BidaskClub cut shares of Boingo Wireless (NASDAQ:WIFI) from a strong-buy rating to a buy rating in a research report released on Friday morning.
Several other brokerages also recently issued reports on WIFI. CIBC lifted their price objective on Boingo Wireless from $30.00 to $39.00 and gave the stock an outperform rating in a research report on Friday, September 21st. Zacks Investment Research upgraded Boingo Wireless from a hold rating to a strong-buy rating and set a $38.00 price objective for the company in a research report on Thursday, September 13th. Jefferies Financial Group lifted their price objective on Boingo Wireless from $33.00 to $38.00 and gave the stock a buy rating in a research report on Monday, August 20th. Craig Hallum lifted their target price on shares of Boingo Wireless from $30.00 to $31.00 and gave the stock a buy rating in a research note on Thursday, August 2nd. Finally, Roth Capital set a $32.00 target price on shares of Boingo Wireless and gave the stock a buy rating in a research note on Thursday, August 2nd. Eleven investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. The stock presently has a consensus rating of Buy and an average price target of $35.75.
Shares of Boingo Wireless stock traded up $0.54 during trading on Friday, hitting $30.56. 495,235 shares of the company were exchanged, compared to its average volume of 470,787. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.43 and a quick ratio of 0.43. Boingo Wireless has a fifty-two week low of $20.02 and a fifty-two week high of $35.98. The company has a market capitalization of $1.48 billion, a P/E ratio of -62.37 and a beta of 0.60.
Boingo Wireless (NASDAQ:WIFI) last issued its quarterly earnings data on Wednesday, August 1st. The technology company reported $0.05 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.14) by $0.19. Boingo Wireless had a negative return on equity of 5.51% and a negative net margin of 2.44%. The firm had revenue of $59.60 million during the quarter, compared to the consensus estimate of $56.52 million. During the same period in the previous year, the firm posted ($0.20) EPS. The company’s quarterly revenue was up 21.6% compared to the same quarter last year. As a group, research analysts expect that Boingo Wireless will post -0.21 EPS for the current fiscal year.
In other news, Director Michael Finley sold 7,000 shares of the business’s stock in a transaction on Monday, August 6th. The shares were sold at an average price of $31.13, for a total transaction of $217,910.00. Following the completion of the sale, the director now directly owns 46,159 shares of the company’s stock, valued at approximately $1,436,929.67. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO David Hagan sold 19,833 shares of the business’s stock in a transaction on Tuesday, September 11th. The shares were sold at an average price of $33.43, for a total transaction of $663,017.19. Following the sale, the chief executive officer now directly owns 546,981 shares of the company’s stock, valued at $18,285,574.83. The disclosure for this sale can be found here. Insiders sold a total of 309,365 shares of company stock valued at $9,421,440 over the last ninety days. 3.80% of the stock is owned by corporate insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in WIFI. Victory Capital Management Inc. purchased a new stake in shares of Boingo Wireless during the 2nd quarter valued at $21,830,000. Summit Trail Advisors LLC grew its stake in shares of Boingo Wireless by 1,617.1% during the 1st quarter. Summit Trail Advisors LLC now owns 645,007 shares of the technology company’s stock valued at $645,000 after buying an additional 607,443 shares during the period. Voya Investment Management LLC grew its stake in shares of Boingo Wireless by 65.6% during the 2nd 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. Emerald Advisers Inc. PA purchased a new stake in shares of Boingo Wireless during the 2nd quarter valued at $10,144,000. Finally, Emerald Mutual Fund Advisers Trust purchased a new stake in shares of Boingo Wireless during the 2nd quarter valued at $8,905,000. 95.69% of the stock is owned by institutional investors.
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.
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