Traders Purchase High Volume of Inseego Call Options (NASDAQ:INSG)

Inseego Corp. (NASDAQ:INSG) was the recipient of some unusual options trading on Wednesday. Stock traders acquired 2,909 call options on the stock. This is an increase of 465% compared to the average daily volume of 515 call options.

Wall Street Analyst Weigh In

Separately, TD Cowen raised their price objective on Inseego from $13.50 to $15.00 and gave the company a “hold” rating in a research note on Wednesday, August 14th.

Inseego Price Performance

NASDAQ INSG opened at $18.01 on Friday. The business has a 50 day moving average price of $11.84 and a 200 day moving average price of $7.61. The company has a market capitalization of $214.01 million, a P/E ratio of -4.37 and a beta of 1.61. Inseego has a 1-year low of $1.62 and a 1-year high of $18.36.

Inseego (NASDAQ:INSG) last released its quarterly earnings results on Wednesday, August 7th. The technology company reported ($0.02) earnings per share for the quarter. The business had revenue of $59.15 million during the quarter, compared to the consensus estimate of $53.63 million. On average, research analysts expect that Inseego will post -0.11 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Inseego

Hedge funds have recently bought and sold shares of the stock. Braslyn Ltd. acquired a new stake in shares of Inseego during the fourth quarter worth $1,675,000. Simplicity Wealth LLC acquired a new stake in shares of Inseego during the first quarter worth $2,132,000. Marshall Wace LLP acquired a new stake in shares of Inseego during the second quarter worth $833,000. Finally, Renaissance Technologies LLC acquired a new stake in shares of Inseego during the second quarter worth $274,000. Hedge funds and other institutional investors own 34.20% 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.