iPass Inc. (IPAS) Sees Large Volume Increase
iPass Inc. (NASDAQ:IPAS) shares saw unusually-strong trading volume on Tuesday . Approximately 288,373 shares traded hands during mid-day trading, a decline of 11% from the previous session’s volume of 325,675 shares.The stock last traded at $0.73 and had previously closed at $0.78.
Several equities analysts have recently commented on IPAS shares. Maxim Group reaffirmed a “buy” rating and set a $2.00 price target on shares of iPass in a research report on Thursday, September 14th. Aegis decreased their price target on iPass from $2.75 to $1.40 and set a “buy” rating for the company in a research note on Wednesday, September 13th. Zacks Investment Research raised iPass from a “sell” rating to a “hold” rating in a report on Friday, September 22nd. Finally, ValuEngine lowered iPass from a “hold” rating to a “sell” rating in a report on Monday, July 24th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $2.28.
The stock has a 50-day moving average of $0.60 and a 200 day moving average of $1.08. The stock’s market cap is $49.67 million.
iPass (NASDAQ:IPAS) last released its earnings results 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 company had revenue of $13.47 million during the quarter. On average, equities analysts predict that iPass Inc. will post ($0.24) EPS for the current fiscal year.
In other news, CEO Gary A. Griffiths acquired 100,000 shares of iPass stock in a transaction on Thursday, August 10th. The stock was bought at an average price of $0.56 per share, for a total transaction of $56,000.00. Following the transaction, the chief executive officer now owns 1,022,500 shares of the company’s stock, valued at $572,600. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 5.70% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in IPAS. Royce & Associates LP bought a new stake in shares of iPass during the first quarter valued at approximately $749,000. P.A.W. Capital Corp acquired a new position in shares of iPass in the second quarter valued at $271,000. Emancipation Management LLC acquired a new position in shares of iPass in the second quarter valued at $228,000. Sterling Capital Management LLC acquired a new position in shares of iPass in the second quarter valued at $228,000. Finally, Susquehanna International Group LLP bought a new position in iPass in the second quarter worth $100,000. Institutional investors and hedge funds own 23.36% of the company’s stock.
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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