period. Institutional investors and hedge funds 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.