Boingo Wireless Inc. (WIFI) Upgraded by Zacks Investment Research to “Buy”
Zacks Investment Research upgraded shares of Boingo Wireless Inc. (NASDAQ:WIFI) from a hold rating to a buy rating in a report released on Thursday morning. The brokerage currently has $11.00 price target on the 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. “
Other equities analysts have also recently issued research reports about the stock. Jefferies Group lifted their target price on shares of Boingo Wireless from $10.00 to $11.00 and gave the stock a buy rating in a research report on Friday, August 5th. Oppenheimer Holdings Inc. began coverage on shares of Boingo Wireless in a research report on Tuesday, September 13th. They issued an outperform rating and a $12.00 target price on the stock. Ladenburg Thalmann reiterated a buy rating and issued a $12.25 target price on shares of Boingo Wireless in a research report on Thursday, August 11th. BTIG Research began coverage on shares of Boingo Wireless in a research report on Monday, July 11th. They issued a sell rating and a $6.85 target price on the stock. Finally, Lake Street Capital began coverage on shares of Boingo Wireless in a research report on Monday, June 20th. They issued a buy rating and a $12.00 target price on the stock. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and eight have given a buy rating to the company’s stock. The company currently has an average rating of Buy and an average target price of $11.23.
Boingo Wireless (NASDAQ:WIFI) traded down 1.162% during trading on Thursday, hitting $9.785. 92,829 shares of the stock were exchanged. The stock’s market cap is $372.97 million. Boingo Wireless has a 52 week low of $5.40 and a 52 week high of $10.38. The stock has a 50 day moving average of $9.07 and a 200-day moving average of $8.35.
Boingo Wireless (NASDAQ:WIFI) last posted its quarterly earnings data on Thursday, August 4th. The company reported ($0.19) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.20) by $0.01. Boingo Wireless had a negative net margin of 17.20% and a negative return on equity of 23.75%. The company earned $39.10 million during the quarter, compared to the consensus estimate of $38.94 million. During the same period in the previous year, the firm posted ($0.16) EPS. The firm’s revenue was up 14.1% compared to the same quarter last year. Equities analysts expect that Boingo Wireless will post ($0.72) EPS for the current fiscal year.
In related news, CMO Dawn Callahan sold 12,500 shares of the business’s stock in a transaction dated Monday, October 3rd. The shares were sold at an average price of $10.03, for a total transaction of $125,375.00. Following the sale, the chief marketing officer now owns 24,612 shares of the company’s stock, valued at $246,858.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Tom Tracey sold 3,750 shares of the business’s stock in a transaction dated Thursday, September 1st. The stock was sold at an average price of $8.44, for a total transaction of $31,650.00. Following the sale, the vice president now directly owns 46,299 shares in the company, valued at approximately $390,763.56. The disclosure for this sale can be found here. Corporate insiders own 7.50% of the company’s stock.
A number of large investors have recently bought and sold shares of the company. Sterling Capital Management LLC raised its stake in Boingo Wireless by 2.1% in the second quarter. Sterling Capital Management LLC now owns 103,395 shares of the company’s stock valued at $922,000 after buying an additional 2,100 shares during the last quarter. Balter Liquid Alternatives LLC acquired a new stake in Boingo Wireless during the second quarter valued at approximately $197,000. Panagora Asset Management Inc. raised its stake in Boingo Wireless by 12.7% in the second quarter. Panagora Asset Management Inc. now owns 81,236 shares of the company’s stock valued at $724,000 after buying an additional 9,163 shares during the last quarter. Millrace Asset Group Inc. raised its stake in Boingo Wireless by 34.7% in the second quarter. Millrace Asset Group Inc. now owns 215,777 shares of the company’s stock valued at $1,925,000 after buying an additional 55,577 shares during the last quarter. Finally, Allianz Asset Management AG raised its stake in Boingo Wireless by 13.7% in the second quarter. Allianz Asset Management AG now owns 506,922 shares of the company’s stock valued at $4,522,000 after buying an additional 60,935 shares during the last quarter. 86.56% 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 for carriers. 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 segment.
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