Zacks: Analysts Expect Boingo Wireless Inc (WIFI) Will Post Quarterly Sales of $68.39 Million

Equities analysts predict that Boingo Wireless Inc (NASDAQ:WIFI) will announce sales of $68.39 million for the current quarter, Zacks Investment Research reports. Five analysts have provided estimates for Boingo Wireless’ earnings, with estimates ranging from $67.16 million to $69.50 million. Boingo Wireless posted sales of $59.60 million in the same quarter last year, which would indicate a positive year over year growth rate of 14.7%. The company is expected to issue its next earnings report on Wednesday, August 7th.

On average, analysts expect that Boingo Wireless will report full-year sales of $277.75 million for the current financial year, with estimates ranging from $275.38 million to $280.50 million. For the next financial year, analysts expect that the business will report sales of $307.73 million, with estimates ranging from $304.30 million to $311.77 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of analysts that that provide coverage for Boingo Wireless.

Boingo Wireless (NASDAQ:WIFI) last posted its quarterly earnings results on Wednesday, May 8th. The technology company reported ($0.12) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.10) by ($0.02). Boingo Wireless had a negative return on equity of 2.82% and a negative net margin of 1.21%. The company had revenue of $66.47 million during the quarter, compared to analyst estimates of $65.74 million.

A number of research firms have recently weighed in on WIFI. Zacks Investment Research downgraded shares of Boingo Wireless from a “buy” rating to a “hold” rating in a research note on Thursday, May 16th. BidaskClub raised shares of Boingo Wireless from a “hold” rating to a “buy” rating in a research note on Thursday, April 11th. Craig Hallum reaffirmed a “buy” rating and issued a $29.00 price target (up from $28.00) on shares of Boingo Wireless in a research note on Thursday, May 9th. Oppenheimer dropped their price target on shares of Boingo Wireless from $39.00 to $32.00 and set an “outperform” rating on the stock in a research note on Thursday, May 9th. Finally, Credit Suisse Group dropped their price target on shares of Boingo Wireless from $35.00 to $29.00 and set an “outperform” rating on the stock in a research note on Thursday, February 28th. One research analyst has rated the stock with a sell rating, two have given a hold rating and nine have given a buy rating to the stock. Boingo Wireless has an average rating of “Buy” and an average price target of $32.67.

In related news, CFO Peter Hovenier sold 5,000 shares of the company’s stock in a transaction on Friday, March 1st. The shares were sold at an average price of $21.19, for a total value of $105,950.00. Following the completion of the sale, the chief financial officer now directly owns 405,723 shares in the company, valued at $8,597,270.37. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Derek Peterson sold 11,628 shares of the company’s stock in a transaction on Thursday, May 16th. The stock was sold at an average price of $21.77, for a total transaction of $253,141.56. Following the completion of the sale, the insider now owns 57,447 shares of the company’s stock, valued at $1,250,621.19. The disclosure for this sale can be found here. Insiders sold 125,992 shares of company stock valued at $3,026,263 over the last quarter. 3.80% of the stock is currently owned by corporate insiders.

Large investors have recently modified their holdings of the stock. Mackay Shields LLC acquired a new position in Boingo Wireless during the 4th quarter worth approximately $366,000. Vanguard Group Inc. lifted its holdings in shares of Boingo Wireless by 7.0% during the third quarter. Vanguard Group Inc. now owns 3,304,762 shares of the technology company’s stock worth $115,336,000 after purchasing an additional 217,283 shares during the period. Bank of Montreal Can lifted its holdings in shares of Boingo Wireless by 2,090.1% during the fourth quarter. Bank of Montreal Can now owns 230,463 shares of the technology company’s stock worth $4,740,000 after purchasing an additional 219,940 shares during the period. Handelsinvest Investeringsforvaltning acquired a new stake in shares of Boingo Wireless during the fourth quarter worth about $1,402,000. Finally, New Jersey Better Educational Savings Trust lifted its holdings in shares of Boingo Wireless by 85.7% during the fourth quarter. New Jersey Better Educational Savings Trust now owns 13,000 shares of the technology company’s stock worth $267,000 after purchasing an additional 6,000 shares during the period. Hedge funds and other institutional investors own 97.31% of the company’s stock.

Shares of NASDAQ WIFI traded up $0.23 during mid-day trading on Thursday, reaching $21.46. The company had a trading volume of 295,667 shares, compared to its average volume of 544,051. Boingo Wireless has a twelve month low of $18.50 and a twelve month high of $35.98. The company has a current ratio of 0.95, a quick ratio of 1.17 and a debt-to-equity ratio of 1.89. The company has a market capitalization of $951.84 million, a PE ratio of -715.33 and a beta of 1.05.

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 worldwide. The company offers distributed antenna systems and small cell networks at managed and operated locations; high-speed Wi-Fi services for residential consumers on military bases and at multifamily properties; and wholesale Wi-Fi services to network operators, device manufacturers, technology companies, enterprise software and services companies, venue operators, and financial services companies, as well as retail Internet access services.

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

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