Boingo Wireless, Inc. (WIFI) Receives Average Recommendation of “Buy” from Analysts
Shares of Boingo Wireless, Inc. (NASDAQ:WIFI) have received a consensus rating of “Buy” from the eleven brokerages that are currently covering the stock, Marketbeat.com reports. Two analysts have rated the stock with a sell recommendation, one has assigned a hold recommendation and eight have given a buy recommendation to the company. The average 12-month price objective among analysts that have covered the stock in the last year is $19.15.
WIFI has been the topic of a number of recent analyst reports. BidaskClub upgraded Boingo Wireless from a “sell” rating to a “hold” rating in a research note on Wednesday, July 12th. Zacks Investment Research upgraded Boingo Wireless from a “hold” rating to a “buy” rating and set a $17.00 price objective on the stock in a research note on Wednesday, July 5th. Craig Hallum lifted their price objective on Boingo Wireless from $17.00 to $20.00 and gave the stock a “buy” rating in a research note on Friday, August 4th. Jefferies Group LLC reiterated a “buy” rating and issued a $20.00 price objective (up from $17.00) on shares of Boingo Wireless in a research note on Wednesday, August 9th. Finally, Oppenheimer Holdings, Inc. reiterated an “outperform” rating and issued a $24.00 price objective (up from $18.00) on shares of Boingo Wireless in a research note on Wednesday, August 9th.
Shares of Boingo Wireless (NASDAQ WIFI) traded up 3.95% during midday trading on Thursday, reaching $22.12. The company’s stock had a trading volume of 597,441 shares. The stock’s market capitalization is $887.21 million. Boingo Wireless has a 12 month low of $9.39 and a 12 month high of $22.20. The stock’s 50-day moving average is $20.98 and its 200 day moving average is $16.87.
Boingo Wireless (NASDAQ:WIFI) last posted its quarterly earnings data on Thursday, August 3rd. The technology company reported ($0.20) EPS for the quarter, missing analysts’ consensus estimates of ($0.17) by ($0.03). The business had revenue of $49.00 million during the quarter, compared to the consensus estimate of $46.23 million. Boingo Wireless had a negative return on equity of 25.82% and a negative net margin of 13.85%. The company’s revenue for the quarter was up 25.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.19) earnings per share. On average, analysts expect that Boingo Wireless will post ($0.62) earnings per share for the current fiscal year.
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In related news, CEO David Hagan sold 75,000 shares of the business’s stock in a transaction dated Friday, July 14th. The stock was sold at an average price of $15.01, for a total transaction of $1,125,750.00. Following the transaction, the chief executive officer now directly owns 621,853 shares in the company, valued at $9,334,013.53. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Michael Finley sold 14,493 shares of the business’s stock in a transaction dated Tuesday, August 8th. The shares were sold at an average price of $18.08, for a total value of $262,033.44. Following the transaction, the director now owns 60,498 shares in the company, valued at $1,093,803.84. The disclosure for this sale can be found here. Insiders have sold 720,778 shares of company stock worth $12,188,499 over the last 90 days. Corporate insiders own 7.70% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the stock. Virginia Retirement Systems ET AL bought a new stake in shares of Boingo Wireless in the 1st quarter valued at approximately $134,000. Cambria Investment Management L.P. bought a new stake in shares of Boingo Wireless in the 1st quarter valued at approximately $136,000. Legal & General Group Plc grew its stake in shares of Boingo Wireless by 3.9% in the 2nd quarter. Legal & General Group Plc now owns 9,149 shares of the technology company’s stock valued at $137,000 after purchasing an additional 341 shares during the period. Royal Bank of Canada grew its stake in shares of Boingo Wireless by 1.3% in the 2nd quarter. Royal Bank of Canada now owns 10,448 shares of the technology company’s stock valued at $156,000 after purchasing an additional 135 shares during the period. Finally, UBS Asset Management Americas Inc. bought a new stake in shares of Boingo Wireless in the 1st quarter valued at approximately $159,000. Hedge funds and other institutional investors own 89.08% of the company’s stock.
Boingo Wireless Company Profile
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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