Zacks Investment Research Upgrades iPass Inc. (IPAS) to “Hold”
iPass Inc. (NASDAQ:IPAS) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released 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. “
Other equities analysts have also recently issued reports about the stock. Maxim Group reiterated a “buy” rating and set a $2.00 price objective on shares of iPass in a research report on Thursday, September 14th. Aegis lowered their price objective on shares of iPass from $2.75 to $1.40 and set a “buy” rating on the stock in a research report on Wednesday, September 13th. Finally, ValuEngine cut shares of 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 issued a hold rating and four have assigned a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $2.28.
iPass (NASDAQ:IPAS) traded up 5.34% during midday trading on Friday, hitting $0.59. The stock had a trading volume of 147,998 shares. The firm has a 50 day moving average price of $0.63 and a 200 day moving average price of $1.12. iPass has a one year low of $0.51 and a one year high of $1.89. The stock’s market cap is $39.34 million.
iPass (NASDAQ:IPAS) last posted its quarterly earnings data on Wednesday, August 2nd. The technology company reported ($0.08) earnings per share for the quarter, missing the consensus estimate of ($0.03) by ($0.05). iPass had a negative return on equity of 78.31% and a negative net margin of 20.49%. The firm had revenue of $13.47 million for the quarter. Equities analysts expect that iPass will post ($0.24) EPS for the current year.
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In other news, CEO Gary A. Griffiths acquired 100,000 shares of the stock in a transaction on Thursday, August 10th. The shares were purchased at an average cost of $0.56 per share, for a total transaction 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 acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 5.70% of the company’s stock.
Institutional investors have recently bought and sold shares of the company. P.A.W. Capital Corp purchased a new position in shares of iPass during the 2nd quarter valued at $271,000. Renaissance Technologies LLC grew its holdings 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. Abbrea Capital LLC grew its holdings 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. Royce & Associates LP purchased a new position in shares of iPass during the 1st quarter valued at $749,000. Finally, Emancipation Management LLC purchased a new position in shares of iPass during the 2nd quarter valued at $228,000. 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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