Zacks Investment Research upgraded shares of Boingo Wireless Inc. (NASDAQ:WIFI) from a hold rating to a buy rating in a research note published on Thursday. They currently have $11.00 price objective 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 research analysts have also issued research reports about the stock. Ladenburg Thalmann restated a buy rating and issued a $12.25 target price on shares of Boingo Wireless in a report on Thursday, August 11th. Jefferies Group raised their target price on shares of Boingo Wireless from $10.00 to $11.00 and gave the stock a buy rating in a report on Friday, August 5th. Lake Street Capital initiated coverage on shares of Boingo Wireless in a report on Monday, June 20th. They issued a buy rating and a $12.00 target price for the company. Oppenheimer Holdings Inc. initiated coverage on shares of Boingo Wireless in a report on Tuesday, September 13th. They issued an outperform rating and a $12.00 target price for the company. Finally, BTIG Research initiated coverage on shares of Boingo Wireless in a report on Monday, July 11th. They issued a sell rating and a $6.85 target price for the company. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and eight have assigned a buy rating to the company. The stock presently has an average rating of Buy and a consensus price target of $11.23.
Boingo Wireless (NASDAQ:WIFI) traded down 1.162% during midday trading on Thursday, reaching $9.785. 92,829 shares of the company traded hands. Boingo Wireless has a one year low of $5.40 and a one year high of $10.38. The stock’s market capitalization is $372.97 million. The company has a 50 day moving average price of $9.07 and a 200-day moving average price of $8.35.
Boingo Wireless (NASDAQ:WIFI) last released its earnings results on Thursday, August 4th. The company reported ($0.19) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.20) by $0.01. The firm earned $39.10 million during the quarter, compared to analyst estimates of $38.94 million. Boingo Wireless had a negative net margin of 17.20% and a negative return on equity of 23.75%. The business’s revenue was up 14.1% on a year-over-year basis. During the same quarter last year, the business earned ($0.16) EPS. Analysts forecast that Boingo Wireless will post ($0.72) EPS for the current fiscal year.
In other Boingo Wireless news, CMO Dawn Callahan sold 12,500 shares of the firm’s stock in a transaction dated Monday, October 3rd. The shares were sold at an average price of $10.03, for a total transaction of $125,375.00. Following the transaction, the chief marketing officer now owns 24,612 shares of the company’s stock, valued at approximately $246,858.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Tom Tracey sold 3,750 shares of the firm’s stock in a transaction dated Thursday, September 1st. The shares were sold at an average price of $8.44, for a total transaction of $31,650.00. Following the transaction, the vice president now directly owns 46,299 shares in the company, valued at approximately $390,763.56. The disclosure for this sale can be found here. Company insiders own 7.50% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Prudential Financial Inc. acquired a new position in Boingo Wireless during the first quarter worth approximately $340,000. Royce & Associates LP increased its position in Boingo Wireless by 96.8% in the first quarter. Royce & Associates LP now owns 444,894 shares of the company’s stock worth $3,435,000 after buying an additional 218,804 shares during the period. Spark Investment Management LLC acquired a new position in Boingo Wireless during the first quarter worth approximately $248,000. State Street Corp increased its position in Boingo Wireless by 7.6% in the first quarter. State Street Corp now owns 438,459 shares of the company’s stock worth $3,384,000 after buying an additional 31,062 shares during the period. Finally, Nicholas Investment Partners LP increased its position 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 period. 86.56% of the stock is currently owned by institutional investors and hedge funds.
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.