Boingo Wireless Inc. (NASDAQ:WIFI) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Thursday. The brokerage presently has a $11.00 target price on the stock. Zacks Investment Research’s price target indicates a potential upside of 11.11% from the company’s current price.
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 recently issued reports about the stock. Ladenburg Thalmann restated a “buy” rating and set a $12.25 price objective on shares of Boingo Wireless in a research report on Thursday, August 11th. Jefferies Group raised their price objective on shares of Boingo Wireless from $10.00 to $11.00 and gave the stock a “buy” rating in a research report on Friday, August 5th. Lake Street Capital started coverage on shares of Boingo Wireless in a research report on Monday, June 20th. They set a “buy” rating and a $12.00 price objective for the company. Oppenheimer Holdings Inc. assumed coverage on shares of Boingo Wireless in a research report on Tuesday, September 13th. They set an “outperform” rating and a $12.00 price objective for the company. Finally, BTIG Research assumed coverage on shares of Boingo Wireless in a research report on Monday, July 11th. They set a “sell” rating and a $6.85 price target for the company. One 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’s stock. Boingo Wireless presently has an average rating of “Buy” and an average target price of $11.23.
Shares of Boingo Wireless (NASDAQ:WIFI) traded up 1.192% during midday trading on Thursday, hitting $10.018. 46,721 shares of the stock traded hands. The company’s market cap is $381.86 million. Boingo Wireless has a 52-week low of $5.40 and a 52-week high of $10.38. The stock has a 50-day moving average of $9.02 and a 200-day moving average of $8.34.
Boingo Wireless (NASDAQ:WIFI) last released its quarterly earnings data 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. Boingo Wireless had a negative net margin of 17.20% and a negative return on equity of 23.75%. The firm earned $39.10 million during the quarter, compared to analysts’ expectations of $38.94 million. During the same period last year, the business earned ($0.16) earnings per share. Boingo Wireless’s revenue was up 14.1% compared to the same quarter last year. On average, equities analysts predict that Boingo Wireless will post ($0.72) earnings per share for the current fiscal year.
In other Boingo Wireless news, CMO Dawn Callahan sold 12,500 shares of the business’s stock in a transaction on Monday, October 3rd. The shares were sold at an average price of $10.03, for a total value of $125,375.00. Following the transaction, the chief marketing officer now directly owns 24,612 shares of the company’s stock, valued at approximately $246,858.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Tom Tracey sold 3,750 shares of the business’s stock in a transaction on Thursday, September 1st. The shares were sold at an average price of $8.44, for a total transaction of $31,650.00. Following the completion of the transaction, the vice president now directly owns 46,299 shares in the company, valued at $390,763.56. The disclosure for this sale can be found here. 7.50% of the stock is currently owned by company insiders.
Institutional investors have recently made changes to their positions in the stock. Gilder Gagnon Howe & Co. LLC boosted its position in shares of Boingo Wireless by 6.3% in the second quarter. Gilder Gagnon Howe & Co. LLC now owns 2,519,715 shares of the company’s stock valued at $22,476,000 after buying an additional 148,394 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in Boingo Wireless by 0.9% in the second quarter. Dimensional Fund Advisors LP now owns 1,488,397 shares of the company’s stock worth $13,277,000 after buying an additional 13,267 shares during the period. Vanguard Group Inc. boosted its position in Boingo Wireless by 2.5% in the second quarter. Vanguard Group Inc. now owns 1,406,328 shares of the company’s stock worth $12,545,000 after buying an additional 33,690 shares during the period. Emerald Acquisition Ltd. bought a new position in Boingo Wireless during the second quarter worth $6,678,000. Finally, Skylands Capital LLC boosted its position 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 period. 86.56% of the stock is currently owned by institutional investors.
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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