Novatel Wireless Inc. (MIFI) Cut to “Hold” at Zacks Investment Research
Novatel Wireless Inc. (NASDAQ:MIFI) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Wednesday.
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 issued reports on the company. 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 restated a “buy” rating and set a $3.00 price target (up previously from $2.50) on shares of Novatel Wireless in a report on Monday, August 15th. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $3.20.
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Shares of Novatel Wireless (NASDAQ:MIFI) traded down 0.65% during mid-day trading on Wednesday, hitting $3.07. 246,733 shares of the stock were exchanged. The firm’s market cap is $165.33 million. The stock’s 50 day moving average is $3.15 and its 200 day moving average is $2.04. Novatel Wireless has a 12 month low of $0.84 and a 12 month high of $3.80.
A number of hedge funds have recently added to or reduced their stakes in the company. Pine River Capital Management L.P. acquired a new stake in Novatel Wireless during the second quarter worth $2,993,000. Paloma Partners Management Co acquired a new stake in Novatel Wireless during the second quarter worth $215,000. Jacobs Levy Equity Management Inc. acquired a new stake in Novatel Wireless during the first quarter worth $289,000. 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 during the last quarter. Finally, 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 during the last quarter. Institutional investors and hedge funds own 10.37% of the company’s stock.
Novatel Wireless Company Profile
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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