Zacks Investment Research lowered shares of Boingo Wireless (NASDAQ:WIFI) from a buy rating to a hold rating in a report released on Friday morning.
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. “
Several other equities analysts also recently issued reports on WIFI. Oppenheimer reiterated a buy rating and issued a $30.00 price objective on shares of Boingo Wireless in a research report on Wednesday, November 15th. BidaskClub downgraded Boingo Wireless from a hold rating to a sell rating in a research report on Tuesday, December 12th. Roth Capital initiated coverage on Boingo Wireless in a research report on Wednesday, January 17th. They issued a buy rating and a $29.00 price objective for the company. Craig Hallum lifted their price objective on Boingo Wireless from $28.00 to $30.00 and gave the company a buy rating in a research report on Wednesday, February 28th. Finally, Lake Street Capital reiterated a buy rating and issued a $30.00 price objective (up previously from $26.00) on shares of Boingo Wireless in a research report on Wednesday, February 28th. Two analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. The stock presently has a consensus rating of Buy and a consensus target price of $28.39.
In other news, CEO David Hagan sold 59,500 shares of the business’s stock in a transaction on Thursday, January 18th. The stock was sold at an average price of $22.10, for a total transaction of $1,314,950.00. Following the completion of the sale, the chief executive officer now owns 606,186 shares in the company, valued at $13,396,710.60. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Peter Hovenier sold 50,000 shares of the business’s stock in a transaction on Thursday, March 8th. The stock was sold at an average price of $27.60, for a total value of $1,380,000.00. Following the sale, the chief financial officer now owns 31,730 shares of the company’s stock, valued at approximately $875,748. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 295,103 shares of company stock valued at $7,097,730. 7.70% of the stock is currently owned by corporate insiders.
Several hedge funds have recently added to or reduced their stakes in WIFI. Great West Life Assurance Co. Can bought a new stake in shares of Boingo Wireless during the third quarter worth $114,000. Royal Bank of Canada raised its position in shares of Boingo Wireless by 1.3% during the second quarter. Royal Bank of Canada now owns 10,448 shares of the technology company’s stock worth $156,000 after acquiring an additional 135 shares during the last quarter. Advisor Group Inc. raised its position in shares of Boingo Wireless by 781.9% during the fourth quarter. Advisor Group Inc. now owns 8,078 shares of the technology company’s stock worth $181,000 after acquiring an additional 7,162 shares during the last quarter. UBS Asset Management Americas Inc. bought a new stake in shares of Boingo Wireless during the fourth quarter worth $203,000. Finally, First Republic Investment Management Inc. bought a new stake in shares of Boingo Wireless during the third quarter worth $229,000. Institutional investors own 92.32% of the company’s stock.
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.
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