JPMorgan Chase & Co. Buys 33,529 Shares of Inseego Corp. (NASDAQ:INSG)

JPMorgan Chase & Co. boosted its holdings in shares of Inseego Corp. (NASDAQ:INSG) by 6,510.5% during the 3rd quarter, Holdings Channel reports. The fund owned 34,044 shares of the technology company’s stock after buying an additional 33,529 shares during the period. JPMorgan Chase & Co.’s holdings in Inseego were worth $556,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in INSG. Quarry LP acquired a new stake in shares of Inseego in the 3rd quarter worth $26,000. Covestor Ltd purchased a new position in shares of Inseego in the 3rd quarter valued at about $32,000. Barclays PLC increased its stake in shares of Inseego by 71.3% in the 3rd quarter. Barclays PLC now owns 4,051 shares of the technology company’s stock valued at $67,000 after purchasing an additional 1,686 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Inseego in the 3rd quarter worth about $73,000. Finally, Olympiad Research LP acquired a new stake in Inseego in the 3rd quarter worth about $184,000. 34.20% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on INSG shares. TD Cowen reduced their target price 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 cut their price target on Inseego from $17.00 to $12.00 and set a “hold” rating on the stock in a report on Friday, December 20th. Roth Mkm raised Inseego from a “neutral” rating to a “buy” rating and increased their target price 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.

Inseego Price Performance

Shares of INSG stock opened at $11.54 on Tuesday. Inseego Corp. has a 1-year low of $2.08 and a 1-year high of $20.67. The business’s fifty day moving average price is $11.34 and its 200 day moving average price is $13.55. The firm has a market capitalization of $172.64 million, a PE ratio of -6.41 and a beta of 1.49.

Insider Buying and Selling

In other Inseego news, Chairman Philip G. Brace purchased 10,000 shares of the business’s stock in a transaction on Friday, November 15th. The stock was bought at an average cost of $12.40 per share, for a total transaction of $124,000.00. Following the acquisition, the chairman now owns 177,763 shares of the company’s stock, valued at approximately $2,204,261.20. The trade was a 5.96 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 2.00% of the company’s stock.

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.