iPass Inc. (IPAS) Research Coverage Started at Maxim Group
Equities researchers at Maxim Group initiated coverage on shares of iPass Inc. (NASDAQ:IPAS) in a note issued to investors on Wednesday. The firm set a “buy” rating and a $3.00 price target on the stock. Maxim Group’s target price indicates a potential upside of 85.19% from the stock’s previous close.
Separately, Chardan Capital raised iPass from a “neutral” rating to a “buy” rating and set a $2.00 target price on the stock in a report on Thursday, August 4th.
iPass (NASDAQ:IPAS) opened at 1.62 on Wednesday. The stock has a 50 day moving average of $1.60 and a 200-day moving average of $1.36. The firm’s market cap is $106.29 million. iPass has a 12 month low of $0.81 and a 12 month high of $1.73.
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iPass (NASDAQ:IPAS) last posted its earnings results on Wednesday, August 3rd. The company reported ($0.02) EPS for the quarter, missing the consensus estimate of ($0.01) by $0.01. The company had revenue of $16.50 million for the quarter, compared to analyst estimates of $16.31 million. iPass had a negative return on equity of 50.74% and a negative net margin of 17.49%. Equities research analysts predict that iPass will post ($0.11) earnings per share for the current fiscal year.
In other iPass news, CEO Gary A. Griffiths acquired 20,000 shares of the company’s stock in a transaction on Monday, August 8th. The shares were bought at an average cost of $1.58 per share, with a total value of $31,600.00. Following the completion of the acquisition, the chief executive officer now owns 1,230,000 shares in the company, valued at $1,943,400. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 5.20% of the stock is owned by company insiders.
Hedge funds have recently modified their holdings of the stock. Adirondack Research & Management Inc. raised its stake in shares of iPass by 1.5% in the second quarter. Adirondack Research & Management Inc. now owns 3,002,930 shares of the company’s stock valued at $3,724,000 after buying an additional 45,476 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of iPass by 1.3% in the second quarter. Vanguard Group Inc. now owns 2,180,536 shares of the company’s stock valued at $2,704,000 after buying an additional 28,600 shares during the last quarter. Finally, BlackRock Fund Advisors raised its stake in shares of iPass by 14.1% in the second quarter. BlackRock Fund Advisors now owns 177,690 shares of the company’s stock valued at $220,000 after buying an additional 21,972 shares during the last quarter. 29.98% 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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