Inseego Corp. (NASDAQ:INSG) Short Interest Up 15.8% in March

Inseego Corp. (NASDAQ:INSG) was the recipient of a significant growth in short interest in the month of March. As of March 31st, there was short interest totalling 801,100 shares, a growth of 15.8% from the March 15th total of 691,500 shares. Based on an average trading volume of 105,000 shares, the days-to-cover ratio is presently 7.6 days. Currently, 8.4% of the company’s shares are sold short.

Hedge Funds Weigh In On Inseego

A number of institutional investors have recently bought and sold shares of the stock. Simplicity Solutions LLC purchased a new position in shares of Inseego during the 4th quarter worth approximately $1,674,000. Braslyn Ltd. purchased a new stake in Inseego in the fourth quarter worth $1,675,000. Millennium Management LLC raised its holdings in Inseego by 688.5% in the fourth quarter. Millennium Management LLC now owns 1,325,142 shares of the technology company’s stock worth $1,116,000 after purchasing an additional 1,157,093 shares in the last quarter. Jacobs Levy Equity Management Inc. purchased a new position in Inseego during the third quarter valued at $354,000. Finally, Renaissance Technologies LLC boosted its holdings in shares of Inseego by 2,215.8% during the 2nd quarter. Renaissance Technologies LLC now owns 833,694 shares of the technology company’s stock valued at $537,000 after buying an additional 797,694 shares in the last quarter. 34.20% of the stock is owned by institutional investors.

Inseego Stock Performance

Shares of Inseego stock opened at $2.32 on Tuesday. The business has a 50 day moving average of $2.83 and a 200 day moving average of $2.78. Inseego has a 52 week low of $1.62 and a 52 week high of $12.30.

Inseego (NASDAQ:INSG) last issued its quarterly earnings data on Wednesday, February 21st. The technology company reported ($1.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.80) by ($0.48). The business had revenue of $42.75 million for the quarter, compared to analyst estimates of $40.57 million. As a group, equities research analysts forecast that Inseego will post -2.24 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Separately, TD Cowen raised their target price on Inseego from $2.50 to $3.50 and gave the stock a “market perform” rating in a research note on Wednesday, March 13th.

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.