Revenue Update on Novatel Wireless Inc(NASDAQ:MIFI)

Novatel Wireless Inc(NASDAQ:MIFI) announced the earnings results for Fiscal Year 2016 and Q2. The results came in during After-hours on Aug 3, 2016. Company reported revenue of $62.81M. Analysts estimated a revenue of $60.24M. Earnings per share were $-0.06. Analysts had estimated an EPS of $-0.07.

Novatel Wireless Inc (MIFI) made into the market gainers list on Fridays trading session with the shares advancing 3.24% or 0.08 points. Due to strong positive momentum, the stock ended at $2.55, which is also near the day’s high of $2.59. The stock began the session at $2.5 and the volume stood at 5,69,419 shares. The 52-week high of the shares is $2.97 and the 52 week low is $0.84. The company has a current market capitalization of $137 M and it has 5,38,54,656 shares in outstanding.

Several Insider Transactions has been reported to the SEC. On Sep 16, 2015, Alex Mashinsky (CEO) purchased 53,000 shares at $2.34 per share price.Also, On Aug 13, 2015, Russell Gerns (director) purchased 10,000 shares at $2.49 per share price.

Novatel Wireless Inc. is engaged in designing and development of machine-to-machine (M2M) wireless solutions based on third generation (3G) and fourth generation (4G) technologies. The Company delivers Internet of Things (IoT) and Cloud SaaS services to carriers distributors retailers original equipment manufacturers (OEMs) and vertical markets worldwide. The Company’s product lines include MiFi mobile hotspots universal serial bus (USB) modems embedded modules mobile tracking solutions and asset tracking solutions. These products provide anywhere anytime communications solutions for consumers and enterprises. The Company is headquartered in San Diego California.

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