Inseego (NASDAQ:INSG) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Friday. The firm presently has a $4.25 price target on the technology company’s stock. Zacks Investment Research‘s target price indicates a potential upside of 6.25% from the stock’s previous close.
According to Zacks, “Inseego Corp. is a provider of software-as-a-service and solutions for the Internet of Things. The company sells telematics solutions under the Ctrack brand, including fleet management, asset tracking and monitoring, stolen vehicle recovery and usage-based insurance platforms. It also sells business connectivity solutions and device management services through Novatel Wireless, Inc. and Feeney Wireless. Inseego Corp., formerly known as Novatel Wireless Inc., is headquartered in San Diego, California. “
A number of other brokerages also recently issued reports on INSG. Canaccord Genuity upgraded Inseego from a “hold” rating to a “buy” rating and boosted their price target for the company from $2.25 to $4.50 in a report on Thursday, September 6th. Northland Securities boosted their price target on Inseego from $3.00 to $4.50 and gave the company an “outperform” rating in a report on Tuesday, September 11th. BidaskClub downgraded Inseego from a “strong-buy” rating to a “buy” rating in a report on Tuesday, October 9th. Roth Capital initiated coverage on Inseego in a report on Friday, October 12th. They set a “buy” rating and a $5.00 price target on the stock. Finally, Lake Street Capital set a $5.00 price target on Inseego and gave the company a “buy” rating in a report on Wednesday. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. Inseego currently has a consensus rating of “Buy” and a consensus price target of $4.75.
Inseego (NASDAQ:INSG) last announced its quarterly earnings results on Tuesday, August 7th. The technology company reported ($0.02) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.02). The business had revenue of $49.06 million for the quarter, compared to analysts’ expectations of $46.44 million. As a group, equities analysts forecast that Inseego will post -0.37 earnings per share for the current year.
Hedge funds have recently bought and sold shares of the business. FNY Investment Advisers LLC purchased a new position in shares of Inseego during the 3rd quarter worth approximately $380,000. ClariVest Asset Management LLC purchased a new position in shares of Inseego during the 3rd quarter worth approximately $480,000. Engineers Gate Manager LP purchased a new position in shares of Inseego during the 3rd quarter worth approximately $499,000. Family Management Corp grew its holdings in shares of Inseego by 525.0% during the 2nd quarter. Family Management Corp now owns 262,502 shares of the technology company’s stock worth $527,000 after acquiring an additional 220,502 shares during the period. Finally, Renaissance Technologies LLC grew its holdings in shares of Inseego by 21.6% during the 2nd quarter. Renaissance Technologies LLC now owns 451,900 shares of the technology company’s stock worth $908,000 after acquiring an additional 80,400 shares during the period. Hedge funds and other institutional investors own 6.56% of the company’s stock.
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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