Inseego Corp. (NASDAQ:INSG – Get Free Report) 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.
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.
Check Out Our Latest Research Report on INSG
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.
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