$47.33 Million in Sales Expected for Boingo Wireless, Inc. (WIFI) This Quarter
Equities research analysts predict that Boingo Wireless, Inc. (NASDAQ:WIFI) will announce $47.33 million in sales for the current fiscal quarter, Zacks Investment Research reports. Six analysts have issued estimates for Boingo Wireless’ earnings. The lowest sales estimate is $46.50 million and the highest is $48.75 million. Boingo Wireless reported sales of $40.80 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 16%. The company is expected to announce its next quarterly earnings report on Thursday, November 2nd.
According to Zacks, analysts expect that Boingo Wireless will report full year sales of $47.33 million for the current financial year, with estimates ranging from $184.10 million to $192.75 million. For the next financial year, analysts forecast that the business will post sales of $212.47 million per share, with estimates ranging from $205.00 million to $229.01 million. Zacks’ sales averages are an average based on a survey of research firms that cover Boingo Wireless.
Boingo Wireless (NASDAQ:WIFI) last posted its quarterly earnings results on Thursday, August 3rd. The technology company reported ($0.20) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.17) by $0.03. Boingo Wireless had a negative net margin of 13.85% and a negative return on equity of 25.52%. The company had revenue of $49 million for the quarter, compared to the consensus estimate of $46.23 million. During the same period in the prior year, the firm posted ($0.19) EPS. The business’s revenue was up 25.3% on a year-over-year basis.
Several brokerages have commented on WIFI. ValuEngine raised shares of Boingo Wireless from a “sell” rating to a “hold” rating in a research report on Friday, June 2nd. Ladenburg Thalmann Financial Services raised 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. Credit Suisse Group raised their price objective on shares of Boingo Wireless from $16.00 to $17.00 and gave the company an “outperform” rating in a report on Monday, May 15th. Craig Hallum raised 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 Monday, May 15th. Finally, BidaskClub lowered shares of Boingo Wireless from a “hold” rating to a “sell” rating in a research note on Wednesday, July 19th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and seven have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $16.26.
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In other news, insider Derek Peterson sold 15,000 shares of the company’s stock in a transaction on Wednesday, May 10th. The shares were sold at an average price of $16.02, for a total value of $240,300.00. Following the completion of the transaction, the insider now directly owns 42,664 shares in the company, valued at $683,477.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Dawn Callahan sold 100,000 shares of the company’s stock in a transaction 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 completion of the transaction, 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. Over the last quarter, insiders have sold 1,132,777 shares of company stock valued at $17,590,592. 7.70% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in WIFI. Legal & General Group Plc increased its position in Boingo Wireless by 3.9% in the second quarter. Legal & General Group Plc now owns 9,149 shares of the technology company’s stock worth $137,000 after buying an additional 341 shares during the period. Stifel Financial Corp boosted 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 worth $205,000 after buying an additional 559 shares during the period. Teachers Advisors LLC boosted its stake in shares of Boingo Wireless by 0.7% in the fourth quarter. Teachers Advisors LLC now owns 94,267 shares of the technology company’s stock worth $1,149,000 after buying an additional 673 shares during the period. Reliance Trust Co. of Delaware boosted 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 worth $147,000 after buying an additional 990 shares during the period. Finally, Blair William & Co. IL boosted its stake in shares of Boingo Wireless by 1.1% in the first quarter. Blair William & Co. IL now owns 92,375 shares of the technology company’s stock worth $1,008,000 after buying an additional 1,000 shares during the period. Institutional investors and hedge funds own 86.35% of the company’s stock.
About Boingo Wireless
Boingo Wireless, Inc is a provider of commercial mobile wireless fidelity (Wi-Fi) Internet solutions and indoor Distributed Antenna System (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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