Shares of Novatel Wireless Inc. (NASDAQ:MIFI) shot up 3.8% on Thursday . The stock traded as high as $2.50 and last traded at $2.47, with a volume of 421,180 shares trading hands. The stock had previously closed at $2.38.

Several brokerages have recently weighed in on MIFI. Zacks Investment Research raised shares of Novatel Wireless from a “hold” rating to a “buy” rating and set a $2.75 target price on the stock in a report on Wednesday. Canaccord Genuity reiterated a “hold” rating and issued a $2.50 price objective on shares of Novatel Wireless in a research note on Tuesday, May 10th.

The company’s market capitalization is $137.33 million. The company’s 50 day moving average is $1.77 and its 200 day moving average is $1.55.

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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