[Globe Newswire] Novatel Wireless Inc (NASDAQ:MIFI) (TREND ANALYSIS) a leading provider of wireless solutions for the Internet of Things, today announced an agreement to continue volume shipments to GPS Chile, Chile’s largest fleet management company. Under the partnership, Novatel Wireless is supplying GPS Chile with a feature-rich telematics solution, MiFi(R) Drive model MT 4100. It is a mobile tracking solution that is tightly integrated into GPS Chile’s application for commercial use in trucks, trailers and vehicles.
Research from an article published by Telefonica reflects an overall 30% annual growth rate for fleet management in Latin America between 2013-2016, where Chile is ranked as the region’s most mature market focused on fleet management. The number of active fleet management systems installed in vehicles in central and South America is expected to increase 16.1% annually through 2018, according to Berg Insights. Pyramid Research explains that the growth in Chile reflects a greater demand for M2M value-added services (VAS) where businesses need to realize ROI due to increasing fuel prices, security and other pressures to be efficient fleet managers combined with the adoption of new government regulations and policies, such as the new emissions tax, and the migration of 2G networks to 3G.
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Novatel Wireless, Inc. (NASDAQ:MIFI) is currently trading 13.73% below its 52-week-high, 237.09% above its 52-week-low. The 1-year range for the stock is $1.51 – $5.9. The stock price has outperformed the Nasdaq by 51.7%. MIFI is currently valued at $0.23 billion and closed the last trading session at $5. The stock has a 50-day moving average of $4.66 and a 200-day moving average of $3.23.
Novatel Wireless, Inc. (MIFI) current short interest stands at 1.22 millions shares. It has decreased by 87% from the same period of last month. Around 5% of the company’s shares, which are float, are short sold. With a 10-days average volume of 0.42 millions shares, the number of days required to cover the short positions stand at 3 days.
A recent analyst activity consisted of Cowen reiterating their Outperform stance on November 10. Cowen increased their price target on MIFI from $3 to $4. This corresponds to a 20% downside from the last closing price. On the date of report, the stock closed at $3.55.
Novatel Wireless Inc (NASDAQ:MIFI) provides wireless broadband access solutions for the mobile communications market worldwide. It operates in the Mobile Computing Products, and M2M Products and Solutions segments. The Mobile Computing Products segment offers MiFi Intelligent Mobile Hotspots, the company’s flagship product providing connectivity option for Wi-Fi-enabled devices, such as iPad, Kindle, tablets, PCs, MP3 players, and gaming devices; USB and PC-Card modems for wireless broadband networks access; and embedded modules for use in computing devices, including laptop PCs, netbooks, tablets, and other electronic products to provide wireless broadband access. The M2M Products and Solutions segment provides MT, SA, and AT integrated solutions for monitoring and managing mobile and fixed assets.
