Equities analysts forecast that Boingo Wireless Inc (NASDAQ:WIFI) will announce $52.14 million in sales for the current fiscal quarter, Zacks Investment Research reports. Six analysts have issued estimates for Boingo Wireless’ earnings, with the lowest sales estimate coming in at $50.79 million and the highest estimate coming in at $52.84 million. Boingo Wireless reported sales of $44.33 million during the same quarter last year, which indicates a positive year over year growth rate of 17.6%. The business is expected to announce its next earnings report on Thursday, May 3rd.
On average, analysts expect that Boingo Wireless will report full year sales of $52.14 million for the current financial year, with estimates ranging from $229.20 million to $241.66 million. For the next financial year, analysts anticipate that the business will report sales of $270.40 million per share, with estimates ranging from $262.40 million to $283.10 million. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research analysts that that provide coverage for Boingo Wireless.
Several research firms recently weighed in on WIFI. Zacks Investment Research upgraded shares of Boingo Wireless from a “hold” rating to a “buy” rating and set a $30.00 price objective for the company in a research report on Thursday, March 8th. William Blair restated an “outperform” rating on shares of Boingo Wireless in a research report on Monday. Credit Suisse Group reaffirmed an “outperform” rating and set a $32.00 target price (up previously from $27.00) on shares of Boingo Wireless in a report on Wednesday, February 28th. Jefferies Group lifted their target price on shares of Boingo Wireless to $32.00 and gave the stock a “buy” rating in a report on Wednesday, February 28th. Finally, Lake Street Capital reaffirmed a “buy” rating and set a $30.00 target price (up previously from $26.00) on shares of Boingo Wireless in a report on Wednesday, February 28th. Two investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target 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 shares were sold at an average price of $22.10, for a total value of $1,314,950.00. Following the completion of the transaction, the chief executive officer now owns 606,186 shares of the company’s stock, valued at approximately $13,396,710.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Dawn Callahan sold 11,437 shares of the business’s stock in a transaction on Wednesday, December 13th. The shares were sold at an average price of $22.85, for a total transaction of $261,335.45. Following the completion of the transaction, the insider now directly owns 11,370 shares of the company’s stock, valued at approximately $259,804.50. The disclosure for this sale can be found here. Insiders sold a total of 318,956 shares of company stock valued at $7,765,853 in the last three months. 7.70% of the stock is owned by company insiders.
Several hedge funds have recently made changes to their positions in WIFI. Bank of New York Mellon Corp grew its holdings in shares of Boingo Wireless by 99.6% in the 4th quarter. Bank of New York Mellon Corp now owns 1,113,217 shares of the technology company’s stock valued at $25,047,000 after buying an additional 555,471 shares during the period. Renaissance Technologies LLC boosted its stake in Boingo Wireless by 15.2% in the 4th quarter. Renaissance Technologies LLC now owns 3,001,000 shares of the technology company’s stock worth $67,523,000 after purchasing an additional 395,200 shares during the period. Granite Investment Partners LLC boosted its stake in Boingo Wireless by 150.2% in the 3rd quarter. Granite Investment Partners LLC now owns 558,106 shares of the technology company’s stock worth $11,927,000 after purchasing an additional 335,019 shares during the period. Vanguard Group Inc. boosted its stake in Boingo Wireless by 19.0% in the 2nd quarter. Vanguard Group Inc. now owns 2,042,944 shares of the technology company’s stock worth $30,563,000 after purchasing an additional 326,791 shares during the period. Finally, Monarch Partners Asset Management LLC boosted its stake in Boingo Wireless by 1,246.2% in the 4th quarter. Monarch Partners Asset Management LLC now owns 310,708 shares of the technology company’s stock worth $6,991,000 after purchasing an additional 287,628 shares during the period. 91.80% of the stock is owned by institutional investors.
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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.
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