Zacks Investment Research Upgrades iPass Inc. (IPAS) to “Hold”
iPass Inc. (NASDAQ:IPAS) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Friday.
According to Zacks, “iPass Inc provides software-enabled enterprise connectivity services for mobile workers. iPass’ primary service is designed to enable enterprises to provide their employees with secure access to the enterprise’s internal network through an easy-to-use interface. “
IPAS has been the topic of a number of other reports. Maxim Group set a $3.00 price target on iPass and gave the stock a “buy” rating in a research note on Thursday, May 4th. Aegis upgraded iPass from a “hold” rating to a “buy” rating and increased their price objective for the company from $1.35 to $2.75 in a research note on Wednesday, May 24th. Finally, ValuEngine cut iPass from a “hold” rating to a “sell” rating in a research note on Monday, July 24th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $2.61.
Shares of iPass (IPAS) traded up 1.27% during midday trading on Friday, hitting $0.60. 91,073 shares of the company were exchanged. The stock’s 50-day moving average is $0.96 and its 200-day moving average is $1.21. iPass has a one year low of $0.53 and a one year high of $1.89. The stock’s market cap is $40.01 million.
iPass (NASDAQ:IPAS) last released its quarterly earnings data on Wednesday, August 2nd. The technology company reported ($0.08) EPS for the quarter, missing analysts’ consensus estimates 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 business had revenue of $13.47 million during the quarter. Equities research analysts anticipate that iPass will post ($0.25) EPS for the current year.
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In other iPass news, CEO Gary A. Griffiths bought 100,000 shares of the company’s stock in a transaction that occurred on Thursday, August 10th. The shares were purchased at an average price of $0.56 per share, with a total value of $56,000.00. Following the completion of the acquisition, the chief executive officer now directly owns 1,022,500 shares of the company’s stock, valued at approximately $572,600. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 5.70% of the company’s stock.
Institutional investors have recently modified their holdings of the company. Sterling Capital Management LLC acquired a new stake in shares of iPass during the second quarter valued at $228,000. Susquehanna International Group LLP acquired a new stake in shares of iPass during the second quarter valued at $100,000. Northern Trust Corp increased its stake in shares of iPass by 2.4% in the second quarter. Northern Trust Corp now owns 130,999 shares of the technology company’s stock valued at $173,000 after buying an additional 3,058 shares during the period. Emancipation Management LLC acquired a new stake in shares of iPass during the second quarter valued at $228,000. Finally, Royce & Associates LP increased its stake in shares of iPass by 29.7% in the second quarter. Royce & Associates LP now owns 830,000 shares of the technology company’s stock valued at $1,096,000 after buying an additional 190,000 shares during the period. 24.12% of the stock is currently owned by institutional investors.
iPass Company Profile
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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