Inseego (INSG) Upgraded to “Strong-Buy” by ValuEngine
ValuEngine upgraded shares of Inseego (NASDAQ:INSG) from a buy rating to a strong-buy rating in a research note issued to investors on Monday.
Other equities analysts have also issued research reports about the stock. Northland Securities increased their target price on shares of Inseego from $3.00 to $4.50 and gave the company an outperform rating in a report on Tuesday, September 11th. BidaskClub lowered shares of Inseego from a strong-buy rating to a buy rating in a report on Tuesday, October 9th. Zacks Investment Research lowered shares of Inseego from a strong-buy rating to a hold rating in a report on Thursday, December 13th. Canaccord Genuity reissued a buy rating and issued a $5.00 price target (up previously from $4.50) on shares of Inseego in a report on Monday, September 17th. Finally, Roth Capital initiated coverage on shares of Inseego in a report on Friday, October 12th. They issued a buy rating and a $5.00 price target on the stock. Five investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. The stock currently has a consensus rating of Buy and an average price target of $4.90.
Shares of INSG stock traded up $0.31 on Monday, hitting $5.41. 42,485 shares of the company’s stock traded hands, compared to its average volume of 822,147. Inseego has a one year low of $1.61 and a one year high of $5.44. The firm has a market cap of $372.83 million, a P/E ratio of -6.96 and a beta of 0.29.
In related news, major shareholder Harbor Ltd. Golden bought 9,752,729 shares of the company’s stock in a transaction dated Wednesday, December 19th. The stock was purchased at an average cost of $3.00 per share, with a total value of $29,258,187.00. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Jeffrey Tuder sold 12,685 shares of the firm’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 completion of the sale, the director now directly owns 126,413 shares of the company’s stock, valued at $467,728.10. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 154,191 shares of company stock valued at $569,966. Corporate insiders own 1.30% of the company’s stock.
Several large investors have recently bought and sold shares of INSG. BlackRock Inc. lifted its position in shares of Inseego by 3.1% in the 2nd quarter. BlackRock Inc. now owns 1,047,118 shares of the technology company’s stock worth $2,105,000 after purchasing an additional 31,469 shares during the period. Renaissance Technologies LLC lifted its position in Inseego by 21.6% during the 2nd quarter. Renaissance Technologies LLC now owns 451,900 shares of the technology company’s stock valued at $908,000 after acquiring an additional 80,400 shares during the period. Family Management Corp lifted its position in Inseego by 525.0% during the 2nd quarter. Family Management Corp now owns 262,502 shares of the technology company’s stock valued at $527,000 after acquiring an additional 220,502 shares during the period. FNY Investment Advisers LLC purchased a new position in Inseego during the 3rd quarter valued at about $380,000. Finally, Engineers Gate Manager LP purchased a new position in Inseego during the 3rd quarter valued at about $499,000. 25.26% of the stock is owned by hedge funds and other institutional investors.
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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