Novatel Wireless Inc. (MIFI) Sees Unusually-High Trading Volume
Shares of Novatel Wireless Inc. (NASDAQ:MIFI) saw strong trading volume on Wednesday . 488,058 shares changed hands during mid-day trading, an increase of 8% from the previous session’s volume of 451,237 shares.The stock last traded at $2.89 and had previously closed at $2.92.
A number of analysts have recently commented on the stock. Northland Securities started coverage on shares of Novatel Wireless in a research note on Tuesday, September 6th. They issued an “outperform” rating and a $4.75 price target for the company. Lake Street Capital restated a “buy” rating and set a $3.00 target price (up from $2.50) on shares of Novatel Wireless in a research report on Monday, August 15th. Finally, Zacks Investment Research upgraded shares of Novatel Wireless from a “hold” rating to a “buy” rating and set a $2.75 target price for the company in a research report on Wednesday, August 10th. One analyst has rated the stock with a hold rating and four have given a buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $3.20.
The stock’s market cap is $159.41 million. The firm’s 50-day moving average is $2.90 and its 200 day moving average is $1.91.
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A number of hedge funds and other institutional investors have recently made changes to their positions in MIFI. Paloma Partners Management Co purchased a new position in shares of Novatel Wireless during the second quarter worth $215,000. Jacobs Levy Equity Management Inc. purchased a new position in shares of Novatel Wireless during the first quarter worth $289,000. Geode Capital Management LLC raised its position 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 during the last quarter. State Street Corp raised its position 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 during the last quarter. Finally, Pine River Capital Management L.P. purchased a new position in shares of Novatel Wireless during the second quarter worth $2,993,000. 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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