Inseego Corp. (NASDAQ:INSG) Short Interest Up 12.3% in May

Inseego Corp. (NASDAQ:INSG) was the recipient of a large growth in short interest in the month of May. As of May 31st, there was short interest totalling 790,200 shares, a growth of 12.3% from the May 15th total of 703,900 shares. Based on an average daily trading volume, of 177,000 shares, the days-to-cover ratio is presently 4.5 days. Approximately 8.2% of the company’s stock are short sold.

Wall Street Analyst Weigh In

Separately, TD Cowen upped their target price on shares of Inseego from $3.50 to $12.00 and gave the stock a “hold” rating in a research report on Monday, May 20th.

Inseego Stock Performance

INSG stock traded up $0.07 during trading on Tuesday, hitting $8.33. 14,880 shares of the stock traded hands, compared to its average volume of 151,718. Inseego has a 1 year low of $1.62 and a 1 year high of $11.17. The firm’s 50 day moving average is $5.57 and its two-hundred day moving average is $3.61.

Inseego (NASDAQ:INSG) last announced its quarterly earnings data on Thursday, May 9th. The technology company reported ($0.44) EPS for the quarter, beating the consensus estimate of ($0.49) by $0.05. The firm had revenue of $45.01 million for the quarter, compared to analysts’ expectations of $41.40 million. During the same period last year, the company posted ($0.50) earnings per share. Sell-side analysts expect that Inseego will post -0.43 EPS for the current fiscal year.

Hedge Funds Weigh In On Inseego

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Braslyn Ltd. bought a new position in Inseego during the 4th quarter valued at about $1,675,000. Simplicity Solutions LLC bought a new position in shares of Inseego in the 4th quarter worth approximately $1,674,000. GSA Capital Partners LLP lifted its stake in shares of Inseego by 16.4% in the 3rd quarter. GSA Capital Partners LLP now owns 1,602,866 shares of the technology company’s stock worth $673,000 after purchasing an additional 225,340 shares during the period. Simplicity Wealth LLC bought a new position in shares of Inseego in the 1st quarter worth approximately $2,132,000. Finally, Stratos Wealth Partners LTD. lifted its stake in shares of Inseego by 14.8% in the 4th quarter. Stratos Wealth Partners LTD. now owns 207,972 shares of the technology company’s stock worth $46,000 after purchasing an additional 26,850 shares during the period. Institutional investors own 34.20% of the company’s stock.

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.