$65.16 Million in Sales Expected for Inseego Corp. (NASDAQ:INSG) This Quarter

Wall Street brokerages expect Inseego Corp. (NASDAQ:INSG) to report sales of $65.16 million for the current fiscal quarter, according to Zacks Investment Research. Two analysts have made estimates for Inseego’s earnings, with the highest sales estimate coming in at $65.60 million and the lowest estimate coming in at $64.71 million. Inseego reported sales of $90.24 million during the same quarter last year, which indicates a negative year over year growth rate of 27.8%. The firm is scheduled to report its next quarterly earnings report on Thursday, November 4th.

According to Zacks, analysts expect that Inseego will report full-year sales of $266.28 million for the current fiscal year, with estimates ranging from $264.18 million to $270.45 million. For the next financial year, analysts forecast that the business will post sales of $312.41 million, with estimates ranging from $295.79 million to $336.20 million. Zacks Investment Research’s sales averages are an average based on a survey of sell-side analysts that that provide coverage for Inseego.

Inseego (NASDAQ:INSG) last issued its quarterly earnings data on Wednesday, August 4th. The technology company reported ($0.08) EPS for the quarter, hitting the consensus estimate of ($0.08). The company had revenue of $65.69 million during the quarter, compared to analysts’ expectations of $57.81 million. The business’s revenue for the quarter was down 18.6% compared to the same quarter last year. During the same period last year, the company earned ($0.01) earnings per share.

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

Several large investors have recently bought and sold shares of INSG. BlackRock Inc. lifted its position in shares of Inseego by 24.2% during the second quarter. BlackRock Inc. now owns 6,294,798 shares of the technology company’s stock worth $63,514,000 after acquiring an additional 1,226,735 shares in the last quarter. Renaissance Technologies LLC purchased a new stake in shares of Inseego in the first quarter worth $6,184,000. Morgan Stanley raised its position in shares of Inseego by 115.0% in the second quarter. Morgan Stanley now owns 498,506 shares of the technology company’s stock worth $5,030,000 after buying an additional 266,607 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Inseego by 6.3% in the second quarter. Vanguard Group Inc. now owns 4,472,526 shares of the technology company’s stock worth $45,128,000 after buying an additional 264,621 shares in the last quarter. Finally, Geode Capital Management LLC raised its position in shares of Inseego by 22.2% in the first quarter. Geode Capital Management LLC now owns 1,273,382 shares of the technology company’s stock worth $12,733,000 after buying an additional 231,347 shares in the last quarter. Hedge funds and other institutional investors own 45.85% of the company’s stock.

Shares of Inseego stock traded up $0.11 on Friday, hitting $7.18. The company had a trading volume of 10,587 shares, compared to its average volume of 2,427,527. The stock has a market capitalization of $740.84 million, a price-to-earnings ratio of -13.60 and a beta of 1.62. Inseego has a 1 year low of $7.03 and a 1 year high of $21.93. The stock has a 50 day moving average of $8.32 and a 200-day moving average of $8.97.

About Inseego

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.

Further Reading: Hold Rating

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