Short Interest in Inseego Corp. (NASDAQ:INSG) Rises By 14.7%

Inseego Corp. (NASDAQ:INSG) was the target of a large growth in short interest in June. As of June 15th, there was short interest totalling 906,300 shares, a growth of 14.7% from the May 31st total of 790,200 shares. Based on an average trading volume of 195,100 shares, the short-interest ratio is presently 4.6 days. Approximately 9.5% of the shares of the company are short sold.

Inseego Trading Up 3.3 %

Shares of Inseego stock traded up $0.38 during trading on Wednesday, reaching $11.99. The company’s stock had a trading volume of 50,014 shares, compared to its average volume of 161,146. The business’s fifty day moving average price is $7.26 and its 200-day moving average price is $4.21. Inseego has a one year low of $1.62 and a one year high of $13.42.

Inseego (NASDAQ:INSG) last issued its quarterly earnings results on Thursday, May 9th. The technology company reported ($0.44) EPS for the quarter, topping the consensus estimate of ($0.49) by $0.05. The business had revenue of $45.01 million during the quarter, compared to the consensus estimate of $41.40 million. During the same period in the prior year, the firm earned ($0.50) earnings per share. Equities research analysts forecast that Inseego will post -0.43 earnings per share for the current year.

Analysts Set New Price Targets

Separately, TD Cowen boosted their price objective on shares of Inseego from $12.00 to $13.50 and gave the stock a “hold” rating in a research note on Tuesday.

Hedge Funds Weigh In On Inseego

Large investors have recently bought and sold shares of the stock. Stratos Wealth Partners LTD. increased its position in shares of Inseego by 14.8% during the fourth quarter. Stratos Wealth Partners LTD. now owns 207,972 shares of the technology company’s stock valued at $46,000 after purchasing an additional 26,850 shares during the period. GSA Capital Partners LLP boosted its stake in Inseego by 16.4% during the third quarter. GSA Capital Partners LLP now owns 1,602,866 shares of the technology company’s stock worth $673,000 after buying an additional 225,340 shares in the last quarter. Simplicity Wealth LLC bought a new stake in Inseego in the 1st quarter valued at $2,132,000. Braslyn Ltd. acquired a new position in shares of Inseego in the 4th quarter valued at $1,675,000. Finally, Simplicity Solutions LLC bought a new position in shares of Inseego during the 4th quarter worth about $1,674,000. 34.20% of the stock is currently owned by institutional investors and hedge funds.

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.