Equities research analysts forecast that Boingo Wireless Inc (NASDAQ:WIFI) will post sales of $63.80 million for the current quarter, Zacks Investment Research reports. Five analysts have made estimates for Boingo Wireless’ earnings. The highest sales estimate is $65.00 million and the lowest is $62.70 million. Boingo Wireless reported sales of $53.66 million in the same quarter last year, which indicates a positive year over year growth rate of 18.9%. The business is expected to report its next quarterly earnings report on Thursday, November 1st.
According to Zacks, analysts expect that Boingo Wireless will report full-year sales of $249.64 million for the current financial year, with estimates ranging from $247.80 million to $252.86 million. For the next financial year, analysts anticipate that the business will post sales of $300.54 million per share, with estimates ranging from $294.32 million to $311.77 million. Zacks’ sales calculations are an average based on a survey of analysts that that provide coverage for Boingo Wireless.
Boingo Wireless (NASDAQ:WIFI) last issued its quarterly earnings data on Wednesday, August 1st. The technology company reported $0.05 earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.14) by $0.19. The firm had revenue of $59.60 million during the quarter, compared to analyst estimates of $56.52 million. Boingo Wireless had a negative return on equity of 5.51% and a negative net margin of 2.44%. The business’s quarterly revenue was up 21.6% compared to the same quarter last year. During the same quarter last year, the business posted ($0.20) earnings per share.
A number of research analysts have recently weighed in on the company. Zacks Investment Research upgraded Boingo Wireless from a “hold” rating to a “buy” rating and set a $36.00 price objective for the company in a research report on Tuesday, September 4th. BidaskClub upgraded Boingo Wireless from a “hold” rating to a “buy” rating in a research report on Friday, August 3rd. Roth Capital set a $32.00 price objective on Boingo Wireless and gave the company a “buy” rating in a research report on Thursday, August 2nd. Craig Hallum raised their price objective on Boingo Wireless from $31.00 to $38.00 and gave the company a “buy” rating in a research report on Friday, September 7th. Finally, Jefferies Financial Group raised their price objective on Boingo Wireless from $33.00 to $38.00 and gave the company a “buy” rating in a research report on Monday, August 20th. Eight research analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company. Boingo Wireless presently has a consensus rating of “Buy” and an average target price of $34.00.
In related news, CEO David Hagan sold 59,500 shares of Boingo Wireless stock in a transaction dated Thursday, September 13th. The stock was sold at an average price of $33.28, for a total value of $1,980,160.00. Following the completion of the transaction, the chief executive officer now owns 546,981 shares in the company, valued at $18,203,527.68. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Michael Finley sold 7,000 shares of Boingo Wireless stock in a transaction dated Monday, August 6th. The stock was sold at an average price of $31.13, for a total value of $217,910.00. Following the completion of the transaction, the director now owns 46,159 shares of the company’s stock, valued at approximately $1,436,929.67. The disclosure for this sale can be found here. In the last quarter, insiders sold 329,198 shares of company stock valued at $9,892,276. 3.80% of the stock is currently owned by company insiders.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp grew its position in 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 worth $35,531,000 after acquiring an additional 230,914 shares in the last quarter. Forsta AP Fonden purchased a new position in shares of Boingo Wireless during the second quarter valued at approximately $384,000. Voya Investment Management LLC boosted its position in shares of Boingo Wireless by 65.6% during 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 period. First Republic Investment Management Inc. boosted its position in shares of Boingo Wireless by 25.1% during the second quarter. First Republic Investment Management Inc. now owns 13,728 shares of the technology company’s stock valued at $310,000 after buying an additional 2,754 shares during the period. Finally, Osterweis Capital Management Inc. boosted its position in shares of Boingo Wireless by 250.2% during the second quarter. Osterweis Capital Management Inc. now owns 286,845 shares of the technology company’s stock valued at $6,480,000 after buying an additional 204,945 shares during the period. Institutional investors own 95.70% of the company’s stock.
Shares of Boingo Wireless stock traded up $0.20 during trading on Friday, reaching $34.58. 893,976 shares of the stock traded hands, compared to its average volume of 274,542. The firm has a market cap of $1.41 billion, a price-to-earnings ratio of -70.57 and a beta of 0.58. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 0.07. Boingo Wireless has a 52-week low of $20.02 and a 52-week high of $35.98.
About Boingo Wireless
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.
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