DAVENPORT & Co LLC acquired a new stake in Inseego Corp (NASDAQ:INSG) during the 2nd quarter, HoldingsChannel.com reports. The fund acquired 39,700 shares of the technology company’s stock, valued at approximately $461,000.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Royal Bank of Canada raised its stake in shares of Inseego by 88.8% in the first quarter. Royal Bank of Canada now owns 45,551 shares of the technology company’s stock valued at $283,000 after acquiring an additional 21,425 shares in the last quarter. Bank of New York Mellon Corp raised its stake in shares of Inseego by 14.3% in the fourth quarter. Bank of New York Mellon Corp now owns 183,435 shares of the technology company’s stock valued at $1,344,000 after acquiring an additional 22,889 shares in the last quarter. US Bancorp DE raised its stake in Inseego by 339.0% in the first quarter. US Bancorp DE now owns 8,779 shares of the technology company’s stock valued at $54,000 after buying an additional 6,779 shares in the last quarter. BlackRock Inc. raised its stake in Inseego by 0.3% in the first quarter. BlackRock Inc. now owns 3,382,000 shares of the technology company’s stock valued at $21,070,000 after buying an additional 10,217 shares in the last quarter. Finally, SG Americas Securities LLC acquired a new stake in Inseego in the second quarter valued at $3,002,000. Institutional investors and hedge funds own 43.11% of the company’s stock.
Shares of INSG stock opened at $13.48 on Friday. The stock’s 50-day moving average is $11.07 and its two-hundred day moving average is $9.33. Inseego Corp has a 1 year low of $3.61 and a 1 year high of $15.15. The company has a quick ratio of 0.71, a current ratio of 0.87 and a debt-to-equity ratio of 1.59.
Inseego (NASDAQ:INSG) last issued its quarterly earnings data on Wednesday, May 6th. The technology company reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.08) by $0.02. The firm had revenue of $56.80 million for the quarter, compared to analysts’ expectations of $52.70 million. The business’s revenue for the quarter was up 17.0% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.03) EPS. Research analysts forecast that Inseego Corp will post -0.33 earnings per share for the current year.
In related news, CEO Dan Mondor sold 6,621 shares of the firm’s stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $10.42, for a total transaction of $68,990.82. Following the transaction, the chief executive officer now owns 162,067 shares of the company’s stock, valued at $1,688,738.14. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Ashish Sharma sold 2,708 shares of the firm’s stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $10.42, for a total value of $28,217.36. Following the transaction, the insider now directly owns 32,519 shares in the company, valued at approximately $338,847.98. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 43,860 shares of company stock worth $477,673. Corporate insiders own 9.80% of the company’s stock.
A number of research firms have weighed in on INSG. BidaskClub upgraded Inseego from a “hold” rating to a “buy” rating in a research note on Friday. Cowen raised their price target on Inseego from $12.00 to $13.50 and gave the company an “outperform” rating in a research note on Tuesday, May 19th. Canaccord Genuity restated a “buy” rating and issued a $14.00 price target (up from $10.00) on shares of Inseego in a research note on Tuesday, April 14th. Vertical Research began coverage on Inseego in a research note on Thursday, April 30th. They issued a “sell” rating on the stock. Finally, Lake Street Capital raised their price target on Inseego from $7.00 to $10.00 and gave the company a “buy” rating in a research note on Thursday, April 9th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and eight have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $11.16.
Inseego Corp. engages in the design and development of mobile, Internet of Things (IoT), and cloud solutions for large enterprise verticals, service providers, and small and medium-sized businesses worldwide. The company provides wireless 3G, 4G, and 5G hardware products that address various markets, including fleet and commercial telematics, aftermarket telematics, smart city infrastructure management, remote monitoring and control, wireless surveillance systems, security and connected home and fixed wireless access, and mobile broadband devices.
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