Inseego (NASDAQ:INSG) Shares Down 4.2%

Inseego Corp. (NASDAQ:INSG)’s share price traded down 4.2% on Wednesday . The stock traded as low as $7.60 and last traded at $7.60. 12,750 shares traded hands during trading, a decline of 99% from the average session volume of 2,486,112 shares. The stock had previously closed at $7.93.

Several research analysts have recently weighed in on the stock. Roth Capital lowered their price objective on shares of Inseego from $8.50 to $7.50 and set a “neutral” rating on the stock in a research note on Thursday, August 5th. Zacks Investment Research lowered shares of Inseego from a “hold” rating to a “sell” rating in a research note on Tuesday, August 3rd. One research analyst has rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, Inseego currently has a consensus rating of “Hold” and a consensus target price of $11.25.

The stock’s fifty day moving average price is $8.57 and its two-hundred day moving average price is $9.14. The company has a market cap of $797.59 million, a P/E ratio of -15.25 and a beta of 1.62.

Inseego (NASDAQ:INSG) last released its quarterly earnings data on Wednesday, August 4th. The technology company reported ($0.08) earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of ($0.08). The company had revenue of $65.69 million for the quarter, compared to analyst estimates of $57.81 million. Inseego’s revenue for the quarter was down 18.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.01) earnings per share. Research analysts expect that Inseego Corp. will post -0.49 earnings per share for the current fiscal year.

Hedge funds and other institutional investors have recently made changes to their positions in the business. Nuveen Asset Management LLC increased its position in Inseego by 2.8% in the 1st quarter. Nuveen Asset Management LLC now owns 312,070 shares of the technology company’s stock valued at $3,121,000 after acquiring an additional 8,595 shares during the period. Wellington Shields & Co. LLC acquired a new stake in shares of Inseego during the first quarter worth $101,000. Stifel Financial Corp increased its position in shares of Inseego by 11.1% during the first quarter. Stifel Financial Corp now owns 170,612 shares of the technology company’s stock worth $1,706,000 after buying an additional 16,990 shares during the period. Occudo Quantitative Strategies LP acquired a new stake in shares of Inseego during the first quarter worth $1,256,000. Finally, Capital Wealth Alliance LLC acquired a new stake in shares of Inseego during the first quarter worth $132,000. Hedge funds and other institutional investors own 45.85% of the company’s stock.

About Inseego (NASDAQ:INSG)

Inseego Corp. engages in the business of communications equipment. The firm’s products include mobile hotspots, industrial gateways and routers, home and enterprise routers, industrial USB modems, and telematics and mobile tracking hardware devices. Its SaaS platforms include Ctrack, an asset tracking and management solution that delivers business intelligence for fleets used in various verticals, including aviation, construction, government, and transport; and Device Management Solutions, a hosted subscription management platform.

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