Inseego (NASDAQ:INSG) Shares Pass Above 200 Day Moving Average – Here’s Why

Inseego Corp. (NASDAQ:INSG)’s share price passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $9.38 and traded as high as $17.60. Inseego shares last traded at $17.56, with a volume of 162,923 shares changing hands.

Wall Street Analysts Forecast Growth

INSG has been the topic of a number of research reports. TD Cowen lifted their price objective on Inseego from $13.50 to $15.00 and gave the stock a “hold” rating in a research note on Wednesday, August 14th. Stifel Nicolaus upped their target price on Inseego from $11.00 to $17.00 and gave the stock a “hold” rating in a report on Tuesday, September 17th.

Inseego Stock Up 5.7 %

The company has a market capitalization of $208.67 million, a PE ratio of -4.26 and a beta of 1.61. The firm has a 50-day moving average of $14.05 and a two-hundred day moving average of $9.38.

Inseego (NASDAQ:INSG) last released its quarterly earnings results on Wednesday, August 7th. The technology company reported ($0.02) earnings per share (EPS) for the quarter. The company had revenue of $59.15 million for the quarter, compared to analysts’ expectations of $53.63 million. Equities analysts predict that Inseego Corp. will post -0.11 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Renaissance Technologies LLC acquired a new position in shares of Inseego in the 2nd quarter valued at $274,000. Marshall Wace LLP acquired a new position in Inseego in the second quarter valued at $833,000. Finally, Braslyn Ltd. acquired a new position in shares of Inseego in the 4th quarter valued at $1,675,000. Hedge funds and other institutional investors own 34.20% of the company’s stock.

Inseego Company Profile

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.