Panagora Asset Management Inc. boosted its stake in Boingo Wireless Inc (NASDAQ:WIFI) by 71.6% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 122,374 shares of the technology company’s stock after acquiring an additional 51,062 shares during the period. Panagora Asset Management Inc. owned about 0.29% of Boingo Wireless worth $4,271,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently made changes to their positions in the company. BlackRock Inc. raised its holdings in shares of Boingo Wireless by 1.3% in the third quarter. BlackRock Inc. now owns 3,269,302 shares of the technology company’s stock valued at $114,097,000 after buying an additional 40,875 shares during the last quarter. FMR LLC purchased a new stake in shares of Boingo Wireless in the third quarter valued at about $103,292,000. Bank of New York Mellon Corp raised its holdings in shares of Boingo Wireless by 17.2% in the second quarter. Bank of New York Mellon Corp now owns 1,572,857 shares of the technology company’s stock valued at $35,531,000 after buying an additional 230,914 shares during the last quarter. Voya Investment Management LLC raised its holdings in shares of Boingo Wireless by 65.6% in the second quarter. Voya Investment Management LLC now owns 1,352,431 shares of the technology company’s stock valued at $30,551,000 after buying an additional 535,694 shares during the last quarter. Finally, Victory Capital Management Inc. raised its holdings in shares of Boingo Wireless by 6.0% in the third quarter. Victory Capital Management Inc. now owns 1,024,070 shares of the technology company’s stock valued at $35,741,000 after buying an additional 57,690 shares during the last quarter. 92.48% of the stock is owned by hedge funds and other institutional investors.
In other news, CFO Peter Hovenier sold 4,461 shares of the business’s stock in a transaction dated Monday, September 10th. The shares were sold at an average price of $33.51, for a total transaction of $149,488.11. Following the transaction, the chief financial officer now directly owns 22,200 shares in the company, valued at $743,922. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO David Hagan sold 19,833 shares of the business’s stock in a transaction dated Tuesday, September 11th. The stock was sold at an average price of $33.43, for a total transaction of $663,017.19. Following the transaction, the chief executive officer now owns 546,981 shares in the company, valued at $18,285,574.83. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 128,794 shares of company stock worth $4,092,415. Company insiders own 3.80% of the company’s stock.
Shares of Boingo Wireless stock opened at $23.53 on Friday. Boingo Wireless Inc has a 52-week low of $20.02 and a 52-week high of $35.98. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.06. The stock has a market cap of $1.03 billion, a PE ratio of -48.02 and a beta of 0.79.
Boingo Wireless (NASDAQ:WIFI) last issued its quarterly earnings results on Thursday, November 1st. The technology company reported ($0.01) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.09. Boingo Wireless had a negative net margin of 1.10% and a negative return on equity of 2.53%. The business had revenue of $65.25 million for the quarter, compared to analyst estimates of $63.32 million. During the same period in the previous year, the business posted ($0.09) earnings per share. The business’s revenue was up 21.6% compared to the same quarter last year. Equities analysts anticipate that Boingo Wireless Inc will post -0.12 earnings per share for the current fiscal year.
A number of equities research analysts have recently commented on WIFI shares. Zacks Investment Research raised shares of Boingo Wireless from a “hold” rating to a “buy” rating and set a $36.00 target price for the company in a report on Tuesday, September 4th. Craig Hallum upped their target price on shares of Boingo Wireless from $31.00 to $38.00 and gave the company a “buy” rating in a report on Friday, September 7th. BidaskClub cut shares of Boingo Wireless from a “strong-buy” rating to a “buy” rating in a report on Saturday, September 22nd. Jefferies Financial Group reaffirmed a “buy” rating and issued a $35.00 target price (down from $38.00) on shares of Boingo Wireless in a report on Tuesday, November 13th. Finally, Lake Street Capital reaffirmed a “buy” rating and issued a $34.00 target price (up from $31.00) on shares of Boingo Wireless in a report on Friday, November 2nd. One investment analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $35.63.
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Boingo Wireless Company Profile
Boingo Wireless, Inc, together with its subsidiaries, provides wireless connectivity solutions for smartphones, tablets, laptops, wearables, and other wireless-enabled consumer devices. It designs, builds, monitors, and maintains distributed antenna systems (DAS), Wi-Fi, and small cell networks at managed and operated hotspot locations, such as airports, transportation hubs, stadiums, arenas, military bases, universities, convention centers, and office campuses in North America, Latin America, Europe, the Middle East, Africa, and Asia; and offers software applications and solutions to access its Wi-Fi network of approximately 1.5 million hotspots.
Further Reading: Stock Symbols and CUSIP Explained
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