Novatel Wireless Given “Neutral” Rating at Zacks (NVTL)
Novatel Wireless (NASDAQ:NVTL)‘s stock had its “neutral” rating reiterated by Zacks in a research note issued on Friday. They currently have a $2.00 price objective on the stock. Zacks‘s price objective suggests a potential upside of 11.73% from the company’s current price.
Zacks’ analyst wrote, “Novatel Wireless reported poor financial results for the first quarter of 2014 as the bottom line was in line with the Zacks Consensus Estimate but the top line missed the same. Consequently, the company slashed its outlook for the next quarter. Competition from low-cost Asian manufacturers coupled with a limited customer base will continue to act as headwinds. Management expects the company’s 4G MiFi intelligent hotspots and Expedite embedded solutions to gain significant market traction going ahead. A debt-free balance sheet, continuous contract wins coupled with growing demand for telematics services will act as tailwinds for the company going forward. We believe Novatel Wireless is currently fairly valued and therefore, reiterate our Neutral recommendation on the stock. “
Other equities research analysts have also recently issued reports about the stock. Analysts at Cowen and Company cut their price target on shares of Novatel Wireless from $3.25 to $3.00 in a research note on Friday, May 9th. Analysts at Canaccord Genuity cut their price target on shares of Novatel Wireless from $2.30 to $2.00 in a research note on Friday, May 9th. Three analysts have rated the stock with a hold rating, Novatel Wireless currently has an average rating of “Hold” and a consensus price target of $2.40.
Novatel Wireless (NASDAQ:NVTL) traded up 0.56% during mid-day trading on Friday, hitting $1.80. 37,998 shares of the company’s stock traded hands. Novatel Wireless has a 52-week low of $1.51 and a 52-week high of $4.43. The stock has a 50-day moving average of $1.70 and a 200-day moving average of $2.13. The company’s market cap is $61.8 million.
Novatel Wireless (NASDAQ:NVTL) last posted its quarterly earnings results on Wednesday, May 7th. The company reported ($0.21) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.18) by $0.03. The company had revenue of $48.30 million for the quarter, compared to the consensus estimate of $51.82 million. During the same quarter in the previous year, the company posted ($0.22) earnings per share. The company’s revenue for the quarter was down 43.8% on a year-over-year basis. On average, analysts predict that Novatel Wireless will post $-0.59 earnings per share for the current fiscal year.
Novatel Wireless, Inc (NASDAQ:NVTL) is a provider of wireless solutions for the worldwide mobile communications markets.
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