Inseego Corp (NASDAQ:INSG)
Inseego Corp (NASDAQ:INSG) gained over 15% in the market on Thursday to end the day at $1.13. The move upwards follows two days of the shares trading under $1 and establishing a new 52-week low. Trading was heavy. INSG shares have a 30-day, daily average volume of 207,800 but traded over 1.1 million shares in today’s trading.
The move was motivated by news out of Inseego Corp (NASDAQ:INSG) announcing that their CEO, Sue Swenson, was being replaced by Dan Mondor. Mr. Mondor is a veteran telecommunications executive with extensive knowledge of domestic and international markets and strong relationships in the global enterprise, telco, and mobility markets. After a 16+ year career at Nortel Networks, Mr. Mondor served as CEO of a number of public and private communications-related companies. Also announced was Phillip Falcone’s election to the Chairmanship of the Board of Directors. Mr. Falcone has a finance background with decades of experience in leveraged finance, distressed debt, and special situations investing.
Interestingly, the Board today decided to terminate the agreement to sell its MiFi business to TCL that was announced in September of 2016. Reports estimate that the move will save Inseego Corp (NASDAQ:INSG) $15 million annually. The same reports claim the move will move the company into profitability in 2018.
Inseego Corp (NASDAQ:INSG) develops software-as-a-service (SaaS) solutions and solutions for Internet of Things (IoT) for the telematics market. It serves wireless operators, distributors, original equipment manufacturers, and companies in vertical markets through direct sales force and distributors. The company was formerly known as Novatel Wireless Inc. and changed its name to Inseego Corp. in November 2016. Inseego Corp. was founded in 1996 and is based in San Diego, California.
Two investment firms follow Inseego Corp (NASDAQ:INSG). Both firms rate INSG shares as a “Strong Buy” with a consensus price target of $4.00.
I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. All information, or data, is provided with no guarantees of accuracy.
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About the author: Marc has a degree in economics and a MSc. in Finance. Over his 20-year career, Marc has worked for global investment firms in Europe and the United States as an analyst, fund manager, and consultant.