Credit Suisse Group Raises Boingo Wireless, Inc. (WIFI) Price Target to $26.00
Boingo Wireless, Inc. (NASDAQ:WIFI) had its price target hoisted by investment analysts at Credit Suisse Group from $24.00 to $26.00 in a report released on Friday. The firm currently has an “outperform” rating on the technology company’s stock. Credit Suisse Group’s price objective indicates a potential upside of 3.59% from the company’s previous close.
A number of other brokerages have also issued reports on WIFI. Craig Hallum upped their target price on Boingo Wireless from $24.00 to $28.00 and gave the company a “buy” rating in a research report on Friday. Zacks Investment Research raised Boingo Wireless from a “hold” rating to a “buy” rating and set a $24.00 target price on the stock in a research report on Thursday, October 5th. Oppenheimer Holdings, Inc. reaffirmed an “outperform” rating and issued a $24.00 target price (up from $18.00) on shares of Boingo Wireless in a research report on Wednesday, August 9th. Jefferies Group LLC reiterated a “buy” rating and issued a $20.00 price target (up from $17.00) on shares of Boingo Wireless in a report on Wednesday, August 9th. Finally, BidaskClub downgraded Boingo Wireless from a “hold” rating to a “sell” rating in a report on Wednesday, July 19th. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and eight have issued a buy rating to the company’s stock. Boingo Wireless presently has a consensus rating of “Buy” and a consensus target price of $21.37.
Shares of Boingo Wireless (WIFI) traded up $1.93 on Friday, hitting $25.10. The company’s stock had a trading volume of 2,122,338 shares, compared to its average volume of 377,585. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.47 and a quick ratio of 0.47.
Boingo Wireless (NASDAQ:WIFI) last announced its earnings results on Thursday, November 2nd. The technology company reported ($0.09) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.13) by $0.04. Boingo Wireless had a negative return on equity of 23.73% and a negative net margin of 11.75%. The company had revenue of $53.66 million for the quarter, compared to analyst estimates of $50.22 million. During the same period in the prior year, the company posted ($0.15) EPS. Boingo Wireless’s quarterly revenue was up 31.5% on a year-over-year basis. equities research analysts anticipate that Boingo Wireless will post -0.66 earnings per share for the current year.
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In other news, CEO David Hagan sold 60,000 shares of the business’s stock in a transaction that occurred on Friday, August 11th. The stock was sold at an average price of $18.39, for a total value of $1,103,400.00. Following the completion of the sale, the chief executive officer now directly owns 621,853 shares in the company, valued at approximately $11,435,876.67. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Derek Peterson sold 50,000 shares of the business’s stock in a transaction that occurred on Monday, September 11th. The shares were sold at an average price of $20.80, for a total value of $1,040,000.00. Following the completion of the sale, the insider now owns 60,496 shares of the company’s stock, valued at $1,258,316.80. The disclosure for this sale can be found here. Insiders sold a total of 270,778 shares of company stock valued at $5,291,249 over the last quarter. Company insiders own 7.70% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the stock. Gotham Asset Management LLC bought a new position in Boingo Wireless during the 2nd quarter worth $237,000. Hood River Capital Management LLC grew its stake in Boingo Wireless by 58.1% during the 2nd quarter. Hood River Capital Management LLC now owns 1,043,219 shares of the technology company’s stock worth $15,607,000 after buying an additional 383,174 shares during the last quarter. Lazard Asset Management LLC bought a new position in Boingo Wireless during the 2nd quarter worth $2,271,000. EAM Investors LLC grew its stake in Boingo Wireless by 254.2% during the 2nd quarter. EAM Investors LLC now owns 247,281 shares of the technology company’s stock worth $3,699,000 after buying an additional 177,475 shares during the last quarter. Finally, Intrinsic Edge Capital Management LLC grew its stake in Boingo Wireless by 410.2% during the 2nd quarter. Intrinsic Edge Capital Management LLC now owns 391,745 shares of the technology company’s stock worth $5,861,000 after buying an additional 314,958 shares during the last quarter. Hedge funds and other institutional investors own 88.63% 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 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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