Boingo Wireless (NASDAQ:WIFI) Price Target Cut to $22.00 by Analysts at Craig Hallum

Boingo Wireless (NASDAQ:WIFI) had its price target lowered by Craig Hallum from $29.00 to $22.00 in a research note issued to investors on Friday, Briefing.com Automated Import reports. The firm currently has a buy rating on the technology company’s stock.

A number of other brokerages also recently commented on WIFI. Northland Securities reissued a buy rating on shares of Boingo Wireless in a research report on Friday. BidaskClub downgraded shares of Boingo Wireless from a sell rating to a strong sell rating in a research report on Saturday, June 29th. ValuEngine raised shares of Boingo Wireless from a sell rating to a hold rating in a research report on Friday. Oppenheimer dropped their price objective on shares of Boingo Wireless from $39.00 to $32.00 and set an outperform rating on the stock in a research report on Thursday, May 9th. Finally, Zacks Investment Research downgraded shares of Boingo Wireless from a buy rating to a hold rating in a research report on Thursday, May 16th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and ten have given a buy rating to the company. Boingo Wireless presently has an average rating of Buy and a consensus price target of $29.78.

Boingo Wireless stock traded down $1.01 during mid-day trading on Friday, reaching $13.20. 1,796,332 shares of the company’s stock were exchanged, compared to its average volume of 778,241. The firm has a market capitalization of $660.66 million, a P/E ratio of -440.00 and a beta of 1.01. Boingo Wireless has a twelve month low of $12.60 and a twelve month high of $35.98. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 1.89. The stock’s fifty day simple moving average is $17.77.

Boingo Wireless (NASDAQ:WIFI) last announced its quarterly earnings data on Wednesday, May 8th. The technology company reported ($0.12) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.10) by ($0.02). Boingo Wireless had a negative net margin of 1.21% and a negative return on equity of 2.82%. The firm had revenue of $66.47 million during the quarter, compared to analysts’ expectations of $65.74 million. Equities research analysts forecast that Boingo Wireless will post -0.38 earnings per share for the current year.

In related news, Director David Hagan sold 32,782 shares of the stock in a transaction on Tuesday, July 16th. The shares were sold at an average price of $17.90, for a total value of $586,797.80. Following the transaction, the director now directly owns 1,056,229 shares of the company’s stock, valued at approximately $18,906,499.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Derek Peterson sold 11,628 shares of the stock in a transaction on Thursday, May 16th. The shares were sold at an average price of $21.77, for a total transaction of $253,141.56. Following the completion of the transaction, the insider now directly owns 57,447 shares in the company, valued at $1,250,621.19. The disclosure for this sale can be found here. Insiders sold a total of 147,756 shares of company stock worth $2,713,919 over the last ninety days. Insiders own 3.80% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of WIFI. FMR LLC grew its position in shares of Boingo Wireless by 59.6% in the 1st quarter. FMR LLC now owns 6,308,084 shares of the technology company’s stock valued at $146,853,000 after buying an additional 2,354,550 shares during the last quarter. Handelsbanken Fonder AB grew its position in shares of Boingo Wireless by 249.5% in the 2nd quarter. Handelsbanken Fonder AB now owns 1,922,000 shares of the technology company’s stock valued at $34,538,000 after buying an additional 1,372,000 shares during the last quarter. Victory Capital Management Inc. grew its position in shares of Boingo Wireless by 62.8% in the 1st quarter. Victory Capital Management Inc. now owns 1,958,950 shares of the technology company’s stock valued at $45,604,000 after buying an additional 755,715 shares during the last quarter. KAMES CAPITAL plc grew its position in shares of Boingo Wireless by 1,216.6% in the 2nd quarter. KAMES CAPITAL plc now owns 628,321 shares of the technology company’s stock valued at $11,291,000 after buying an additional 580,599 shares during the last quarter. Finally, Redwood Investments LLC grew its position in shares of Boingo Wireless by 89.0% in the 1st quarter. Redwood Investments LLC now owns 817,984 shares of the technology company’s stock valued at $19,043,000 after buying an additional 385,212 shares during the last quarter.

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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Analyst Recommendations for Boingo Wireless (NASDAQ:WIFI)

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