$46.27 Million in Sales Expected for Boingo Wireless, Inc. (WIFI) This Quarter
Brokerages expect Boingo Wireless, Inc. (NASDAQ:WIFI) to post $46.27 million in sales for the current fiscal quarter, according to Zacks Investment Research. Five analysts have provided estimates for Boingo Wireless’ earnings, with estimates ranging from $45.50 million to $47.10 million. Boingo Wireless posted sales of $39.08 million in the same quarter last year, which suggests a positive year-over-year growth rate of 18.4%. The firm is expected to announce its next quarterly earnings results on Thursday, August 3rd.
On average, analysts expect that Boingo Wireless will report full-year sales of $46.27 million for the current year, with estimates ranging from $184.10 million to $192.75 million. For the next fiscal year, analysts forecast that the firm will report sales of $212.47 million per share, with estimates ranging from $205.00 million to $229.01 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of research analysts that follow Boingo Wireless.
Boingo Wireless (NASDAQ:WIFI) last released its earnings results on Thursday, May 4th. The technology company reported ($0.18) EPS for the quarter, topping analysts’ consensus estimates of ($0.21) by $0.03. Boingo Wireless had a negative return on equity of 24.60% and a negative net margin of 14.32%. The firm had revenue of $44.30 million for the quarter, compared to analysts’ expectations of $41.25 million. During the same period in the prior year, the firm posted ($0.27) earnings per share. The company’s quarterly revenue was up 28.4% on a year-over-year basis.
A number of research analysts have recently issued reports on the company. ValuEngine upgraded Boingo Wireless from a “sell” rating to a “hold” rating in a report on Friday, June 2nd. Ladenburg Thalmann Financial Services lifted their price target on Boingo Wireless from $16.85 to $18.50 and gave the company a “buy” rating in a report on Thursday, May 25th. Credit Suisse Group lifted their price target on Boingo Wireless from $16.00 to $17.00 and gave the company an “outperform” rating in a report on Monday, May 15th. Craig Hallum lifted their price target on Boingo Wireless from $13.00 to $17.00 and gave the company a “buy” rating in a report on Monday, May 15th. Finally, BidaskClub upgraded Boingo Wireless from a “sell” rating to a “hold” rating in a report on Wednesday. One analyst has rated the stock with a sell rating, three have issued a hold rating and seven have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $15.26.
Boingo Wireless (NASDAQ WIFI) traded down 1.89% during midday trading on Friday, hitting $14.76. The stock had a trading volume of 159,656 shares. The company’s 50 day moving average price is $15.96 and its 200-day moving average price is $13.41. The stock’s market cap is $575.40 million. Boingo Wireless has a 52-week low of $8.10 and a 52-week high of $17.10.
In related news, CEO David Hagan sold 25,000 shares of the business’s stock in a transaction on Thursday, July 6th. The stock was sold at an average price of $14.55, for a total transaction of $363,750.00. Following the transaction, the chief executive officer now directly owns 621,853 shares in the company, valued at approximately $9,047,961.15. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Peter Hovenier sold 56,505 shares of the business’s stock in a transaction on Thursday, May 11th. The stock was sold at an average price of $15.95, for a total value of $901,254.75. Following the transaction, the chief financial officer now owns 99,730 shares in the company, valued at $1,590,693.50. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 757,777 shares of company stock worth $11,819,092. 7.70% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in WIFI. Renaissance Technologies LLC increased its position in shares of Boingo Wireless by 9.7% in the first quarter. Renaissance Technologies LLC now owns 1,941,005 shares of the technology company’s stock valued at $25,214,000 after buying an additional 172,305 shares during the period. Vanguard Group Inc. increased its position in shares of Boingo Wireless by 10.8% in the first quarter. Vanguard Group Inc. now owns 1,716,153 shares of the technology company’s stock valued at $22,292,000 after buying an additional 167,407 shares during the period. Russell Investments Group Ltd. increased its position in shares of Boingo Wireless by 23.1% in the first quarter. Russell Investments Group Ltd. now owns 755,061 shares of the technology company’s stock valued at $9,808,000 after buying an additional 141,865 shares during the period. Dimensional Fund Advisors LP increased its position in shares of Boingo Wireless by 7.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,758,272 shares of the technology company’s stock valued at $21,433,000 after buying an additional 128,538 shares during the period. Finally, Spark Investment Management LLC increased its position in shares of Boingo Wireless by 107.1% in the first quarter. Spark Investment Management LLC now owns 242,500 shares of the technology company’s stock valued at $3,150,000 after buying an additional 125,400 shares during the period. Hedge funds and other institutional investors own 88.89% 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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