Insider Buying: Novatel Wireless major shareholder Purchases 114,197 Shares of Stock (NVTL)
Novatel Wireless (NASDAQ:NVTL) major shareholder Bruce A. Karsh acquired 114,197 shares of the stock on the open market in a transaction that occurred on Thursday, August 14th. The stock was purchased at an average cost of $1.99 per share, for a total transaction of $227,252.03. Following the completion of the transaction, the insider now directly owns 3,401,000 shares in the company, valued at approximately $6,767,990. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Major shareholders that own more than 10% of a company’s shares are required to disclose their transactions with the SEC.
Shares of Novatel Wireless (NASDAQ:NVTL) traded down 0.74% during mid-day trading on Wednesday, hitting $1.9852. 54,924 shares of the company’s stock traded hands. Novatel Wireless has a 52-week low of $1.51 and a 52-week high of $3.40. The stock’s 50-day moving average is $1.89 and its 200-day moving average is $1.97. The company’s market cap is $73.1 million.
Novatel Wireless (NASDAQ:NVTL) last issued its quarterly earnings data on Wednesday, August 6th. The company reported ($0.33) EPS for the quarter, missing the Thomson Reuters consensus estimate of ($0.19) by $0.14. The company had revenue of $37.30 million for the quarter, compared to the consensus estimate of $41.30 million. During the same quarter in the prior year, the company posted ($0.20) earnings per share. The company’s quarterly revenue was down 59.1% on a year-over-year basis. On average, analysts predict that Novatel Wireless will post $-0.86 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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