Zacks Investment Research lowered shares of Boingo Wireless, Inc. (NASDAQ:WIFI) from a buy rating to a hold rating in a report issued 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, cafés 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 research analysts have also recently issued reports about the company. 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. Oppenheimer Holdings, Inc. reaffirmed an outperform rating and set a $24.00 price objective (up from $18.00) on shares of Boingo Wireless in a research note on Wednesday, August 9th. Jefferies Group LLC reaffirmed a buy rating and set a $20.00 price objective (up from $17.00) on shares of Boingo Wireless in a research note on Wednesday, August 9th. Craig Hallum raised their price objective on Boingo Wireless from $20.00 to $24.00 and gave the company a buy rating in a research note on Tuesday, September 5th. Finally, BidaskClub raised Boingo Wireless from a sell rating to a hold rating in a research note on Wednesday, July 12th. Two analysts have rated the stock with a sell rating, two have given a hold rating and seven have issued a buy rating to the company’s stock. Boingo Wireless has an average rating of Hold and an average target price of $22.04.
Boingo Wireless (WIFI) traded up $1.04 during midday trading on Wednesday, reaching $24.89. The company’s stock had a trading volume of 683,900 shares, compared to its average volume of 342,890. Boingo Wireless has a twelve month low of $10.46 and a twelve month high of $25.99. The company has a current ratio of 0.50, a quick ratio of 0.50 and a debt-to-equity ratio of 0.09.
Boingo Wireless (NASDAQ:WIFI) last released its quarterly earnings results on Thursday, November 2nd. The technology company reported ($0.09) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.13) by $0.04. Boingo Wireless had a negative return on equity of 23.62% and a negative net margin of 11.75%. The business had revenue of $53.66 million for the quarter, compared to the consensus estimate of $50.22 million. During the same quarter last year, the business posted ($0.15) earnings per share. The company’s revenue for the quarter was up 31.5% on a year-over-year basis. analysts predict that Boingo Wireless will post -0.58 EPS for the current fiscal year.
In related news, insider Derek Peterson sold 50,000 shares of the firm’s stock in a transaction dated Monday, September 11th. The stock was sold at an average price of $20.80, for a total value of $1,040,000.00. Following the sale, the insider now directly owns 60,496 shares of the company’s stock, valued at $1,258,316.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Peter Hovenier sold 18,552 shares of the firm’s stock in a transaction dated Thursday, September 14th. The stock was sold at an average price of $21.31, for a total value of $395,343.12. The disclosure for this sale can be found here. Insiders sold 138,785 shares of company stock worth $2,858,766 over the last three months. 7.70% of the stock is owned by insiders.
A number of institutional investors have recently bought and sold shares of WIFI. Great West Life Assurance Co. Can bought a new stake in Boingo Wireless during the 3rd quarter valued at approximately $114,000. Legal & General Group Plc boosted its position in Boingo Wireless by 3.9% during the 2nd quarter. Legal & General Group Plc now owns 9,149 shares of the technology company’s stock valued at $137,000 after acquiring an additional 341 shares in the last quarter. Royal Bank of Canada boosted its position in Boingo Wireless by 1.3% during the 2nd quarter. Royal Bank of Canada now owns 10,448 shares of the technology company’s stock valued at $156,000 after acquiring an additional 135 shares in the last quarter. UBS Asset Management Americas Inc. bought a new stake in Boingo Wireless during the 1st quarter valued at approximately $159,000. Finally, Aperio Group LLC bought a new stake in Boingo Wireless during the 2nd quarter valued at approximately $164,000. 86.44% of the stock is currently owned by institutional investors and hedge funds.
Boingo Wireless Company Profile
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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