Boingo Wireless Inc (WIFI) Expected to Announce Quarterly Sales of $63.80 Million

Wall Street brokerages expect Boingo Wireless Inc (NASDAQ:WIFI) to report sales of $63.80 million for the current quarter, Zacks reports. Five analysts have made estimates for Boingo Wireless’ earnings, with the highest sales estimate coming in at $65.00 million and the lowest estimate coming in at $62.70 million. Boingo Wireless reported sales of $53.66 million in the same quarter last year, which indicates a positive year over year growth rate of 18.9%. The company is scheduled to announce its next earnings results on Thursday, November 1st.

According to Zacks, analysts expect that Boingo Wireless will report full-year sales of $249.64 million for the current fiscal year, with estimates ranging from $247.80 million to $252.86 million. For the next fiscal year, analysts expect that the company will report sales of $300.54 million per share, with estimates ranging from $294.32 million to $311.77 million. Zacks Investment Research’s sales averages are an average based on a survey of analysts that follow Boingo Wireless.

Boingo Wireless (NASDAQ:WIFI) last issued its quarterly earnings data on Wednesday, August 1st. The technology company reported $0.05 EPS for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.19. Boingo Wireless had a negative return on equity of 5.51% and a negative net margin of 2.44%. The firm had revenue of $59.60 million for the quarter, compared to analyst estimates of $56.52 million. During the same period in the prior year, the firm posted ($0.20) EPS. The company’s revenue for the quarter was up 21.6% on a year-over-year basis.

A number of analysts have recently weighed in on the company. Zacks Investment Research upgraded Boingo Wireless from a “hold” rating to a “strong-buy” rating and set a $38.00 target price for the company in a research report on Thursday. Craig Hallum upped their target price on Boingo Wireless from $31.00 to $38.00 and gave the company a “buy” rating in a research report on Friday, September 7th. BidaskClub upgraded Boingo Wireless from a “buy” rating to a “strong-buy” rating in a research report on Thursday, September 6th. Jefferies Financial Group upped their target price on Boingo Wireless from $33.00 to $38.00 and gave the company a “buy” rating in a research report on Monday, August 20th. Finally, Roth Capital set a $32.00 target price on Boingo Wireless and gave the company a “buy” rating in a research report on Thursday, August 2nd. Eight analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company’s stock. Boingo Wireless has an average rating of “Buy” and an average target price of $34.00.

NASDAQ WIFI traded up $0.20 on Friday, reaching $34.58. The stock had a trading volume of 893,976 shares, compared to its average volume of 274,542. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.43 and a quick ratio of 0.43. Boingo Wireless has a 1-year low of $20.02 and a 1-year high of $35.98. The firm has a market cap of $1.41 billion, a price-to-earnings ratio of -70.57 and a beta of 0.58.

In related news, insider Dawn Callahan sold 29,953 shares of the company’s stock in a transaction on Tuesday, August 21st. The stock was sold at an average price of $31.47, for a total transaction of $942,620.91. Following the completion of the sale, the insider now directly owns 4,953 shares in the company, valued at approximately $155,870.91. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO David Hagan sold 19,833 shares of the company’s stock in a transaction on Tuesday, September 11th. The stock was sold at an average price of $33.43, for a total value of $663,017.19. Following the sale, the chief executive officer now owns 546,981 shares of the company’s stock, valued at $18,285,574.83. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 329,198 shares of company stock valued at $9,892,276. Corporate insiders own 3.80% of the company’s stock.

Several hedge funds have recently made changes to their positions in WIFI. Victory Capital Management Inc. bought a new stake in shares of Boingo Wireless during the 2nd quarter worth $21,830,000. Summit Trail Advisors LLC raised its position in Boingo Wireless by 1,617.1% in the first quarter. Summit Trail Advisors LLC now owns 645,007 shares of the technology company’s stock valued at $645,000 after purchasing an additional 607,443 shares during the last quarter. Voya Investment Management LLC raised its position in Boingo Wireless by 65.6% in the second quarter. Voya Investment Management LLC now owns 1,352,431 shares of the technology company’s stock valued at $30,551,000 after purchasing an additional 535,694 shares during the last quarter. Emerald Advisers Inc. PA bought a new position in Boingo Wireless in the second quarter valued at about $10,144,000. Finally, Emerald Mutual Fund Advisers Trust bought a new position in Boingo Wireless in the second quarter valued at about $8,905,000. Institutional investors and hedge funds own 95.70% of the company’s stock.

Boingo Wireless Company Profile

Boingo Wireless, Inc, together with its subsidiaries, provides wireless connectivity solutions for smartphones, tablets, laptops, wearables, and other wireless-enabled consumer devices. It designs, builds, monitors, and maintains distributed antenna systems (DAS), Wi-Fi, and small cell networks at managed and operated hotspot locations, such as airports, transportation hubs, stadiums, arenas, military bases, universities, convention centers, and office campuses in North America, Latin America, Europe, the Middle East, Africa, and Asia; and offers software applications and solutions to access its Wi-Fi network of approximately 1.5 million hotspots.

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Earnings History and Estimates for Boingo Wireless (NASDAQ:WIFI)

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