Boingo Wireless, Inc. (WIFI) Cut to “Hold” at Zacks Investment Research

Zacks Investment Research cut shares of Boingo Wireless, Inc. (NASDAQ:WIFI) from a buy rating to a hold rating in a research note published on Wednesday, November 8th.

According to Zacks, “Boingo Wireless, Inc. is a Wi-Fi software and services provider. Boingo users can access the mobile Internet via Boingo Network locations that include the airports, hotel chains, caf├ęs and coffee shops, restaurants, convention centers and metropolitan hot zones. The company provides its solutions to individual users and partners consisting of telecom operators, network operators, cable companies, technology companies, enterprise software and services companies, and communications companies. Boingo Wireless, Inc. is headquartered in Los Angeles, California. “

Other analysts also recently issued research reports about the stock. Jefferies Group LLC reissued a buy rating and issued a $20.00 price target (up previously from $17.00) on shares of Boingo Wireless in a research report on Wednesday, August 9th. Craig Hallum raised their price objective on Boingo Wireless from $17.00 to $20.00 and gave the company a buy rating in a research note on Friday, August 4th. Benchmark Co. raised their price objective on Boingo Wireless from $18.00 to $24.00 and gave the company a buy rating in a research note on Friday, August 4th. BidaskClub upgraded Boingo Wireless from a sell rating to a hold rating in a research note on Wednesday, July 12th. Finally, Oppenheimer Holdings, Inc. raised their price objective on Boingo Wireless and gave the company an outperform rating in a research note on Friday, November 3rd. Two analysts have rated the stock with a sell rating, two have issued a hold rating and seven have given a buy rating to the stock. The company has an average rating of Hold and an average target price of $22.04.

Shares of Boingo Wireless (NASDAQ:WIFI) traded up $0.16 during mid-day trading on Wednesday, hitting $25.25. 275,945 shares of the stock traded hands, compared to its average volume of 342,188. Boingo Wireless has a one year low of $10.46 and a one year high of $25.99. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.50 and a quick ratio of 0.50.

Boingo Wireless (NASDAQ:WIFI) last posted its quarterly earnings results on Thursday, November 2nd. The technology company reported ($0.09) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.13) by $0.04. Boingo Wireless had a negative net margin of 11.75% and a negative return on equity of 23.62%. The business had revenue of $53.66 million during the quarter, compared to the consensus estimate of $50.22 million. During the same quarter last year, the firm posted ($0.15) EPS. Boingo Wireless’s revenue was up 31.5% compared to the same quarter last year. sell-side analysts expect that Boingo Wireless will post -0.58 earnings per share for the current fiscal year.

In other news, VP Tom Tracey sold 10,000 shares of the business’s stock in a transaction dated Friday, September 1st. The stock was sold at an average price of $20.45, for a total transaction of $204,500.00. Following the completion of the transaction, the vice president now owns 34,868 shares of the company’s stock, valued at $713,050.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Peter Hovenier sold 25,000 shares of the business’s stock in a transaction dated Monday, November 20th. The stock was sold at an average price of $24.51, for a total value of $612,750.00. Following the transaction, the chief financial officer now directly owns 10,000 shares of the company’s stock, valued at approximately $245,100. The disclosure for this sale can be found here. Insiders have sold a total of 148,785 shares of company stock valued at $3,204,266 in the last ninety days. Insiders own 7.70% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of WIFI. Wells Fargo & Company MN lifted its position in Boingo Wireless by 3.4% in the 1st quarter. Wells Fargo & Company MN now owns 38,119 shares of the technology company’s stock worth $495,000 after buying an additional 1,253 shares during the last quarter. UBS Asset Management Americas Inc. bought a new stake in Boingo Wireless in the 1st quarter worth approximately $159,000. American International Group Inc. lifted its position in Boingo Wireless by 7.1% in the 1st quarter. American International Group Inc. now owns 21,925 shares of the technology company’s stock worth $285,000 after buying an additional 1,444 shares during the last quarter. Alliancebernstein L.P. lifted its position in Boingo Wireless by 4.8% in the 1st quarter. Alliancebernstein L.P. now owns 26,400 shares of the technology company’s stock worth $343,000 after buying an additional 1,200 shares during the last quarter. Finally, Teachers Advisors LLC lifted its position in Boingo Wireless by 2.8% in the 1st quarter. Teachers Advisors LLC now owns 96,931 shares of the technology company’s stock worth $1,259,000 after buying an additional 2,664 shares during the last quarter. 86.44% of the stock is owned by institutional investors.

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About Boingo Wireless

Boingo Wireless, Inc is a provider of commercial mobile wireless fidelity (Wi-Fi) Internet solutions and indoor direct-attached storage (DAS) services. The Company operates as a service provider of wireless connectivity solutions across its managed and operated network and aggregated network for mobile devices such as laptops, smartphones, tablets and other wireless-enabled consumer devices.

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