Inseego Corp. (NASDAQ:INSG) Sees Significant Growth in Short Interest

Inseego Corp. (NASDAQ:INSG) saw a significant growth in short interest in November. As of November 15th, there was short interest totalling 1,380,000 shares, a growth of 11.3% from the October 31st total of 1,240,000 shares. Based on an average trading volume of 235,200 shares, the days-to-cover ratio is presently 5.9 days. Approximately 9.8% of the company’s shares are short sold.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. TD Cowen lowered their price objective on shares of Inseego from $20.00 to $16.00 and set a “hold” rating for the company in a research report on Friday, November 15th. Stifel Nicolaus lifted their price target on Inseego from $11.00 to $17.00 and gave the company a “hold” rating in a research note on Tuesday, September 17th. Roth Mkm upgraded Inseego from a “neutral” rating to a “buy” rating and boosted their price target for the company from $13.00 to $15.00 in a report on Thursday, November 14th. Finally, Roth Capital upgraded Inseego from a “hold” rating to a “strong-buy” rating in a report on Thursday, November 14th.

Insider Transactions at Inseego

In other Inseego news, Chairman Philip G. Brace acquired 10,000 shares of the firm’s stock in a transaction that occurred on Friday, November 15th. The stock was acquired at an average cost of $12.40 per share, for a total transaction of $124,000.00. Following the transaction, the chairman now owns 177,763 shares of the company’s stock, valued at $2,204,261.20. This trade represents a 5.96 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 2.00% of the stock is currently owned by insiders.

Institutional Trading of Inseego

Several institutional investors and hedge funds have recently bought and sold shares of INSG. Quarry LP bought a new position in Inseego in the third quarter valued at approximately $26,000. Covestor Ltd bought a new position in shares of Inseego in the third quarter valued at $32,000. Barclays PLC increased its holdings in Inseego by 71.3% during the third quarter. Barclays PLC now owns 4,051 shares of the technology company’s stock worth $67,000 after buying an additional 1,686 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new stake in Inseego during the third quarter worth $73,000. Finally, Olympiad Research LP acquired a new stake in Inseego in the third quarter valued at $184,000. Institutional investors own 34.20% of the company’s stock.

Inseego Trading Up 3.6 %

Shares of INSG stock opened at $12.73 on Wednesday. The firm’s fifty day moving average price is $16.32 and its two-hundred day moving average price is $13.06. Inseego has a 1 year low of $1.62 and a 1 year high of $20.67. The firm has a market capitalization of $190.31 million, a P/E ratio of -7.07 and a beta of 1.48.

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.