Inseego Corp. (NASDAQ:INSG) Short Interest Up 11.3% in November

Inseego Corp. (NASDAQ:INSG) was the target of 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. Approximately 9.8% of the shares of the stock are sold short. Based on an average trading volume of 235,200 shares, the short-interest ratio is currently 5.9 days.

Insider Activity

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

Institutional Investors Weigh In On Inseego

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in INSG. Quarry LP bought a new position in shares of Inseego during the 3rd quarter valued at $26,000. Covestor Ltd bought a new position in shares of Inseego during the 3rd quarter valued at $32,000. Barclays PLC raised its holdings in shares of Inseego by 71.3% during 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. bought a new position in shares of Inseego during the 3rd quarter valued at $73,000. Finally, Olympiad Research LP bought a new position in shares of Inseego during the 3rd quarter valued at $184,000. Hedge funds and other institutional investors own 34.20% of the company’s stock.

Inseego Trading Up 3.5 %

INSG stock traded up $0.42 during midday trading on Monday, reaching $12.36. The company had a trading volume of 219,024 shares, compared to its average volume of 185,063. Inseego has a 1 year low of $1.62 and a 1 year high of $20.67. The company has a market capitalization of $184.78 million, a P/E ratio of -6.92 and a beta of 1.60. The company has a 50 day moving average of $16.53 and a two-hundred day moving average of $12.98.

Analyst Ratings Changes

INSG has been the subject of a number of research reports. TD Cowen reduced their target price on shares of Inseego from $20.00 to $16.00 and set a “hold” rating for the company in a report on Friday, November 15th. Roth Capital upgraded shares of Inseego from a “hold” rating to a “strong-buy” rating in a report on Thursday, November 14th. Stifel Nicolaus raised their target price on shares of Inseego from $11.00 to $17.00 and gave the stock a “hold” rating in a report on Tuesday, September 17th. Finally, Roth Mkm raised shares of Inseego from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $13.00 to $15.00 in a research note on Thursday, November 14th.

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.