Boingo Wireless (WIFI) Stock Rating Lowered by Zacks Investment Research
Boingo Wireless (NASDAQ:WIFI) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Friday.
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 analysts have also recently weighed in on the company. BidaskClub upgraded Boingo Wireless from a “hold” rating to a “buy” rating in a research report on Friday, March 2nd. Northland Securities restated a “buy” rating on shares of Boingo Wireless in a research report on Thursday, March 1st. Jefferies Group raised their price target on Boingo Wireless to $32.00 and gave the company a “buy” rating in a research report on Wednesday, February 28th. Credit Suisse Group restated an “outperform” rating and issued a $32.00 price target (up previously from $27.00) on shares of Boingo Wireless in a research report on Wednesday, February 28th. Finally, Lake Street Capital restated a “buy” rating and issued a $30.00 price target (up previously from $26.00) on shares of Boingo Wireless in a research report on Wednesday, February 28th. Two analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Boingo Wireless has an average rating of “Buy” and an average price target of $28.39.
In related news, CFO Peter Hovenier sold 50,000 shares of Boingo Wireless stock in a transaction dated Thursday, March 8th. The stock was sold at an average price of $27.60, for a total transaction of $1,380,000.00. Following the completion of the sale, the chief financial officer now owns 31,730 shares in the company, valued at approximately $875,748. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO David Hagan sold 59,500 shares of Boingo Wireless stock in a transaction dated Thursday, January 18th. The stock was sold at an average price of $22.10, for a total value of $1,314,950.00. Following the sale, the chief executive officer now owns 606,186 shares of the company’s stock, valued at approximately $13,396,710.60. The disclosure for this sale can be found here. In the last quarter, insiders have sold 295,103 shares of company stock valued at $7,097,730. 7.70% of the stock is currently owned by company insiders.
A number of institutional investors have recently bought and sold shares of WIFI. Great West Life Assurance Co. Can purchased a new stake in Boingo Wireless during the 3rd quarter worth about $114,000. Royal Bank of Canada increased its position 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 worth $156,000 after purchasing an additional 135 shares in the last quarter. Advisor Group Inc. increased its position in Boingo Wireless by 781.9% during the 4th quarter. Advisor Group Inc. now owns 8,078 shares of the technology company’s stock worth $181,000 after purchasing an additional 7,162 shares in the last quarter. UBS Asset Management Americas Inc. purchased a new stake in Boingo Wireless during the 4th quarter worth about $203,000. Finally, First Republic Investment Management Inc. purchased a new stake in Boingo Wireless during the 3rd quarter worth about $229,000. Hedge funds and other institutional investors own 92.32% of the company’s stock.
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About Boingo Wireless
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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