Boingo Wireless (WIFI) Upgraded at Zacks Investment Research

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Zacks Investment Research upgraded shares of Boingo Wireless (NASDAQ:WIFI) from a hold rating to a buy rating in a research note released on Saturday morning. They currently have $38.00 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. “

A number of other research firms have also commented on WIFI. BidaskClub lowered Boingo Wireless from a buy rating to a hold rating in a research note on Wednesday, July 25th. CIBC lifted their price objective on Boingo Wireless from $30.00 to $39.00 and gave the stock an outperform rating in a research note on Friday, September 21st. Jefferies Financial Group lifted their price objective on Boingo Wireless from $33.00 to $38.00 and gave the stock a buy rating in a research note on Monday, August 20th. Craig Hallum lifted their price objective on Boingo Wireless from $30.00 to $31.00 and gave the stock a buy rating in a research note on Thursday, August 2nd. Finally, Roth Capital set a $32.00 price objective on Boingo Wireless and gave the stock a buy rating in a research note on Thursday, August 2nd. Eleven equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. The stock has a consensus rating of Buy and an average price target of $35.75.

Shares of NASDAQ:WIFI opened at $31.53 on Friday. Boingo Wireless has a fifty-two week low of $20.02 and a fifty-two week high of $35.98. The stock has a market capitalization of $1.48 billion, a price-to-earnings ratio of -63.37 and a beta of 0.60. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 0.07.

Boingo Wireless (NASDAQ:WIFI) last announced its quarterly earnings results on Wednesday, August 1st. The technology company reported $0.05 earnings per share for the quarter, topping analysts’ consensus estimates 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 company had revenue of $59.60 million during the quarter, compared to analysts’ expectations of $56.52 million. During the same quarter in the previous year, the firm earned ($0.20) earnings per share. The business’s quarterly revenue was up 21.6% compared to the same quarter last year. As a group, analysts predict that Boingo Wireless will post -0.21 EPS for the current fiscal year.

In related news, CEO David Hagan sold 30,000 shares of the business’s stock in a transaction dated Friday, October 12th. The stock was sold at an average price of $30.56, for a total transaction of $916,800.00. Following the transaction, the chief executive officer now directly owns 522,314 shares in the company, valued at $15,961,915.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Tom Tracey sold 25,000 shares of the business’s stock in a transaction dated Monday, August 6th. The shares were sold at an average price of $31.44, for a total value of $786,000.00. Following the transaction, the vice president now owns 46,605 shares in the company, valued at $1,465,261.20. The disclosure for this sale can be found here. Insiders sold 279,865 shares of company stock worth $8,943,560 over the last quarter. 3.80% of the stock is currently owned by corporate insiders.

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Northern Trust Corp increased its stake in Boingo Wireless by 8.3% during the second quarter. Northern Trust Corp now owns 538,077 shares of the technology company’s stock valued at $12,156,000 after acquiring an additional 41,243 shares during the period. Bank of New York Mellon Corp increased its stake in Boingo Wireless by 17.2% during the second quarter. Bank of New York Mellon Corp now owns 1,572,857 shares of the technology company’s stock valued at $35,531,000 after acquiring an additional 230,914 shares during the period. Forsta AP Fonden bought a new position in Boingo Wireless during the second quarter valued at about $384,000. Voya Investment Management LLC increased its stake in Boingo Wireless by 65.6% during the second quarter. Voya Investment Management LLC now owns 1,352,431 shares of the technology company’s stock valued at $30,551,000 after acquiring an additional 535,694 shares during the period. Finally, First Republic Investment Management Inc. increased its stake in Boingo Wireless by 25.1% during the second quarter. First Republic Investment Management Inc. now owns 13,728 shares of the technology company’s stock valued at $310,000 after acquiring an additional 2,754 shares during the period. Hedge funds and other institutional investors own 95.69% of the company’s stock.

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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