Over the last trading session, shares of Inseego Corp. (INSG) were up 4.52%. As of today, shares of the 5G stock are up 85% year over year. That’s more than double the 29% gains on the S&P 500 year over year, as well.
Inseego Corp. engages in the design and development of mobile, Internet of Things (IoT), and cloud solutions for large enterprise verticals, service providers, and small and medium-sized businesses worldwide. The company provides wireless 3G, 4G, and 5G hardware products that address various markets, including fleet and commercial telematics, aftermarket telematics, smart city infrastructure management, remote monitoring and control, wireless surveillance systems, security and connected home and fixed wireless access, and mobile broadband devices.
At CES 2020, the company is presenting a full lineup of new second-generation 5G devices that leverage the new Qualcomm Snapdragon X55 5G modem, says the company in its latest press release. “Inseego will preview its new 5G portfolio of industrial IoT, fixed wireless access and mobile broadband product lines in private briefings at CES.”
Inseego 5G products will also power live demonstrations at CES, including connected cars, augmented reality (AR) and other experiences, and senior executives will share their expert perspectives during CES industry panel discussions.
“After paving the way with our first generation of commercial 5G products, we’ve acquired a great deal of expertise around how to design and deploy the best solutions for different use cases – and deliver great end user experiences,” said Inseego Chairman and CEO Dan Mondor. “Now we’re building on that foundation with a robust second-generation 5G NR portfolio of faster, smarter, smaller, innovative devices and solutions that deliver industry-leading 5G performance.”
Analysts appear bullish on INSG, as well. In October 2019, Canaccord Genuity reiterated a buy rating on the stock with an $8.50 price target. The firm sees INSG’s current price as a buying opportunity, as highlighted by Tip Ranks, thanks to the growing shift toward 5G.
“Given the growing global 5G opportunity, we believe Inseego has strong global customer engagements for its growing 5G product portfolio… We believe Inseego will deliver very strong 2H/2020 and C2021 growth as global carriers launch 5G networks… We anticipate strong revenue growth in 2H/20 and beyond with expanding margins as the 5G opportunities ramp and the overall business scales,” they noted.
Ian Cooper’s Personal Position in INSG: None
This guide will get you placing winning trades without you needing to spend hundreds of hours studying.
In fact, you can place your first trade today after reading my "Beginner's Guide" to trading options.