You are misrepresenting the trading 52 week trading range.
While shares are up from the 52 week low of $1.90, they are also down tremendously from the 52 week high of $6.89 per share. Today's trading at $2.51 illustrates share prices are up 32% from the low but are down 74% from April.
It is very obvious that MIFI is on a downward trend and without a significant catalyst that trend should continue.
I follow the ResearchTeam analyst firm through Ameritrade and they report that MIFI has gone down 54.08% since they downgraded them from Hold to Reduce. That is staggering. You have to wonder about their ability to remain a viable business. With a current -.67 EPS, that may happen sooner rather than later. A merger or buyout is the only hope here and I can't see any other wireless outfit wanting to buy into that debt.
I am always looking for opportunities but Novatel isn't one.