According to Zacks, “Novatel Wireless, Inc. is a provider of wireless data modems and software for use with handheld computing devices and portable personal computers. The company delivers innovative and comprehensive solutions that enable businesses and consumers to access personal, corporate and public information through email, enterprise networks and the Internet. Novatel Wireless also offers wireless data modems and custom engineering services for hardware integration projects in a wide range of vertical applications. (Company Press Release) “
Several other analysts have also recently weighed in on MIFI. Lake Street Capital reaffirmed a buy rating and set a $3.00 price objective (up from $2.50) on shares of Novatel Wireless in a research report on Monday, August 15th. Northland Securities initiated coverage on Novatel Wireless in a research report on Tuesday, September 6th. They set an outperform rating and a $4.75 price objective on the stock. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Novatel Wireless presently has an average rating of Buy and an average target price of $3.20.
Shares of Novatel Wireless (NASDAQ:MIFI) opened at 3.03 on Wednesday. The stock’s market capitalization is $163.18 million. The company’s 50 day moving average price is $3.14 and its 200-day moving average price is $2.05. Novatel Wireless has a 12 month low of $0.84 and a 12 month high of $3.80.
Several hedge funds have recently modified their holdings of the company. State Street Corp boosted its stake in shares of Novatel Wireless by 44.9% in the first quarter. State Street Corp now owns 434,266 shares of the company’s stock worth $769,000 after buying an additional 134,471 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Novatel Wireless by 1.6% in the first quarter. Geode Capital Management LLC now owns 213,944 shares of the company’s stock worth $378,000 after buying an additional 3,288 shares in the last quarter. Jacobs Levy Equity Management Inc. bought a new stake in shares of Novatel Wireless during the first quarter worth approximately $289,000. Paloma Partners Management Co bought a new stake in shares of Novatel Wireless during the second quarter worth approximately $215,000. Finally, Pine River Capital Management L.P. bought a new stake in shares of Novatel Wireless during the second quarter worth approximately $2,993,000. 10.37% of the stock is currently owned by hedge funds and other institutional investors.
About Novatel Wireless
Novatel Wireless, Inc is a provider of intelligent wireless solutions for the mobile communications market. The Company’s range of products includes intelligent mobile hotspots, universal serial bus (USB) modems, embedded modules, integrated asset-management and mobile tracking machine-to-machine (M2M) devices, communications and applications software and cloud services.
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