Zacks Investment Research cut shares of Boingo Wireless, Inc. (NASDAQ:WIFI) from a buy rating to a hold rating in a research note issued to investors on Wednesday.
According to Zacks, “Boingo Wireless, Inc. is a Wi-Fi software and services provider. Boingo users can access the mobile Internet via Boingo Network locations that include the airports, hotel chains, cafés and coffee shops, restaurants, convention centers and metropolitan hot zones. The company provides its solutions to individual users and partners consisting of telecom operators, network operators, cable companies, technology companies, enterprise software and services companies, and communications companies. Boingo Wireless, Inc. is headquartered in Los Angeles, California. “
Other equities analysts have also issued reports about the company. Oppenheimer Holdings, Inc. reaffirmed an outperform rating and issued a $24.00 target price (up from $18.00) on shares of Boingo Wireless in a research report on Wednesday, August 9th. Benchmark Co. boosted their price target on Boingo Wireless from $18.00 to $24.00 and gave the company a buy rating in a report on Friday, August 4th. Craig Hallum boosted their price target on Boingo Wireless from $20.00 to $24.00 and gave the company a buy rating in a report on Tuesday, September 5th. Jefferies Group LLC reiterated a buy rating and issued a $20.00 price target (up from $17.00) on shares of Boingo Wireless in a report on Wednesday, August 9th. Finally, BidaskClub upgraded Boingo Wireless from a sell rating to a hold rating in a report on Wednesday, July 12th. Two analysts have rated the stock with a sell rating, two have issued a hold rating and seven have issued a buy rating to the company’s stock. The stock currently has an average rating of Hold and an average target price of $21.37.
Shares of Boingo Wireless (NASDAQ WIFI) traded up $0.46 on Wednesday, hitting $22.37. The company’s stock had a trading volume of 718,200 shares, compared to its average volume of 534,014. Boingo Wireless has a one year low of $10.46 and a one year high of $25.99. The company has a current ratio of 0.50, a quick ratio of 0.47 and a debt-to-equity ratio of 0.09.
Boingo Wireless (NASDAQ:WIFI) last announced its earnings results on Thursday, November 2nd. The technology company reported ($0.09) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.13) by $0.04. Boingo Wireless had a negative return on equity of 23.62% and a negative net margin of 11.75%. The company had revenue of $53.66 million for the quarter, compared to analyst estimates of $50.22 million. During the same period in the prior year, the company posted ($0.15) EPS. Boingo Wireless’s quarterly revenue was up 31.5% on a year-over-year basis. sell-side analysts expect that Boingo Wireless will post -0.59 earnings per share for the current fiscal year.
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In related news, insider Derek Peterson sold 50,000 shares of the company’s stock in a transaction on Monday, September 11th. The stock was sold at an average price of $20.80, for a total transaction of $1,040,000.00. Following the completion of the transaction, the insider now directly owns 60,496 shares in the company, valued at approximately $1,258,316.80. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Peter Hovenier sold 35,233 shares of the company’s stock in a transaction on Tuesday, August 29th. The stock was sold at an average price of $20.27, for a total value of $714,172.91. Following the transaction, the chief financial officer now owns 8,551 shares of the company’s stock, valued at $173,328.77. The disclosure for this sale can be found here. Insiders sold a total of 146,285 shares of company stock valued at $3,003,816 over the last quarter. Company insiders own 7.70% of the company’s stock.
A number of institutional investors and hedge funds have recently modified their holdings of the stock. Wells Fargo & Company MN grew its stake in Boingo Wireless by 43.6% during the 3rd quarter. Wells Fargo & Company MN now owns 64,059 shares of the technology company’s stock worth $1,369,000 after buying an additional 19,436 shares during the last quarter. Trexquant Investment LP bought a new position in Boingo Wireless during the 3rd quarter worth $262,000. Great West Life Assurance Co. Can bought a new position in Boingo Wireless during the 3rd quarter worth $114,000. Granite Investment Partners LLC grew its stake in Boingo Wireless by 150.2% during the 3rd quarter. Granite Investment Partners LLC now owns 558,106 shares of the technology company’s stock worth $11,927,000 after buying an additional 335,019 shares during the last quarter. Finally, Stephens Investment Management Group LLC bought a new position in Boingo Wireless during the 3rd quarter worth $4,656,000. Hedge funds and other institutional investors own 88.74% of the company’s stock.
About Boingo Wireless
Boingo Wireless, Inc is a provider of commercial mobile wireless fidelity (Wi-Fi) Internet solutions and indoor direct-attached storage (DAS) services. The Company operates as a service provider of wireless connectivity solutions across its managed and operated network and aggregated network for mobile devices such as laptops, smartphones, tablets and other wireless-enabled consumer devices.
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