Boingo Wireless (WIFI) Stock Rating Lowered by Zacks Investment Research

Zacks Investment Research lowered shares of Boingo Wireless (NASDAQ:WIFI) from a buy rating to a hold rating in a research note published on Wednesday.

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. “

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Other equities research analysts also recently issued reports about the company. Northland Securities restated a buy rating on shares of Boingo Wireless in a report on Thursday, March 1st. Lake Street Capital restated a buy rating and set a $30.00 price objective (up from $26.00) on shares of Boingo Wireless in a report on Wednesday, February 28th. Craig Hallum lifted their price objective on Boingo Wireless from $28.00 to $30.00 and gave the stock a buy rating in a report on Wednesday, February 28th. BidaskClub upgraded Boingo Wireless from a sell rating to a hold rating in a report on Thursday, December 21st. Finally, William Blair restated an outperform rating on shares of Boingo Wireless in a report on Monday, March 12th. Two equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. The company presently has an average rating of Buy and an average price target of $28.39.

Shares of WIFI stock opened at $25.16 on Wednesday. The company has a current ratio of 0.48, a quick ratio of 0.48 and a debt-to-equity ratio of 0.07. Boingo Wireless has a twelve month low of $12.27 and a twelve month high of $28.34. The stock has a market capitalization of $1,066.48, a P/E ratio of -51.35 and a beta of 0.49.

Boingo Wireless (NASDAQ:WIFI) last posted its quarterly earnings data on Tuesday, February 27th. The technology company reported ($0.02) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.11) by $0.09. Boingo Wireless had a negative return on equity of 20.09% and a negative net margin of 9.40%. The company had revenue of $57.35 million for the quarter, compared to the consensus estimate of $54.48 million. equities analysts anticipate that Boingo Wireless will post -0.41 earnings per share for the current fiscal year.

In other news, CEO David Hagan sold 19,833 shares of the business’s stock in a transaction that occurred on Tuesday, January 16th. The stock was sold at an average price of $22.18, for a total value of $439,895.94. Following the completion of the sale, the chief executive officer now directly owns 606,186 shares in the company, valued at approximately $13,445,205.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Peter Hovenier sold 50,000 shares of the business’s stock in a transaction that occurred on Thursday, March 8th. The shares were sold at an average price of $27.60, for a total value of $1,380,000.00. Following the completion of the sale, the chief financial officer now owns 31,730 shares of the company’s stock, valued at $875,748. The disclosure for this sale can be found here. Insiders sold a total of 374,352 shares of company stock valued at $9,439,720 over the last quarter. Company insiders own 7.70% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the company. Great West Life Assurance Co. Can bought a new stake in shares of Boingo Wireless in the 3rd quarter valued at approximately $114,000. Royal Bank of Canada increased its holdings 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 acquiring an additional 135 shares during the last quarter. Advisor Group Inc. increased its holdings in shares of Boingo Wireless by 781.9% in the 4th quarter. Advisor Group Inc. now owns 8,078 shares of the technology company’s stock valued at $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 in the 4th quarter valued at approximately $203,000. Finally, First Republic Investment Management Inc. bought a new stake in shares of Boingo Wireless in the 3rd quarter valued at approximately $229,000. Institutional investors and hedge funds own 91.12% of the company’s stock.

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About Boingo Wireless

Boingo Wireless, Inc, together with its subsidiaries, provides wireless connectivity solutions for smartphones, tablets, laptops, wearables, and other wireless-enabled consumer devices. It designs, builds, monitors, and maintains distributed antenna systems (DAS), Wi-Fi, and small cell networks at managed and operated hotspot locations, such as airports, transportation hubs, stadiums, arenas, military bases, universities, convention centers, and office campuses in North America, Latin America, Europe, the Middle East, Africa, and Asia; and offers software applications and solutions to access its Wi-Fi network of approximately 1.5 million hotspots.

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