Shares of Novatel Wireless Inc. (NASDAQ:MIFI) shot up 3.5% during mid-day trading on Wednesday . The company traded as high as $3.24 and last traded at $3.24, with a volume of 416,188 shares traded. The stock had previously closed at $3.13.

A number of brokerages recently issued reports on MIFI. Canaccord Genuity restated a “hold” rating and set a $2.50 target price on shares of Novatel Wireless in a research report on Tuesday, May 10th. Lake Street Capital restated a “buy” rating and set a $3.00 target price (up previously 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 on the stock in a research report on Wednesday, August 10th.

The firm has a 50-day moving average price of $2.15 and a 200-day moving average price of $1.68. The company’s market cap is $169.10 million.

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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