Boingo Wireless Inc (WIFI) Receives Consensus Rating of “Buy” from Analysts

Shares of Boingo Wireless Inc (NASDAQ:WIFI) have been given a consensus rating of “Buy” by the eleven ratings firms that are covering the company, Marketbeat Ratings reports. One analyst has rated the stock with a sell recommendation, two have given a hold recommendation and eight have assigned a buy recommendation to the company. The average 12-month price objective among brokers that have updated their coverage on the stock in the last year is $24.56.

Several research analysts have weighed in on WIFI shares. Craig Hallum raised their price objective on shares of Boingo Wireless from $24.00 to $28.00 and gave the stock a “buy” rating in a report on Friday, November 3rd. Credit Suisse Group raised their price objective on shares of Boingo Wireless from $24.00 to $26.00 and gave the stock an “outperform” rating in a report on Friday, November 3rd. Jefferies Group raised their price objective on shares of Boingo Wireless from $20.00 to $27.00 and gave the stock a “buy” rating in a report on Friday, November 3rd. Oppenheimer raised their price objective on shares of Boingo Wireless and gave the stock an “outperform” rating in a report on Friday, November 3rd. Finally, Zacks Investment Research lowered shares of Boingo Wireless from a “buy” rating to a “hold” rating in a report on Wednesday, November 8th.

Shares of Boingo Wireless (WIFI) traded up $0.22 during mid-day trading on Wednesday, reaching $23.42. 263,207 shares of the company’s stock traded hands, compared to its average volume of 398,323. The firm has a market cap of $945.63, a price-to-earnings ratio of -40.38 and a beta of 0.57. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.50 and a current ratio of 0.50. Boingo Wireless has a 52 week low of $10.46 and a 52 week high of $25.99.

In other news, CEO David Hagan sold 59,500 shares of Boingo Wireless stock in a transaction dated Thursday, January 18th. The shares were sold at an average price of $22.10, for a total value of $1,314,950.00. Following the completion of the transaction, the chief executive officer now directly owns 606,186 shares of the company’s stock, valued at approximately $13,396,710.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Peter Hovenier sold 25,000 shares of Boingo Wireless stock in a transaction dated Monday, November 20th. The shares were sold at an average price of $24.51, for a total transaction of $612,750.00. Following the completion of the transaction, the chief financial officer now directly owns 10,000 shares of the company’s stock, valued at $245,100. The disclosure for this sale can be found here. Insiders sold a total of 175,770 shares of company stock valued at $4,071,931 over the last ninety days. Company insiders own 7.70% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Bank of New York Mellon Corp lifted its position in Boingo Wireless by 99.6% in the 4th quarter. Bank of New York Mellon Corp now owns 1,113,217 shares of the technology company’s stock valued at $25,047,000 after purchasing an additional 555,471 shares during the last quarter. Renaissance Technologies LLC lifted its position in Boingo Wireless by 15.2% in the 4th quarter. Renaissance Technologies LLC now owns 3,001,000 shares of the technology company’s stock valued at $67,523,000 after purchasing an additional 395,200 shares during the last quarter. Granite Investment Partners LLC lifted its position in Boingo Wireless by 150.2% in the 3rd quarter. Granite Investment Partners LLC now owns 558,106 shares of the technology company’s stock valued at $11,927,000 after purchasing an additional 335,019 shares during the last quarter. Vanguard Group Inc. lifted its position in Boingo Wireless by 19.0% in the 2nd quarter. Vanguard Group Inc. now owns 2,042,944 shares of the technology company’s stock valued at $30,563,000 after purchasing an additional 326,791 shares during the last quarter. Finally, Monarch Partners Asset Management LLC lifted its position in Boingo Wireless by 1,246.2% in the 4th quarter. Monarch Partners Asset Management LLC now owns 310,708 shares of the technology company’s stock valued at $6,991,000 after purchasing an additional 287,628 shares during the last quarter. 91.31% of the stock is owned by institutional investors and hedge funds.

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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.

Analyst Recommendations for Boingo Wireless (NASDAQ:WIFI)

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