Inseego Corp. (NASDAQ:INSG) Short Interest Update

Inseego Corp. (NASDAQ:INSG) was the target of a large increase in short interest in August. As of August 31st, there was short interest totalling 1,130,000 shares, an increase of 19.8% from the August 15th total of 943,100 shares. Currently, 11.9% of the company’s stock are short sold. Based on an average daily trading volume, of 203,700 shares, the days-to-cover ratio is presently 5.5 days.

Inseego Price Performance

Shares of NASDAQ INSG traded down $0.24 during trading hours on Friday, reaching $17.77. The stock had a trading volume of 256,614 shares, compared to its average volume of 171,429. The business’s fifty day moving average is $11.98 and its two-hundred day moving average is $7.75. The company has a market cap of $218.22 million, a price-to-earnings ratio of -4.31 and a beta of 1.61. Inseego has a twelve month low of $1.62 and a twelve month high of $18.36.

Inseego (NASDAQ:INSG) last issued its earnings results on Wednesday, August 7th. The technology company reported ($0.02) EPS for the quarter. The company had revenue of $59.15 million during the quarter, compared to analyst estimates of $53.63 million. Sell-side analysts forecast that Inseego will post -0.11 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Separately, TD Cowen upped their target price on Inseego from $13.50 to $15.00 and gave the stock a “hold” rating in a research report on Wednesday, August 14th.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Renaissance Technologies LLC acquired a new position in shares of Inseego in the second quarter valued at $274,000. Marshall Wace LLP acquired a new position in Inseego during the second quarter worth $833,000. Simplicity Wealth LLC acquired a new position in Inseego during the first quarter worth $2,132,000. Finally, Braslyn Ltd. acquired a new position in Inseego during the fourth quarter worth $1,675,000. 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.