Boingo Wireless (WIFI) Downgraded to Sell at BidaskClub

BidaskClub lowered shares of Boingo Wireless (NASDAQ:WIFI) from a hold rating to a sell rating in a research note released on Thursday.

Several other research firms have also issued reports on WIFI. Oppenheimer raised their price target on Boingo Wireless and gave the stock an outperform rating in a research report on Friday, November 3rd. Jefferies Group raised their price target on Boingo Wireless from $20.00 to $27.00 and gave the stock a buy rating in a research report on Friday, November 3rd. Zacks Investment Research upgraded Boingo Wireless from a hold rating to a buy rating and set a $24.00 price target on the stock in a research report on Thursday, October 5th. Credit Suisse Group raised their price target on Boingo Wireless from $24.00 to $26.00 and gave the stock an outperform rating in a research report on Friday, November 3rd. Finally, Craig Hallum raised their price target on Boingo Wireless from $24.00 to $28.00 and gave the stock a buy rating in a research report on Friday, November 3rd. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and seven have assigned a buy rating to the company. The stock presently has a consensus rating of Hold and an average price target of $22.04.

Boingo Wireless (NASDAQ WIFI) traded up $0.67 on Thursday, reaching $23.06. The company had a trading volume of 419,000 shares, compared to its average volume of 349,567. The company has a current ratio of 0.50, a quick ratio of 0.50 and a debt-to-equity ratio of 0.09. Boingo Wireless has a fifty-two week low of $10.46 and a fifty-two week high of $25.99. The company has a market cap of $927.68, a price-to-earnings ratio of -39.76 and a beta of 0.53.

Boingo Wireless (NASDAQ:WIFI) last posted its quarterly earnings results on Thursday, November 2nd. The technology company reported ($0.09) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.13) by $0.04. Boingo Wireless had a negative return on equity of 23.62% and a negative net margin of 11.75%. The business had revenue of $53.66 million for the quarter, compared to analyst estimates of $50.22 million. During the same period last year, the company earned ($0.15) EPS. Boingo Wireless’s revenue for the quarter was up 31.5% compared to the same quarter last year. equities research analysts anticipate that Boingo Wireless will post -0.58 EPS for the current fiscal year.

In other news, insider Dawn Callahan sold 11,437 shares of the firm’s stock in a transaction that occurred on Wednesday, December 13th. The stock was sold at an average price of $22.85, for a total value of $261,335.45. Following the completion of the transaction, the insider now owns 11,370 shares in the company, valued at approximately $259,804.50. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Peter Hovenier sold 25,000 shares of the firm’s stock in a transaction that occurred on Monday, November 20th. The shares were sold at an average price of $24.51, for a total value of $612,750.00. Following the completion of the transaction, the chief financial officer now owns 10,000 shares of the company’s stock, valued at approximately $245,100. The disclosure for this sale can be found here. In the last quarter, insiders sold 96,437 shares of company stock valued at $2,317,085. Company insiders own 7.70% of the company’s stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Great West Life Assurance Co. Can purchased a new position in shares of Boingo Wireless in the 3rd quarter valued at approximately $114,000. Legal & General Group Plc lifted its stake in shares of Boingo Wireless by 3.9% in the 2nd quarter. Legal & General Group Plc now owns 9,149 shares of the technology company’s stock valued at $137,000 after purchasing an additional 341 shares during the period. Royal Bank of Canada lifted its stake in shares of Boingo Wireless by 1.3% in the 2nd quarter. Royal Bank of Canada now owns 10,448 shares of the technology company’s stock valued at $156,000 after purchasing an additional 135 shares during the period. Aperio Group LLC purchased a new position in shares of Boingo Wireless in the 2nd quarter valued at approximately $164,000. Finally, American Century Companies Inc. purchased a new position in shares of Boingo Wireless in the 2nd quarter valued at approximately $164,000. Institutional investors own 89.96% of the company’s stock.

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Boingo Wireless Company 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.

Analyst Recommendations for Boingo Wireless (NASDAQ:WIFI)

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