Boingo Wireless, Inc. (WIFI) Trading Up -4.8% After Analyst Upgrade
Boingo Wireless, Inc. (NASDAQ:WIFI) shares were up 4.8% during mid-day trading on Monday after Oppenheimer Holdings raised their price target on the stock. Oppenheimer Holdings currently has an outperform rating on the stock. Boingo Wireless traded as high as $25.99 and last traded at $23.90. Approximately 508,499 shares changed hands during trading, an increase of 8% from the average daily volume of 468,706 shares. The stock had previously closed at $25.10.
A number of other research analysts have also issued reports on WIFI. Zacks Investment Research lowered Boingo Wireless from a “buy” rating to a “hold” rating in a research report on Friday, July 7th. BidaskClub upgraded Boingo Wireless from a “sell” rating to a “hold” rating in a report on Wednesday, July 12th. Benchmark Co. upped their price objective on Boingo Wireless from $18.00 to $24.00 and gave the company a “buy” rating in a report on Friday, August 4th. Craig Hallum upped their price objective on Boingo Wireless from $17.00 to $20.00 and gave the company a “buy” rating in a report on Friday, August 4th. Finally, Jefferies Group LLC restated a “buy” rating and issued a $20.00 price objective (up previously from $17.00) on shares of Boingo Wireless in a report on Wednesday, August 9th. Two analysts have rated the stock with a sell rating, one has issued a hold rating and eight have assigned a buy rating to the stock. Boingo Wireless presently has a consensus rating of “Buy” and an average price target of $21.37.
In related news, CEO David Hagan sold 60,000 shares of the company’s stock in a transaction on Friday, August 11th. The stock was sold at an average price of $18.39, for a total transaction of $1,103,400.00. Following the transaction, the chief executive officer now directly owns 621,853 shares of the company’s stock, valued at $11,435,876.67. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Tom Tracey sold 25,000 shares of the company’s stock in a transaction on Wednesday, August 9th. The shares were sold at an average price of $18.45, for a total value of $461,250.00. Following the transaction, the vice president now directly owns 38,276 shares in the company, valued at $706,192.20. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 256,285 shares of company stock valued at $5,029,216. 7.70% of the stock is currently owned by company insiders.
A number of large investors have recently bought and sold shares of WIFI. Castleark Management LLC acquired a new position in Boingo Wireless during the second quarter valued at $8,995,000. Russell Investments Group Ltd. increased its position in Boingo Wireless by 64.1% in the 2nd quarter. Russell Investments Group Ltd. now owns 1,239,122 shares of the technology company’s stock worth $18,538,000 after purchasing an additional 484,061 shares during the last quarter. Renaissance Technologies LLC increased its position in Boingo Wireless by 20.1% in the 2nd quarter. Renaissance Technologies LLC now owns 2,330,200 shares of the technology company’s stock worth $34,860,000 after purchasing an additional 389,195 shares during the last quarter. Hood River Capital Management LLC increased its position in Boingo Wireless by 58.1% in the 2nd quarter. Hood River Capital Management LLC now owns 1,043,219 shares of the technology company’s stock worth $15,607,000 after purchasing an additional 383,174 shares during the last quarter. Finally, Vanguard Group Inc. increased its position in Boingo Wireless by 19.0% in the 2nd quarter. Vanguard Group Inc. now owns 2,042,944 shares of the technology company’s stock worth $30,563,000 after purchasing an additional 326,791 shares during the last quarter. 88.74% of the stock is currently owned by hedge funds and other institutional investors.
The company has a debt-to-equity ratio of 0.11, a current ratio of 0.47 and a quick ratio of 0.47.
Boingo Wireless (NASDAQ:WIFI) last issued its earnings results on Thursday, November 2nd. The technology company reported ($0.09) earnings per share for the quarter, topping the consensus estimate of ($0.13) by $0.04. Boingo Wireless had a negative return on equity of 23.73% and a negative net margin of 11.75%. The company had revenue of $53.66 million for the quarter, compared to analyst estimates of $50.22 million. During the same period in the prior year, the firm posted ($0.15) EPS. The business’s revenue was up 31.5% compared to the same quarter last year. sell-side analysts forecast that Boingo Wireless, Inc. will post -0.66 EPS for the current fiscal year.
COPYRIGHT VIOLATION WARNING: This news story was originally published by Daily Political and is owned by of Daily Political. If you are accessing this news story on another publication, it was illegally stolen and reposted in violation of United States and international copyright & trademark law. The correct version of this news story can be viewed at https://www.dailypolitical.com/2017/11/06/boingo-wireless-inc-wifi-trading-up-4-8-after-analyst-upgrade.html.
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. 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.
Receive News & Ratings for Boingo Wireless Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Boingo Wireless Inc. and related companies with MarketBeat.com's FREE daily email newsletter.