Novatel Wireless Inc. (MIFI) Lowered 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 research report issued 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) “
A number of other analysts have also weighed in on the stock. Northland Securities began coverage on shares of Novatel Wireless in a research report on Tuesday, September 6th. They issued an “outperform” rating and a $4.75 price objective on the stock. Lake Street Capital reissued a “buy” rating and issued a $3.00 price objective (up from $2.50) on shares of Novatel Wireless in a research report on Monday, August 15th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $3.20.
Novatel Wireless (NASDAQ:MIFI) opened at 3.09 on Wednesday. Novatel Wireless has a one year low of $0.84 and a one year high of $3.80. The stock’s market capitalization is $166.41 million. The company has a 50-day moving average of $3.13 and a 200-day moving average of $2.01.
Institutional investors have recently modified their holdings of the company. Paloma Partners Management Co bought a new position in shares of Novatel Wireless during the second quarter worth approximately $215,000. Jacobs Levy Equity Management Inc. acquired a new position in Novatel Wireless during the first quarter worth about $289,000. Geode Capital Management LLC increased its position 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. State Street Corp increased its position 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. Finally, Pine River Capital Management L.P. acquired a new position in Novatel Wireless during the second quarter worth about $2,993,000. 10.37% of the stock is currently owned by institutional investors and hedge funds.
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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