Boingo Wireless (NASDAQ:WIFI) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Saturday.

According to Zacks, “Boingo Wireless, Inc. is a Wi-Fi software and services provider. Boingo users can access the mobile Internet via Boingo Network locations that include the airports, hotel chains, cafés and coffee shops, restaurants, convention centers and metropolitan hot zones. The company provides its solutions to individual users and partners consisting of telecom operators, network operators, cable companies, technology companies, enterprise software and services companies, and communications companies. Boingo Wireless, Inc. is headquartered in Los Angeles, California. “

Other equities research analysts have also recently issued reports about the company. Oppenheimer lifted their price objective on Boingo Wireless and gave the company an “outperform” rating in a research note on Friday, November 3rd. BidaskClub raised Boingo Wireless from a “sell” rating to a “hold” rating in a research note on Thursday, December 21st. Jefferies Group lifted their price objective on Boingo Wireless from $20.00 to $27.00 and gave the company a “buy” rating in a research note on Friday, November 3rd. Craig Hallum lifted their price objective on Boingo Wireless from $24.00 to $28.00 and gave the company a “buy” rating in a research note on Friday, November 3rd. Finally, Credit Suisse Group lifted their price objective on Boingo Wireless from $24.00 to $26.00 and gave the company an “outperform” rating in a research note on Friday, November 3rd. Two analysts have rated the stock with a sell rating, one has given a hold rating and seven have given a buy rating to the company’s stock. Boingo Wireless has a consensus rating of “Buy” and an average target price of $23.94.

Shares of Boingo Wireless (WIFI) traded down $0.12 during midday trading on Friday, hitting $22.94. The stock had a trading volume of 256,823 shares, compared to its average volume of 256,885. Boingo Wireless has a twelve month low of $10.46 and a twelve month high of $25.99. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.50 and a quick ratio of 0.50. The firm has a market capitalization of $940.74, a PE ratio of -39.55 and a beta of 0.53.

Boingo Wireless (NASDAQ:WIFI) last issued its quarterly earnings data on Thursday, November 2nd. The technology company reported ($0.09) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.13) by $0.04. Boingo Wireless had a negative return on equity of 23.62% and a negative net margin of 11.75%. The business had revenue of $53.66 million during the quarter, compared to analysts’ expectations of $50.22 million. During the same period in the previous year, the firm posted ($0.15) earnings per share. The company’s revenue was up 31.5% on a year-over-year basis. analysts expect that Boingo Wireless will post -0.58 EPS for the current year.

In related news, CFO Peter Hovenier sold 10,000 shares of the business’s stock in a transaction on Friday, November 17th. The stock was sold at an average price of $23.75, for a total transaction of $237,500.00. Following the completion of the transaction, the chief financial officer now directly owns 10,000 shares of the company’s stock, valued at approximately $237,500. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Dawn Callahan sold 25,000 shares of the business’s stock in a transaction on Tuesday, November 28th. The stock was sold at an average price of $25.10, for a total value of $627,500.00. The disclosure for this sale can be found here. Insiders have sold a total of 96,437 shares of company stock valued at $2,317,085 over the last three months. 7.70% of the stock is currently owned by insiders.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Great West Life Assurance Co. Can acquired a new position in Boingo Wireless during the 3rd quarter worth $114,000. Legal & General Group Plc grew its stake in Boingo Wireless by 3.9% during the 2nd quarter. Legal & General Group Plc now owns 9,149 shares of the technology company’s stock worth $137,000 after purchasing an additional 341 shares in the last quarter. Virginia Retirement Systems ET AL acquired a new position in Boingo Wireless during the 1st quarter worth $134,000. Royal Bank of Canada grew its stake in Boingo Wireless by 1.3% during the 2nd quarter. Royal Bank of Canada now owns 10,448 shares of the technology company’s stock worth $156,000 after purchasing an additional 135 shares in the last quarter. Finally, Cambria Investment Management L.P. acquired a new position in Boingo Wireless during the 1st quarter worth $136,000. 89.96% of the stock is owned by hedge funds and other institutional investors.

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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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