Novatel Wireless Inc. (MIFI) Trading Down 2.3%
Novatel Wireless Inc. (NASDAQ:MIFI) fell 2.3% on Monday . The stock traded as low as $2.89 and last traded at $2.92, with a volume of 143,915 shares changing hands. The stock had previously closed at $2.99.
Several research firms recently weighed in on MIFI. Northland Securities began coverage on Novatel Wireless in a report on Tuesday, September 6th. They set an “outperform” rating and a $4.75 price objective on the stock. Lake Street Capital reissued a “buy” rating and set a $3.00 price objective (up previously from $2.50) on shares of Novatel Wireless in a report on Monday, August 15th. Finally, Zacks Investment Research raised Novatel Wireless from a “hold” rating to a “buy” rating and set a $2.75 price objective on the stock in a report on Wednesday, August 10th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. Novatel Wireless presently has an average rating of “Buy” and a consensus price target of $3.20.
The company’s market cap is $156.18 million. The company has a 50-day moving average of $2.87 and a 200 day moving average of $1.90.
Hedge funds have recently bought and sold shares of the company. Pine River Capital Management L.P. purchased a new stake in Novatel Wireless during the second quarter worth $2,993,000. State Street Corp raised its stake in 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 raised its stake in 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. purchased a new stake in Novatel Wireless during the first quarter worth $289,000. Finally, Paloma Partners Management Co purchased a new stake in Novatel Wireless during the second quarter worth $215,000. Institutional investors own 10.37% of the company’s stock.
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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