Inseego Corp. Shares Remain a “Buy” on 5G Growth


Over the last trading session, shares of Inseego Corp. (INSG) were down 1.6%. As of today, shares of the 5G stock are up 96% year over year. That’s more than double the 31% 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.

“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,” he added.

Analysts appear confident on INSG, as well. Roth Capital analyst Scott Searle for example just reiterated a buy rating, raising his price target to $9.50 from $7.50. “Entering 2020 Inseego is positioned to transform its balance sheet (a $105 million debt conversion), embark on a new enterprise product platform and solutions strategy, and benefit from general 5G momentum. Importantly, increasing spectrum availability and an expansive 5G FWA market will be key global drivers into 2021 and beyond. We are raising our price target to $9.50 and expect positive momentum to continue into MWC, but admittedly believe shares of INSG are likely to pause after a ~90% 2-month tear,” as highlighted by Street Insider.

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.

As of this writing, Ian Cooper does not have a position in shares of INSG.

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