Boingo Wireless (WIFI) Rating Reiterated by Lake Street Capital

Boingo Wireless (NASDAQ:WIFI)‘s stock had its “buy” rating reissued by investment analysts at Lake Street Capital in a research note issued on Friday, MarketBeat.com reports. They presently have a $34.00 price target on the technology company’s stock, up from their prior price target of $31.00. Lake Street Capital’s price objective points to a potential upside of 36.60% from the stock’s current price.

Other research analysts also recently issued reports about the stock. Craig Hallum increased their target price on shares of Boingo Wireless from $31.00 to $38.00 and gave the company a “buy” rating in a research report on Friday, September 7th. BidaskClub raised shares of Boingo Wireless from a “hold” rating to a “buy” rating in a research report on Friday, July 6th. Roth Capital set a $32.00 price target on shares of Boingo Wireless and gave the stock a “buy” rating in a research note on Thursday, August 2nd. Jefferies Financial Group increased their price target on shares of Boingo Wireless from $33.00 to $38.00 and gave the stock a “buy” rating in a research note on Monday, August 20th. Finally, Zacks Investment Research upgraded shares of Boingo Wireless from a “hold” rating to a “buy” rating and set a $36.00 price target for the company in a research note on Tuesday, September 4th. Two analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. Boingo Wireless currently has an average rating of “Buy” and an average target price of $37.25.

NASDAQ WIFI opened at $24.89 on Friday. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 0.07. The firm has a market capitalization of $1.05 billion, a P/E ratio of -50.80 and a beta of 0.80. Boingo Wireless has a 12 month low of $20.02 and a 12 month high of $35.98.

Boingo Wireless (NASDAQ:WIFI) last posted its earnings results on Thursday, November 1st. The technology company reported ($0.01) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.10) by $0.09. The firm had revenue of $65.25 million for the quarter, compared to the consensus estimate of $63.32 million. Boingo Wireless had a negative net margin of 1.10% and a negative return on equity of 2.58%. The company’s revenue was up 21.6% on a year-over-year basis. During the same period last year, the firm posted ($0.09) EPS. On average, research analysts forecast that Boingo Wireless will post -0.17 EPS for the current fiscal year.

In related news, CEO David Hagan sold 59,500 shares of the stock in a transaction on Thursday, August 16th. The shares were sold at an average price of $31.01, for a total transaction of $1,845,095.00. Following the completion of the sale, the chief executive officer now owns 606,481 shares in the company, valued at approximately $18,806,975.81. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Tom Tracey sold 25,000 shares of the stock in a transaction on Monday, August 6th. The stock was sold at an average price of $31.44, for a total transaction of $786,000.00. Following the sale, the vice president now owns 46,605 shares of the company’s stock, valued at approximately $1,465,261.20. The disclosure for this sale can be found here. In the last quarter, insiders have sold 279,865 shares of company stock valued at $8,943,560. 3.80% of the stock is owned by company insiders.

Large investors have recently modified their holdings of the stock. GSA Capital Partners LLP acquired a new stake in Boingo Wireless during the 2nd quarter worth $228,000. Bank of Montreal Can lifted its stake in shares of Boingo Wireless by 557.7% in the 2nd quarter. Bank of Montreal Can now owns 10,529 shares of the technology company’s stock worth $238,000 after acquiring an additional 8,928 shares during the period. State Board of Administration of Florida Retirement System lifted its stake in shares of Boingo Wireless by 38.5% in the 2nd quarter. State Board of Administration of Florida Retirement System now owns 11,916 shares of the technology company’s stock worth $269,000 after acquiring an additional 3,310 shares during the period. Sei Investments Co. acquired a new stake in shares of Boingo Wireless in the 1st quarter worth $290,000. Finally, Fox Run Management L.L.C. acquired a new stake in shares of Boingo Wireless in the 2nd quarter worth $302,000. Hedge funds and other institutional investors own 95.57% of the company’s stock.

About Boingo Wireless

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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Analyst Recommendations for Boingo Wireless (NASDAQ:WIFI)

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