Granite Investment Partners LLC Purchases 335,019 Shares of Boingo Wireless, Inc. (WIFI)
Granite Investment Partners LLC grew its position in shares of Boingo Wireless, Inc. (NASDAQ:WIFI) by 150.2% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 558,106 shares of the technology company’s stock after purchasing an additional 335,019 shares during the quarter. Granite Investment Partners LLC owned approximately 1.37% of Boingo Wireless worth $11,927,000 as of its most recent SEC filing.
Several other hedge funds have also recently made changes to their positions in the company. Renaissance Technologies LLC boosted its stake in shares of Boingo Wireless by 20.1% during the second quarter. Renaissance Technologies LLC now owns 2,330,200 shares of the technology company’s stock valued at $34,860,000 after purchasing an additional 389,195 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of Boingo Wireless by 19.0% during the second quarter. Vanguard Group Inc. now owns 2,042,944 shares of the technology company’s stock valued at $30,563,000 after purchasing an additional 326,791 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Boingo Wireless by 8.1% during the second quarter. Dimensional Fund Advisors LP now owns 1,952,425 shares of the technology company’s stock valued at $29,209,000 after purchasing an additional 145,796 shares in the last quarter. Russell Investments Group Ltd. boosted its stake in shares of Boingo Wireless by 64.1% during the second quarter. Russell Investments Group Ltd. now owns 1,239,122 shares of the technology company’s stock valued at $18,538,000 after purchasing an additional 484,061 shares in the last quarter. Finally, Hood River Capital Management LLC boosted its stake in shares of Boingo Wireless by 2.2% during the third quarter. Hood River Capital Management LLC now owns 1,065,768 shares of the technology company’s stock valued at $22,775,000 after purchasing an additional 22,549 shares in the last quarter. 86.44% of the stock is currently owned by hedge funds and other institutional investors.
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A number of research firms recently commented on WIFI. Benchmark Co. lifted their price objective on Boingo Wireless from $18.00 to $24.00 and gave the stock a “buy” rating in a research note on Friday, August 4th. Craig Hallum lifted their price objective on Boingo Wireless from $17.00 to $20.00 and gave the stock a “buy” rating in a research note on Friday, August 4th. Jefferies Group LLC reaffirmed a “buy” rating and issued a $20.00 price objective (up from $17.00) on shares of Boingo Wireless in a research note on Wednesday, August 9th. Oppenheimer Holdings, Inc. reaffirmed an “outperform” rating and issued a $24.00 price objective (up from $18.00) on shares of Boingo Wireless in a research note on Wednesday, August 9th. Finally, Zacks Investment Research raised Boingo Wireless from a “hold” rating to a “buy” rating and set a $24.00 price objective on the stock in a research note on Thursday, October 5th. Two analysts have rated the stock with a sell rating, two have issued a hold rating and seven have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $22.04.
Shares of Boingo Wireless, Inc. (WIFI) traded up $1.04 during mid-day trading on Tuesday, reaching $24.89. The company’s stock had a trading volume of 683,900 shares, compared to its average volume of 342,890. The company has a quick ratio of 0.50, a current ratio of 0.50 and a debt-to-equity ratio of 0.09. Boingo Wireless, Inc. has a 1-year low of $10.46 and a 1-year high of $25.99.
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 Zacks’ consensus estimate of ($0.13) by $0.04. The business had revenue of $53.66 million during the quarter, compared to the consensus estimate of $50.22 million. Boingo Wireless had a negative return on equity of 23.62% and a negative net margin of 11.75%. The firm’s revenue for the quarter was up 31.5% on a year-over-year basis. During the same period in the previous year, the company posted ($0.15) earnings per share. research analysts anticipate that Boingo Wireless, Inc. will post -0.58 earnings per share for the current year.
In other news, CFO Peter Hovenier sold 35,233 shares of the business’s stock in a transaction that occurred on Tuesday, August 29th. The stock was sold at an average price of $20.27, for a total transaction of $714,172.91. Following the completion of the sale, the chief financial officer now owns 8,551 shares in the company, valued at $173,328.77. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Derek Peterson sold 50,000 shares of the business’s stock in a transaction that occurred on Monday, September 11th. The shares were sold at an average price of $20.80, for a total value of $1,040,000.00. Following the sale, the insider now owns 60,496 shares of the company’s stock, valued at approximately $1,258,316.80. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 138,785 shares of company stock valued at $2,858,766. Corporate insiders own 7.70% of the company’s stock.
Boingo Wireless Profile
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.
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