HomeTop MoversWhy Inseego Corp. (INSG) stock had a BAD Monday?

Why Inseego Corp. (INSG) stock had a BAD Monday?

Inseego Corp. (INSG) shares declined 0.34% in after-hours on Monday, December 27, 2021, and closed the daily trading at $5.92. Even in the regular trading session of Monday, INSG’s stock lost 6.01%. INSG shares have fallen 64.66% over the last 12 months, and they have moved down 4.96% in the past week. Over the past three months, the stock has lost 16.46%, while over the past six months, it has declined 43.54%.

Let’s discuss its recent news and developments.


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INSG new 5G indoor router

On December 13, 2021, Vodafone Qatar and Inseego (INSG) launched the new 5G indoor router FX2000, to provide lightning-fast internet access to home and business customers. The FX2000 can connect up to 30 Wi-Fi devices, including laptops, tablets, POS systems, smartphones, televisions, smart home systems, and gaming consoles, as it has dual-band Wi-Fi 6 with 5G performance.

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INSG new appointment

On November 18, 2021, Inseego Corp. (INSG), appointed Ritesh Mukherjee as Senior Vice President and General Manager of Enterprise Networking Business.

Ritesh Mukherjee previously served as Vice President, Product Management at 128 Technology (acquired by Juniper Networks),. Before that, he held a key product management role at Cisco. Ritesh holds a Ph.D. in Computer Science from Concordia University, Montreal.

INSG latest financial results

On November 03, 2021, Inseego Corp. (INSG) announced its financial results for the third quarter ended September 30, 2021.

Q3 2021 financial highlights

  • INSG reported total revenue of $66.2 million in Q3 2021 compared to $90.24 million in Q3 2020.
  • The total cost of revenue was $47.3 million in Q3 2021 compared to $65 million in Q3 2020.
  • It suffered a GAAP net loss of 9.0 million or net loss per share of $0.09 in Q3 2021 compared to a net loss of $6.3 million or $0.06 loss per share in Q3 2020.
  • Adjusted EBITDA was negative $0.8 million in Q3 2021 compared to negative $1.7 million in Q3 2020.
  • As of September 30, 2021, the company had cash and cash equivalents of $61.6 million.

INSG FX2000 for T-Mobile business customers

On November 05, 2021, Inseego Corp. (INSG) announced the availability of its Wavemaker 5G indoor router FX2000 T-Mobile for Business customers. The Wavemaker device is a powerful customer premises solution for enterprises and small businesses. It provides a dual-band Wi-Fi 6 that can connect up to 30 Wi-Fi-enabled devices, including laptops, tablets, POS systems, smartphones, televisions, and more.

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Conclusion

Well, there is no recent news or reason to justify its negative performance on Monday. We hope that it will perform well in the coming trading sessions on Tuesday.

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