Boingo Wireless, Inc. (WIFI) Upgraded at Zacks Investment Research
Zacks Investment Research upgraded shares of Boingo Wireless, Inc. (NASDAQ:WIFI) from a hold rating to a buy rating in a research note released on Thursday morning. The firm currently has $24.00 price objective 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 also recently weighed in on WIFI. BidaskClub upgraded shares of Boingo Wireless from a sell rating to a hold rating in a report on Wednesday, July 12th. Craig Hallum boosted their target price on shares of Boingo Wireless from $17.00 to $20.00 and gave the stock a buy rating in a report on Friday, August 4th. Jefferies Group LLC restated a buy rating and issued a $20.00 target price (up from $17.00) on shares of Boingo Wireless in a report on Wednesday, August 9th. Oppenheimer Holdings, Inc. restated an outperform rating and issued a $24.00 target price (up from $18.00) on shares of Boingo Wireless in a report on Wednesday, August 9th. Finally, Benchmark Co. boosted their target price on shares of Boingo Wireless from $18.00 to $24.00 and gave the stock a buy rating in a report on Friday, August 4th. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and eight have issued a buy rating to the company. The stock currently has a consensus rating of Buy and an average target price of $19.15.
Shares of Boingo Wireless (NASDAQ:WIFI) opened at 21.10 on Thursday. Boingo Wireless has a 52-week low of $9.39 and a 52-week high of $22.14. The stock’s market capitalization is $846.30 million. The firm’s 50-day moving average is $20.83 and its 200 day moving average is $16.67.
Boingo Wireless (NASDAQ:WIFI) last posted its earnings results on Thursday, August 3rd. The technology company reported ($0.20) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.17) by ($0.03). Boingo Wireless had a negative return on equity of 25.82% and a negative net margin of 13.85%. The business had revenue of $49.00 million during the quarter, compared to the consensus estimate of $46.23 million. During the same quarter last year, the firm earned ($0.19) earnings per share. The business’s quarterly revenue was up 25.3% on a year-over-year basis. Equities analysts expect that Boingo Wireless will post ($0.64) EPS for the current year.
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In related news, CEO David Hagan sold 75,000 shares of the company’s stock in a transaction dated Friday, July 14th. The shares were sold at an average price of $15.01, for a total transaction of $1,125,750.00. Following the transaction, the chief executive officer now directly owns 621,853 shares in the company, valued at approximately $9,334,013.53. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Peter Hovenier sold 18,552 shares of the company’s stock in a transaction dated Thursday, September 14th. The shares were sold at an average price of $21.31, for a total transaction of $395,343.12. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 770,778 shares of company stock worth $12,944,249. Insiders own 7.70% of the company’s stock.
Large investors have recently modified their holdings of the stock. Legal & General Group Plc grew its holdings in Boingo Wireless by 3.9% during the 2nd quarter. Legal & General Group Plc now owns 9,149 shares of the technology company’s stock valued at $137,000 after purchasing an additional 341 shares during the last quarter. Virginia Retirement Systems ET AL bought a new position in Boingo Wireless during the 1st quarter valued at about $134,000. Royal Bank of Canada grew its holdings in Boingo Wireless by 1.3% during the 2nd quarter. Royal Bank of Canada now owns 10,448 shares of the technology company’s stock valued at $156,000 after purchasing an additional 135 shares during the last quarter. Cambria Investment Management L.P. bought a new position in Boingo Wireless during the 1st quarter valued at about $136,000. Finally, American Century Companies Inc. bought a new position in Boingo Wireless during the 2nd quarter valued at about $164,000. Institutional investors own 89.08% of the company’s stock.
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. 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.
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