Boingo Wireless, Inc. (WIFI) Cut to Hold at Zacks Investment Research
Boingo Wireless, Inc. (NASDAQ:WIFI) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued 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. “
Several other research analysts have also recently weighed in on WIFI. Oppenheimer Holdings, Inc. reissued an “outperform” rating and set a $15.00 price objective on shares of Boingo Wireless in a report on Friday, March 10th. Credit Suisse Group reissued a “buy” rating and set a $16.00 price objective on shares of Boingo Wireless in a report on Tuesday, April 18th. Benchmark Co. initiated coverage on shares of Boingo Wireless in a report on Tuesday, April 25th. They set a “buy” rating and a $18.00 price objective for the company. Craig Hallum boosted their price objective on shares of Boingo Wireless from $13.00 to $17.00 and gave the company a “buy” rating in a report on Friday, May 5th. Finally, Ladenburg Thalmann Financial Services boosted their price objective on shares of Boingo Wireless from $16.85 to $18.50 and gave the company a “buy” rating in a report on Thursday, May 25th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and seven have issued a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $15.26.
Boingo Wireless (NASDAQ:WIFI) traded up 4.19% on Friday, hitting $14.93. 291,654 shares of the stock were exchanged. Boingo Wireless has a 12 month low of $8.10 and a 12 month high of $17.10. The company has a 50-day moving average of $15.96 and a 200-day moving average of $13.41. The stock’s market cap is $582.03 million.
Boingo Wireless (NASDAQ:WIFI) last released its quarterly earnings data on Thursday, May 4th. The technology company reported ($0.18) earnings per share for the quarter, beating the consensus estimate of ($0.21) by $0.03. Boingo Wireless had a negative net margin of 14.32% and a negative return on equity of 24.60%. The firm had revenue of $44.30 million during the quarter, compared to analysts’ expectations of $41.25 million. During the same period in the previous year, the company earned ($0.27) earnings per share. The firm’s quarterly revenue was up 28.4% on a year-over-year basis. On average, equities analysts predict that Boingo Wireless will post ($0.65) EPS for the current year.
In related news, insider Derek Peterson sold 15,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 10th. The shares were sold at an average price of $16.02, for a total transaction of $240,300.00. Following the completion of the sale, the insider now directly owns 42,664 shares in the company, valued at $683,477.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Dawn Callahan sold 100,000 shares of the business’s stock in a transaction that occurred on Thursday, May 11th. The shares were sold at an average price of $15.90, for a total transaction of $1,590,000.00. Following the sale, the insider now owns 58,425 shares of the company’s stock, valued at $928,957.50. The disclosure for this sale can be found here. Insiders have sold 632,777 shares of company stock valued at $9,937,592 over the last 90 days. 7.70% of the stock is currently owned by company insiders.
Hedge funds have recently made changes to their positions in the stock. Virginia Retirement Systems ET AL acquired a new stake in shares of Boingo Wireless during the first quarter valued at about $134,000. Cambria Investment Management L.P. acquired a new stake in shares of Boingo Wireless during the first quarter valued at about $136,000. Reliance Trust Co. of Delaware raised its stake in shares of Boingo Wireless by 9.6% in the first quarter. Reliance Trust Co. of Delaware now owns 11,339 shares of the technology company’s stock valued at $147,000 after buying an additional 990 shares during the period. UBS Asset Management Americas Inc. acquired a new stake in shares of Boingo Wireless during the first quarter valued at about $159,000. Finally, Stifel Financial Corp raised its stake in shares of Boingo Wireless by 3.7% in the first quarter. Stifel Financial Corp now owns 15,778 shares of the technology company’s stock valued at $205,000 after buying an additional 559 shares during the period. Institutional investors own 88.89% 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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