iPass Inc. (IPAS) Rating Increased 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 note issued to investors on Friday.
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 brokerages have also issued reports on IPAS. Maxim Group reaffirmed a “buy” rating and issued a $2.00 target price on shares of iPass in a research report on Thursday. Aegis cut their target price on iPass from $2.75 to $1.40 and set a “buy” rating on the stock in a research report on Wednesday. Finally, ValuEngine lowered iPass from a “hold” rating to a “sell” rating in a research report on Monday, July 24th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the company’s stock. iPass presently has an average rating of “Hold” and a consensus target price of $2.28.
Shares of iPass (NASDAQ IPAS) traded down 7.81% during mid-day trading on Friday, reaching $0.59. 689,069 shares of the company traded hands. The firm’s 50 day moving average price is $0.66 and its 200-day moving average price is $1.13. iPass has a 52-week low of $0.51 and a 52-week high of $1.89. The company’s market capitalization is $39.34 million.
iPass (NASDAQ:IPAS) last announced its earnings results on Wednesday, August 2nd. The technology company reported ($0.08) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.03) by ($0.05). iPass had a negative net margin of 20.49% and a negative return on equity of 78.31%. The business had revenue of $13.47 million during the quarter. Equities analysts predict that iPass will post ($0.25) earnings per share for the current fiscal year.
In other news, CEO Gary A. Griffiths purchased 100,000 shares of the company’s stock in a transaction that occurred on Thursday, August 10th. The shares were acquired at an average cost of $0.56 per share, with a total value of $56,000.00. Following the transaction, the chief executive officer now owns 1,022,500 shares in the company, valued at approximately $572,600. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 5.70% of the company’s stock.
Several hedge funds have recently bought and sold shares of the stock. Northern Trust Corp raised its position in shares of iPass by 2.4% during the 2nd quarter. Northern Trust Corp now owns 130,999 shares of the technology company’s stock valued at $173,000 after acquiring an additional 3,058 shares in the last quarter. Abbrea Capital LLC raised its position in shares of iPass by 3.5% during the 2nd quarter. Abbrea Capital LLC now owns 326,000 shares of the technology company’s stock valued at $430,000 after acquiring an additional 11,000 shares in the last quarter. Renaissance Technologies LLC raised its position in shares of iPass by 0.6% during the 1st quarter. Renaissance Technologies LLC now owns 3,153,798 shares of the technology company’s stock valued at $3,690,000 after acquiring an additional 19,806 shares in the last quarter. Susquehanna International Group LLP acquired a new stake in shares of iPass during the 2nd quarter valued at approximately $100,000. Finally, Sterling Capital Management LLC acquired a new stake in shares of iPass during the 2nd quarter valued at approximately $228,000. 23.36% of the stock is currently owned by institutional investors and hedge funds.
iPass Company Profile
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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