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

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Analysts forecast that Boingo Wireless Inc (NASDAQ:WIFI) will post sales of $63.80 million for the current quarter, according to Zacks. 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 would suggest a positive year over year growth rate of 18.9%. The business is expected to announce its next quarterly earnings report on Thursday, November 1st.

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

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

Several research firms recently weighed in on WIFI. Zacks Investment Research cut shares of Boingo Wireless from a “buy” rating to a “hold” rating in a research report on Saturday, September 1st. Craig Hallum upped their price objective on shares of Boingo Wireless from $31.00 to $38.00 and gave the stock a “buy” rating in a research report on Friday, September 7th. BidaskClub cut shares of Boingo Wireless from a “strong-buy” rating to a “buy” rating in a research report on Saturday, September 22nd. ValuEngine upgraded shares of Boingo Wireless from a “buy” rating to a “strong-buy” rating in a research report on Monday, June 11th. Finally, Oppenheimer upped their price objective on shares of Boingo Wireless from $30.00 to $39.00 and gave the stock an “outperform” rating in a research report on Friday, September 21st. Nine investment analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company’s stock. Boingo Wireless currently has a consensus rating of “Buy” and an average target price of $35.75.

In other Boingo Wireless news, CEO David Hagan sold 19,833 shares of the stock in a transaction that occurred on Friday, July 13th. The shares were sold at an average price of $23.74, for a total transaction of $470,835.42. Following the transaction, the chief executive officer now directly owns 684,870 shares in the company, valued at $16,258,813.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Peter Hovenier sold 9,785 shares of the stock in a transaction that occurred on Tuesday, September 4th. The shares were sold at an average price of $33.77, for a total transaction of $330,439.45. Following the transaction, the chief financial officer now owns 28,785 shares in the company, valued at $972,069.45. The disclosure for this sale can be found here. Insiders have sold 329,198 shares of company stock worth $9,892,276 over the last quarter. Company insiders own 3.80% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of WIFI. NJ State Employees Deferred Compensation Plan lifted its stake in Boingo Wireless by 5.0% in the second quarter. NJ State Employees Deferred Compensation Plan now owns 42,000 shares of the technology company’s stock worth $949,000 after acquiring an additional 2,000 shares during the period. First Republic Investment Management Inc. lifted its stake in Boingo Wireless by 25.1% in the second quarter. First Republic Investment Management Inc. now owns 13,728 shares of the technology company’s stock worth $310,000 after acquiring an additional 2,754 shares during the period. Barclays PLC lifted its stake in Boingo Wireless by 17.3% in the first quarter. Barclays PLC now owns 18,926 shares of the technology company’s stock worth $469,000 after acquiring an additional 2,795 shares during the period. A.R.T. Advisors LLC lifted its stake in Boingo Wireless by 11.6% in the first quarter. A.R.T. Advisors LLC now owns 26,934 shares of the technology company’s stock worth $667,000 after acquiring an additional 2,800 shares during the period. Finally, New Jersey Better Educational Savings Trust lifted its stake in Boingo Wireless by 17.6% in the second quarter. New Jersey Better Educational Savings Trust now owns 20,000 shares of the technology company’s stock worth $452,000 after acquiring an additional 3,000 shares during the period. Institutional investors and hedge funds own 95.69% of the company’s stock.

Shares of Boingo Wireless stock traded up $0.58 on Wednesday, reaching $33.88. The stock had a trading volume of 545,209 shares, compared to its average volume of 464,679. Boingo Wireless has a 1 year low of $20.02 and a 1 year high of $35.98. The company has a market cap of $1.48 billion, a price-to-earnings ratio of -69.14 and a beta of 0.60. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 0.07.

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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