Insider Buying: iPass Inc. (IPAS) Director Acquires $14,750.00 in Stock
iPass Inc. (NASDAQ:IPAS) Director Michael Tedesco bought 25,000 shares of the business’s stock in a transaction on Friday, August 18th. The stock was bought at an average price of $0.59 per share, for a total transaction of $14,750.00. Following the completion of the purchase, the director now directly owns 165,000 shares of the company’s stock, valued at approximately $97,350. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.
iPass Inc. (NASDAQ IPAS) traded up 1.27% during midday trading on Friday, reaching $0.60. The company’s stock had a trading volume of 66,672 shares. The firm has a 50 day moving average price of $0.98 and a 200 day moving average price of $1.21. iPass Inc. has a 1-year low of $0.53 and a 1-year high of $1.89. The firm’s market capitalization is $40.01 million.
iPass (NASDAQ:IPAS) last released its quarterly earnings data on Wednesday, August 2nd. The technology company reported ($0.08) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.03) by $0.05. iPass had a negative net margin of 20.49% and a negative return on equity of 78.31%. The firm had revenue of $13.47 million for the quarter. On average, analysts predict that iPass Inc. will post ($0.25) EPS for the current year.
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A number of equities research analysts have issued reports on IPAS shares. Maxim Group set a $2.00 target price on iPass and gave the company a “buy” rating in a research note on Thursday, August 3rd. ValuEngine cut iPass from a “hold” rating to a “sell” rating in a research note on Monday, July 24th. Zacks Investment Research cut iPass from a “hold” rating to a “sell” rating in a research note on Tuesday, August 15th. Finally, Aegis upgraded iPass from a “hold” rating to a “buy” rating and raised their target price for the company from $1.35 to $2.75 in a research note on Wednesday, May 24th. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the company’s stock. iPass presently has a consensus rating of “Hold” and a consensus target price of $2.61.
Several large investors have recently added to or reduced their stakes in the stock. Royce & Associates LP purchased a new stake in iPass during the first quarter valued at $749,000. P.A.W. Capital Corp purchased a new stake in iPass during the second quarter valued at $271,000. Emancipation Management LLC purchased a new stake in iPass during the second quarter valued at $228,000. Sterling Capital Management LLC purchased a new stake in iPass during the second quarter valued at $228,000. Finally, Abbrea Capital LLC increased its stake in iPass by 46.5% in the first quarter. Abbrea Capital LLC now owns 315,000 shares of the technology company’s stock valued at $369,000 after buying an additional 100,000 shares during the period. 24.12% of the stock is currently owned by institutional investors.
iPass Inc (iPass), is a provider of global mobile connectivity, offering wireless fidelity (Wi-Fi) on mobile devices. The Company, through its Mobile Connectivity Services segment, offers a cloud-based solution allowing its customers and their users’ access to its global Wi-Fi network to stay connected to the people and information.
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