$79.63 Million in Sales Expected for Inseego Corp (NASDAQ:INSG) This Quarter

Equities research analysts expect Inseego Corp (NASDAQ:INSG) to post sales of $79.63 million for the current fiscal quarter, according to Zacks Investment Research. Three analysts have issued estimates for Inseego’s earnings, with the lowest sales estimate coming in at $79.10 million and the highest estimate coming in at $80.20 million. Inseego reported sales of $55.89 million in the same quarter last year, which indicates a positive year over year growth rate of 42.5%. The business is scheduled to report its next earnings report on Tuesday, August 4th.

According to Zacks, analysts expect that Inseego will report full-year sales of $299.83 million for the current financial year, with estimates ranging from $298.70 million to $301.09 million. For the next fiscal year, analysts anticipate that the firm will report sales of $356.81 million, with estimates ranging from $355.10 million to $358.60 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side analysts that cover Inseego.

Inseego (NASDAQ:INSG) last posted its quarterly earnings data on Wednesday, May 6th. The technology company reported ($0.06) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.08) by $0.02. The business had revenue of $56.80 million for the quarter, compared to analysts’ expectations of $52.70 million. Inseego’s revenue was up 17.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.03) EPS.

A number of equities analysts have recently issued reports on the company. Canaccord Genuity reissued a “buy” rating and set a $14.00 price target (up previously from $10.00) on shares of Inseego in a research report on Tuesday, April 14th. Lake Street Capital increased their target price on shares of Inseego from $7.00 to $10.00 and gave the stock a “buy” rating in a report on Thursday, April 9th. Cowen boosted their price target on shares of Inseego from $12.00 to $13.50 and gave the company an “outperform” rating in a report on Tuesday, May 19th. Stifel Nicolaus started coverage on shares of Inseego in a research report on Thursday, June 25th. They issued a “buy” rating and a $13.00 price target for the company. Finally, Vertical Group began coverage on shares of Inseego in a report on Thursday, April 30th. They set a “sell” rating on the stock. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and seven have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $11.16.

Shares of NASDAQ:INSG traded down $0.12 during trading on Friday, reaching $11.37. 3,066,595 shares of the company were exchanged, compared to its average volume of 3,876,847. The business’s fifty day simple moving average is $10.43 and its 200-day simple moving average is $8.75. The company has a debt-to-equity ratio of 1.59, a current ratio of 0.87 and a quick ratio of 0.71. Inseego has a 12-month low of $3.61 and a 12-month high of $15.15. The firm has a market capitalization of $1.10 billion, a PE ratio of -18.34 and a beta of 1.77.

In other Inseego news, EVP Doug Kahn sold 20,000 shares of the firm’s stock in a transaction dated Monday, June 29th. The stock was sold at an average price of $11.00, for a total value of $220,000.00. Following the completion of the sale, the executive vice president now owns 26,761 shares of the company’s stock, valued at $294,371. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Ashish Sharma sold 2,708 shares of the firm’s stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $10.42, for a total value of $28,217.36. Following the completion of the sale, the insider now directly owns 32,519 shares of the company’s stock, valued at approximately $338,847.98. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 33,803 shares of company stock worth $363,827. 9.80% of the stock is owned by corporate insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of INSG. Quantbot Technologies LP acquired a new stake in Inseego in the fourth quarter worth about $27,000. Modus Advisors LLC acquired a new stake in Inseego in the second quarter worth about $30,000. Victory Capital Management Inc. boosted its holdings in Inseego by 36.3% in the fourth quarter. Victory Capital Management Inc. now owns 8,114 shares of the technology company’s stock worth $54,000 after acquiring an additional 2,160 shares in the last quarter. Point72 Hong Kong Ltd boosted its holdings in Inseego by 6,363.7% in the fourth quarter. Point72 Hong Kong Ltd now owns 7,304 shares of the technology company’s stock worth $54,000 after acquiring an additional 7,191 shares in the last quarter. Finally, LS Investment Advisors LLC acquired a new stake in Inseego in the first quarter worth about $54,000. 43.33% of the stock is owned by institutional investors and hedge funds.

Inseego Company Profile

Inseego Corp. engages in the design and development of mobile, Internet of Things (IoT), and cloud solutions for large enterprise verticals, service providers, and small and medium-sized businesses worldwide. The company provides wireless 3G, 4G, and 5G hardware products that address various markets, including fleet and commercial telematics, aftermarket telematics, smart city infrastructure management, remote monitoring and control, wireless surveillance systems, security and connected home and fixed wireless access, and mobile broadband devices.

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