In a report released yesterday, Michael Walkley from Canaccord Genuity maintained a Hold rating on Inseego Corp (NASDAQ: INSG), with a price target of $2.25. The company’s shares opened today at $2.39.
Walkley wrote:
“We hosted a presentation and investor meetings with management at the Canaccord Genuity Growth Conference. CEO Dan Mondor highlighted the device to cloud growth strategy with their two business units, IoT & SaaS Solutions. We believe management’s plans should drive improving gross margin and adjusted EBITDA margin longer term, as the company continues to improve margins while investing for growth. We also anticipate gross margin should improve as new hardware products replace legacy MiFi products in the mix and 5G products ramp longer-term. Near-term, we expect increasing investments in sales and marketing and R&D given Inseego’s targeted investments for potentially large growth opportunities, including fixed wireless 5G and mobile 5G opportunities.”
According to TipRanks.com, Walkley is a top 100 analyst with an average return of 17.3% and a 63.5% success rate. Walkley covers the Consumer Goods sector, focusing on stocks such as Sequans Communications S A, Adesto Technologies Corp, and Digi International Inc.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Inseego Corp with a $2.63 average price target.
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Based on Inseego Corp’s latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $6.66 million. In comparison, last year the company had a GAAP net loss of $12.02 million.
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Inseego Corp. povides telematics and analytics software and services. It offers a range of products through the Ctrack brand including fleet management, asset tracking and monitoring, stolen vehicle recovery, and usage-based insurance platforms. It also offers business connectivity solutions and device management services.
