Wall Street brokerages predict that Boingo Wireless Inc (NASDAQ:WIFI) will report $65.74 million in sales for the current fiscal quarter, according to Zacks Investment Research. Five analysts have issued estimates for Boingo Wireless’ earnings. The highest sales estimate is $67.55 million and the lowest is $63.12 million. Boingo Wireless posted sales of $58.16 million during the same quarter last year, which suggests a positive year-over-year growth rate of 13%. The firm is scheduled to issue its next earnings report on Thursday, May 2nd.
According to Zacks, analysts expect that Boingo Wireless will report full-year sales of $277.48 million for the current year, with estimates ranging from $274.88 million to $281.21 million. For the next year, analysts expect that the company will post sales of $308.09 million, with estimates ranging from $305.70 million to $309.70 million. Zacks Investment Research’s sales averages are an average based on a survey of sell-side analysts that cover Boingo Wireless.
WIFI has been the subject of a number of recent analyst reports. William Blair reiterated an “outperform” rating on shares of Boingo Wireless in a report on Friday, February 22nd. ValuEngine cut Boingo Wireless from a “buy” rating to a “hold” rating in a report on Monday, February 25th. Credit Suisse Group restated a “buy” rating and set a $35.00 target price on shares of Boingo Wireless in a report on Monday, January 28th. Northland Securities set a $35.00 target price on Boingo Wireless and gave the stock a “buy” rating in a research report on Thursday, February 28th. Finally, Craig Hallum reaffirmed a “buy” rating and issued a $28.00 price target (down from $36.00) on shares of Boingo Wireless in a research note on Thursday, February 28th. Two equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $34.11.
Shares of NASDAQ:WIFI traded up $0.91 during midday trading on Monday, hitting $25.26. The company had a trading volume of 1,036,406 shares, compared to its average volume of 716,319. The company has a quick ratio of 1.17, a current ratio of 1.17 and a debt-to-equity ratio of 1.20. Boingo Wireless has a 12 month low of $18.50 and a 12 month high of $35.98. The firm has a market capitalization of $1.11 billion, a P/E ratio of -842.00 and a beta of 1.09.
In related news, CFO Peter Hovenier sold 5,000 shares of the business’s stock in a transaction that occurred on Thursday, February 7th. The stock was sold at an average price of $23.95, for a total value of $119,750.00. Following the completion of the transaction, the chief financial officer now directly owns 476,723 shares in the company, valued at approximately $11,417,515.85. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO David Hagan sold 30,000 shares of the business’s stock in a transaction that occurred on Friday, January 11th. The shares were sold at an average price of $22.28, for a total value of $668,400.00. Following the completion of the transaction, the chief executive officer now owns 490,314 shares of the company’s stock, valued at $10,924,195.92. The disclosure for this sale can be found here. Insiders sold a total of 150,000 shares of company stock valued at $3,554,800 in the last three months. 3.80% of the stock is owned by company insiders.
A number of hedge funds have recently made changes to their positions in the business. Macquarie Group Ltd. lifted its stake in Boingo Wireless by 75.6% in the fourth quarter. Macquarie Group Ltd. now owns 2,067 shares of the technology company’s stock valued at $42,000 after buying an additional 890 shares in the last quarter. Legal & General Group Plc lifted its position in Boingo Wireless by 13.7% in the 4th quarter. Legal & General Group Plc now owns 7,297 shares of the technology company’s stock valued at $150,000 after acquiring an additional 882 shares in the last quarter. NumerixS Investment Technologies Inc lifted its position in Boingo Wireless by 53.6% in the 4th quarter. NumerixS Investment Technologies Inc now owns 8,600 shares of the technology company’s stock valued at $172,000 after acquiring an additional 3,000 shares in the last quarter. First Hawaiian Bank acquired a new position in Boingo Wireless in the 4th quarter worth $173,000. Finally, Affinity Investment Advisors LLC acquired a new position in Boingo Wireless in the 4th quarter worth $216,000. Hedge funds and other institutional investors own 93.84% of the company’s stock.
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 worldwide. The company offers distributed antenna systems and small cell networks at managed and operated locations; high-speed Wi-Fi services for residential consumers on military bases and at multifamily properties; and wholesale Wi-Fi services to network operators, device manufacturers, technology companies, enterprise software and services companies, venue operators, and financial services companies, as well as retail Internet access services.
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