Inseego Corp. (NASDAQ:INSG) Sees Large Drop in Short Interest

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

Inseego Trading Down 1.6 %

NASDAQ INSG traded down $0.21 during trading on Monday, reaching $12.91. The company’s stock had a trading volume of 65,662 shares, compared to its average volume of 99,195. The firm has a market capitalization of $193.13 million, a price-to-earnings ratio of -7.17 and a beta of 1.50. Inseego has a 12 month low of $2.08 and a 12 month high of $20.67. The firm has a 50 day moving average price of $11.44 and a 200 day moving average price of $13.77.

Analysts Set New Price Targets

A number of research analysts recently commented on the stock. TD Cowen decreased their price target 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. Stifel Nicolaus decreased their target price on Inseego from $17.00 to $12.00 and set a “hold” rating on the stock in a research report on Friday, December 20th. Roth Capital raised Inseego from a “hold” rating to a “strong-buy” rating in a report on Thursday, November 14th. Finally, Roth Mkm raised Inseego from a “neutral” rating to a “buy” rating and upped their price objective for the company from $13.00 to $15.00 in a report on Thursday, November 14th.

Institutional Trading of Inseego

Institutional investors have recently modified their holdings of the stock. Quarry LP acquired a new position in shares of Inseego in the 3rd quarter valued at approximately $26,000. Covestor Ltd bought a new stake in Inseego during the third quarter worth $32,000. BNP Paribas Financial Markets boosted its holdings in shares of Inseego by 258.1% in the 4th quarter. BNP Paribas Financial Markets now owns 4,924 shares of the technology company’s stock valued at $51,000 after purchasing an additional 3,549 shares in the last quarter. Lazard Asset Management LLC increased its stake in shares of Inseego by 2,862.7% in the 4th quarter. Lazard Asset Management LLC now owns 5,244 shares of the technology company’s stock valued at $53,000 after purchasing an additional 5,067 shares during the last quarter. Finally, Quantbot Technologies LP acquired a new position in shares of Inseego during the 4th quarter worth $60,000. 34.20% of the stock is currently owned by institutional investors.

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.