Zacks Investment Research upgraded shares of Boingo Wireless (NASDAQ:WIFI) from a hold rating to a buy rating in a research note released on Tuesday. The brokerage currently has $36.00 price target on the technology company’s stock.
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. “
WIFI has been the subject of several other reports. ValuEngine lowered Boingo Wireless from a strong-buy rating to a buy rating in a research report on Tuesday, May 22nd. BidaskClub upgraded Boingo Wireless from a hold rating to a buy rating in a research report on Friday, July 6th. Craig Hallum boosted their price objective on Boingo Wireless from $30.00 to $31.00 and gave the company a buy rating in a research report on Thursday, August 2nd. Jefferies Financial Group boosted their price objective on Boingo Wireless from $33.00 to $38.00 and gave the company a buy rating in a research report on Monday, August 20th. Finally, Roth Capital set a $32.00 price objective on Boingo Wireless and gave the company a buy rating in a research report on Thursday, August 2nd. Nine investment analysts have rated the stock with a buy rating and two have given a strong buy rating to the company’s stock. The company has a consensus rating of Buy and an average target price of $33.71.
Shares of WIFI stock opened at $32.93 on Tuesday. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.43 and a quick ratio of 0.43. The stock has a market capitalization of $1.36 billion, a PE ratio of -67.76 and a beta of 0.58. Boingo Wireless has a one year low of $20.02 and a one year high of $34.01.
Boingo Wireless (NASDAQ:WIFI) last announced its quarterly earnings results on Wednesday, August 1st. The technology company reported $0.05 EPS for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.19. The company had revenue of $59.60 million during the quarter, compared to analysts’ expectations of $56.52 million. Boingo Wireless had a negative return on equity of 5.51% and a negative net margin of 2.44%. Boingo Wireless’s revenue was up 21.6% on a year-over-year basis. During the same period in the prior year, the business posted ($0.20) EPS. sell-side analysts expect that Boingo Wireless will post -0.17 earnings per share for the current fiscal year.
In related news, CEO David Hagan sold 59,500 shares of the business’s stock in a transaction that occurred on Thursday, June 14th. The stock was sold at an average price of $23.79, for a total value of $1,415,505.00. Following the completion of the transaction, the chief executive officer now directly owns 684,870 shares in the company, valued at approximately $16,293,057.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CMO Dawn Callahan sold 25,000 shares of the business’s stock in a transaction that occurred on Monday, June 11th. The shares were sold at an average price of $23.42, for a total value of $585,500.00. Following the completion of the transaction, the chief marketing officer now owns 50,654 shares of the company’s stock, valued at $1,186,316.68. The disclosure for this sale can be found here. Insiders sold a total of 470,467 shares of company stock valued at $12,468,419 over the last quarter. 3.80% of the stock is owned by insiders.
Large investors have recently added to or reduced their stakes in the business. State Board of Administration of Florida Retirement System acquired a new position in Boingo Wireless during the 1st quarter worth approximately $213,000. GSA Capital Partners LLP acquired a new position in Boingo Wireless during the 2nd quarter worth approximately $228,000. Bank of Montreal Can boosted its position in Boingo Wireless by 557.7% during the 2nd quarter. Bank of Montreal Can now owns 10,529 shares of the technology company’s stock worth $238,000 after acquiring an additional 8,928 shares during the last quarter. Sei Investments Co. acquired a new position in Boingo Wireless during the 1st quarter worth approximately $290,000. Finally, Fox Run Management L.L.C. acquired a new position in Boingo Wireless during the 2nd quarter worth approximately $302,000. 95.70% of the stock is owned by hedge funds and other institutional investors.
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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