Short Interest in Inseego Corp. (NASDAQ:INSG) Drops By 9.9%

Inseego Corp. (NASDAQ:INSG - Get Free Report) saw a large decrease in short interest during the month of January. As of January 31st, there was short interest totalling 990,600 shares, a decrease of 9.9% from the January 15th total of 1,100,000 shares. Based on an average daily volume of 186,600 shares, the short-interest ratio is presently 5.3 days. Approximately 7.0% of the company's shares are short sold.

Institutional Investors Weigh In On Inseego

Several hedge funds have recently modified their holdings of the business. Aviva Holdings Ltd. purchased a new stake in Inseego during the third quarter valued at approximately $41,219,000. Marshall Wace LLP grew its position in Inseego by 19.9% during the fourth quarter. Marshall Wace LLP now owns 371,992 shares of the technology company's stock valued at $3,817,000 after buying an additional 61,623 shares during the period. Arrowstreet Capital Limited Partnership grew its position in Inseego by 3.9% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 158,673 shares of the technology company's stock valued at $1,628,000 after buying an additional 5,992 shares during the period. Geode Capital Management LLC grew its position in Inseego by 19.0% during the fourth quarter. Geode Capital Management LLC now owns 124,121 shares of the technology company's stock valued at $1,274,000 after buying an additional 19,817 shares during the period. Finally, Renaissance Technologies LLC grew its position in Inseego by 199.0% during the fourth quarter. Renaissance Technologies LLC now owns 117,941 shares of the technology company's stock valued at $1,210,000 after buying an additional 78,495 shares during the period. Hedge funds and other institutional investors own 34.20% of the company's stock.

Inseego Trading Down 2.6 %

Shares of INSG traded down $0.32 during mid-day trading on Friday, hitting $12.19. The company's stock had a trading volume of 458,360 shares, compared to its average volume of 157,463. The company's 50-day moving average is $11.57 and its 200-day moving average is $13.80. Inseego has a 52-week low of $2.08 and a 52-week high of $20.67. The firm has a market capitalization of $182.36 million, a price-to-earnings ratio of -19.66 and a beta of 1.50.

Inseego (NASDAQ:INSG - Get Free Report) last announced its quarterly earnings results on Wednesday, February 19th. The technology company reported ($0.04) earnings per share for the quarter, missing the consensus estimate of $0.02 by ($0.06). Inseego had a negative return on equity of 4.08% and a net margin of 2.22%. The business had revenue of $48.09 million during the quarter, compared to analysts' expectations of $45.56 million. As a group, sell-side analysts predict that Inseego will post -0.06 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have commented on INSG. TD Cowen dropped their target price on shares of Inseego from $20.00 to $16.00 and set a "hold" rating on the stock in a research note on Friday, November 15th. Roth Capital upgraded shares of Inseego from a "hold" rating to a "strong-buy" rating in a research note on Thursday, November 14th. Stifel Nicolaus dropped their target price on shares of Inseego from $17.00 to $12.00 and set a "hold" rating on the stock in a research note on Friday, December 20th. Finally, Roth Mkm upgraded shares of Inseego from a "neutral" rating to a "buy" rating and upped their target price for the stock from $13.00 to $15.00 in a research note on Thursday, November 14th.

About Inseego

Inseego Corp. engages in the design and development of cloud-managed wireless wide area network (WAN) and intelligent edge solutions for businesses, consumers, and governments worldwide. The company provides 5G and 4G mobile broadband solutions, such as mobile hotspots under the MiFi brand; and 4G VoLTE products and 4G USB modems.