Boingo Wireless Inc. (WIFI) Stock Rating Upgraded by Zacks Investment Research
Zacks Investment Research upgraded shares of Boingo Wireless Inc. (NASDAQ:WIFI) from a hold rating to a buy rating in a report published on Thursday. Zacks Investment Research currently has $11.00 target price on the stock.
According to Zacks, “Boingo Wireless, Inc. is a Wi-Fi software and services provider. Boingo users can access the mobile Internet via Boingo Network locations that include the airports, hotel chains, cafés and coffee shops, restaurants, convention centers and metropolitan hot zones. The company provides its solutions to individual users and partners consisting of telecom operators, network operators, cable companies, technology companies, enterprise software and services companies, and communications companies. Boingo Wireless, Inc. is headquartered in Los Angeles, California. “
Other equities analysts have also recently issued research reports about the company. BTIG Research assumed coverage on Boingo Wireless in a report on Monday, July 11th. They set a sell rating and a $6.85 price target for the company. Jefferies Group lifted their price target on Boingo Wireless from $10.00 to $11.00 and gave the stock a buy rating in a report on Friday, August 5th. Ladenburg Thalmann reiterated a buy rating and set a $12.25 price target on shares of Boingo Wireless in a report on Thursday, August 11th. Lake Street Capital assumed coverage on Boingo Wireless in a report on Monday, June 20th. They set a buy rating and a $12.00 price target for the company. Finally, Oppenheimer Holdings Inc. assumed coverage on Boingo Wireless in a report on Tuesday, September 13th. They set an outperform rating and a $12.00 price target for the company. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and eight have issued a buy rating to the company. Boingo Wireless has an average rating of Buy and an average price target of $11.23.
Shares of Boingo Wireless (NASDAQ:WIFI) opened at 9.97 on Thursday. The firm’s market capitalization is $380.03 million. The firm has a 50-day moving average price of $9.20 and a 200-day moving average price of $8.42. Boingo Wireless has a 52 week low of $5.40 and a 52 week high of $10.38.
Boingo Wireless (NASDAQ:WIFI) last announced its quarterly earnings data on Thursday, August 4th. The company reported ($0.19) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.20) by $0.01. The company earned $39.10 million during the quarter, compared to analysts’ expectations of $38.94 million. Boingo Wireless had a negative return on equity of 23.75% and a negative net margin of 17.20%. Boingo Wireless’s revenue for the quarter was up 14.1% compared to the same quarter last year. During the same quarter last year, the company earned ($0.16) EPS. On average, equities analysts expect that Boingo Wireless will post ($0.72) earnings per share for the current fiscal year.
In other news, VP Tom Tracey sold 3,750 shares of Boingo Wireless stock in a transaction that occurred on Thursday, September 1st. The shares were sold at an average price of $8.44, for a total value of $31,650.00. Following the completion of the sale, the vice president now directly owns 46,299 shares in the company, valued at $390,763.56. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CMO Dawn Callahan sold 12,500 shares of Boingo Wireless stock in a transaction that occurred on Monday, October 3rd. The shares were sold at an average price of $10.03, for a total transaction of $125,375.00. Following the completion of the sale, the chief marketing officer now owns 24,612 shares of the company’s stock, valued at $246,858.36. The disclosure for this sale can be found here. 7.50% of the stock is currently owned by insiders.
Large investors have recently added to or reduced their stakes in the stock. Skylands Capital LLC increased its stake in Boingo Wireless by 4.8% in the second quarter. Skylands Capital LLC now owns 690,850 shares of the company’s stock worth $6,162,000 after buying an additional 31,700 shares during the last quarter. Prudential Financial Inc. acquired a new stake in Boingo Wireless during the first quarter worth $340,000. Geduld E E increased its stake in Boingo Wireless by 1.3% in the second quarter. Geduld E E now owns 80,000 shares of the company’s stock worth $714,000 after buying an additional 1,000 shares during the last quarter. Nicholas Investment Partners LP increased its stake in Boingo Wireless by 9.3% in the first quarter. Nicholas Investment Partners LP now owns 652,518 shares of the company’s stock worth $5,037,000 after buying an additional 55,340 shares during the last quarter. Finally, Northpointe Capital LLC increased its stake in Boingo Wireless by 43.4% in the second quarter. Northpointe Capital LLC now owns 331,920 shares of the company’s stock worth $2,961,000 after buying an additional 100,492 shares during the last quarter. Institutional investors own 86.56% of the company’s stock.
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 for carriers. 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 segment.
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