iPass Inc. (IPAS) Upgraded to “Hold” at Zacks Investment Research
iPass Inc. (NASDAQ:IPAS) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Saturday.
According to Zacks, “iPass Inc provides software-enabled enterprise connectivity services for mobile workers. iPass’ primary service is designed to enable enterprises to provide their employees with secure access to the enterprise’s internal network through an easy-to-use interface. “
A number of other research firms have also recently commented on IPAS. Aegis upgraded shares of iPass from a “hold” rating to a “buy” rating and lifted their target price for the stock from $1.35 to $2.75 in a research note on Wednesday, May 24th. Maxim Group restated a “buy” rating and set a $3.00 price objective on shares of iPass in a research note on Tuesday, May 23rd. Finally, ValuEngine cut shares of iPass from a “hold” rating to a “sell” rating in a research note on Monday, July 24th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $2.61.
Shares of iPass (IPAS) opened at 0.53 on Friday. The firm’s 50-day moving average is $0.76 and its 200-day moving average is $1.15. The stock’s market capitalization is $35.34 million. iPass has a one year low of $0.51 and a one year high of $1.89.
iPass (NASDAQ:IPAS) last released its earnings results on Wednesday, August 2nd. The technology company reported ($0.08) EPS for the quarter, missing analysts’ consensus estimates of ($0.03) by $0.05. The company had revenue of $13.47 million during the quarter. iPass had a negative return on equity of 78.31% and a negative net margin of 20.49%. On average, analysts expect that iPass will post ($0.25) earnings per share for the current fiscal year.
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In other iPass news, CEO Gary A. Griffiths acquired 100,000 shares of the firm’s stock in a transaction on Thursday, August 10th. The stock was acquired at an average cost of $0.56 per share, for a total transaction of $56,000.00. Following the purchase, the chief executive officer now owns 1,022,500 shares in the company, valued at approximately $572,600. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 5.70% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in IPAS. Royce & Associates LP acquired a new stake in iPass during the 1st quarter valued at approximately $749,000. P.A.W. Capital Corp acquired a new stake in iPass during the 2nd quarter valued at approximately $271,000. Emancipation Management LLC acquired a new stake in iPass during the 2nd quarter valued at approximately $228,000. Sterling Capital Management LLC acquired a new stake in iPass during the 2nd quarter valued at approximately $228,000. Finally, Abbrea Capital LLC lifted its stake in iPass by 46.5% during the 1st quarter. Abbrea Capital LLC now owns 315,000 shares of the technology company’s stock valued at $369,000 after acquiring an additional 100,000 shares during the period. Institutional investors and hedge funds own 23.36% of the company’s stock.
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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