Stifel Nicolaus Issues Pessimistic Forecast for Inseego (NASDAQ:INSG) Stock Price

Inseego (NASDAQ:INSG) had its price target decreased by analysts at Stifel Nicolaus from $17.00 to $12.00 in a research report issued on Friday,Benzinga reports. The brokerage presently has a “hold” rating on the technology company’s stock. Stifel Nicolaus’ price target suggests a potential upside of 11.01% from the stock’s current price.

A number of other equities analysts have also weighed in on the company. TD Cowen lowered their target price on Inseego from $20.00 to $16.00 and set a “hold” rating on the stock in a research note on Friday, November 15th. Roth Capital raised Inseego from a “hold” rating to a “strong-buy” rating in a report on Thursday, November 14th. Finally, Roth Mkm raised shares of Inseego from a “neutral” rating to a “buy” rating and raised their price target for the stock from $13.00 to $15.00 in a research report on Thursday, November 14th.

Inseego Stock Performance

Shares of INSG stock opened at $10.81 on Friday. The company has a market capitalization of $161.66 million, a price-to-earnings ratio of -6.01 and a beta of 1.48. Inseego has a 52 week low of $1.62 and a 52 week high of $20.67. The company has a 50-day simple moving average of $14.66 and a 200 day simple moving average of $13.31.

Insider Activity

In related news, Chairman Philip G. Brace purchased 10,000 shares of the company’s stock in a transaction that occurred on Friday, November 15th. The stock was acquired at an average price of $12.40 per share, with a total value of $124,000.00. Following the completion of the purchase, the chairman now directly owns 177,763 shares in the company, valued at $2,204,261.20. This trade represents a 5.96 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 2.00% of the company’s stock.

Hedge Funds Weigh In On Inseego

Several hedge funds have recently bought and sold shares of the company. Aviva Holdings Ltd. bought a new stake in shares of Inseego during the 3rd quarter worth approximately $41,219,000. Geode Capital Management LLC lifted its stake in Inseego by 7.6% during the third quarter. Geode Capital Management LLC now owns 104,304 shares of the technology company’s stock worth $1,704,000 after purchasing an additional 7,325 shares during the last quarter. Marshall Wace LLP acquired a new stake in shares of Inseego in the 2nd quarter valued at $833,000. Renaissance Technologies LLC bought a new position in shares of Inseego in the 2nd quarter valued at $274,000. Finally, Jane Street Group LLC raised its holdings in shares of Inseego by 142.9% during the 3rd quarter. Jane Street Group LLC now owns 24,307 shares of the technology company’s stock worth $397,000 after buying an additional 80,996 shares in the last quarter. 34.20% of the stock is owned by institutional investors.

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.