Boingo Wireless Inc (NASDAQ:WIFI) was the target of a significant drop in short interest during the month of August. As of August 15th, there was short interest totalling 1,918,695 shares, a drop of 30.7% from the July 31st total of 2,768,793 shares. Based on an average trading volume of 1,238,233 shares, the short-interest ratio is presently 1.5 days. Approximately 4.7% of the shares of the company are sold short.
A number of brokerages have recently issued reports on WIFI. BidaskClub upgraded shares of Boingo Wireless from a “hold” rating to a “buy” rating in a research report on Friday, August 3rd. Roth Capital set a $32.00 target price on shares of Boingo Wireless and gave the stock a “buy” rating in a research report on Thursday, August 2nd. Jefferies Financial Group raised their target price on shares of Boingo Wireless from $33.00 to $38.00 and gave the stock a “buy” rating in a research report on Monday, August 20th. Zacks Investment Research raised Boingo Wireless from a “sell” rating to a “hold” rating in a report on Friday, August 3rd. Finally, ValuEngine raised Boingo Wireless from a “buy” rating to a “strong-buy” rating in a report on Monday, June 11th. One equities research analyst has rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $31.86.
Shares of NASDAQ WIFI opened at $32.36 on Friday. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.43 and a quick ratio of 0.43. Boingo Wireless has a 1-year low of $20.02 and a 1-year high of $33.20. The firm has a market cap of $1.34 billion, a P/E ratio of -66.27 and a beta of 0.38.
Boingo Wireless (NASDAQ:WIFI) last issued its quarterly earnings results on Wednesday, August 1st. The technology company reported $0.05 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.14) by $0.19. Boingo Wireless had a negative return on equity of 5.51% and a negative net margin of 2.44%. The firm had revenue of $59.60 million during the quarter, compared to the consensus estimate of $56.52 million. During the same period last year, the company earned ($0.20) earnings per share. The company’s revenue for the quarter was up 21.6% on a year-over-year basis. sell-side analysts predict that Boingo Wireless will post -0.17 earnings per share for the current fiscal year.
In other news, CFO Peter Hovenier sold 20,730 shares of the firm’s stock in a transaction that occurred on Friday, June 15th. The shares were sold at an average price of $24.45, for a total transaction of $506,848.50. Following the transaction, the chief financial officer now directly owns 19,000 shares in the company, valued at $464,550. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CMO Dawn Callahan sold 25,000 shares of the firm’s stock in a transaction that occurred on Monday, June 11th. The stock was sold at an average price of $23.42, for a total transaction of $585,500.00. Following the transaction, the chief marketing officer now owns 50,654 shares in the company, valued at $1,186,316.68. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 445,682 shares of company stock worth $11,639,980. Insiders own 3.80% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of WIFI. State Board of Administration of Florida Retirement System acquired a new stake in Boingo Wireless in the first quarter valued at $213,000. GSA Capital Partners LLP acquired a new stake in Boingo Wireless in the second quarter valued at $228,000. Bank of Montreal Can lifted its holdings in Boingo Wireless by 557.7% in the second quarter. Bank of Montreal Can now owns 10,529 shares of the technology company’s stock valued at $238,000 after acquiring an additional 8,928 shares during the period. Sei Investments Co. acquired a new stake in Boingo Wireless in the first quarter valued at $290,000. Finally, Fox Run Management L.L.C. acquired a new stake in Boingo Wireless in the second quarter valued at $302,000. 95.70% of the stock is owned by hedge funds and other institutional investors.
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. 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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