Boingo Wireless (WIFI) Upgraded to Buy at Zacks Investment Research

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Zacks Investment Research upgraded shares of Boingo Wireless (NASDAQ:WIFI) from a hold rating to a buy rating in a research report sent to investors on Tuesday morning. The brokerage currently has $28.00 target price on the technology company’s stock.

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, caf├ęs 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. “

WIFI has been the topic of a number of other research reports. Craig Hallum upped their target price on Boingo Wireless from $31.00 to $38.00 and gave the company a buy rating in a research note on Friday, September 7th. BidaskClub cut Boingo Wireless from a strong-buy rating to a buy rating in a research note on Saturday, September 22nd. Lake Street Capital reissued a buy rating and issued a $34.00 price objective (up previously from $31.00) on shares of Boingo Wireless in a research note on Friday, November 2nd. Roth Capital set a $40.00 price objective on Boingo Wireless and gave the stock a buy rating in a research note on Wednesday, October 17th. Finally, Oppenheimer increased their price objective on Boingo Wireless from $30.00 to $39.00 and gave the stock an outperform rating in a research note on Friday, September 21st. One analyst has rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. The company presently has a consensus rating of Buy and an average target price of $36.00.

Shares of WIFI traded up $0.13 during mid-day trading on Tuesday, reaching $25.02. 1,096,818 shares of the company’s stock traded hands, compared to its average volume of 664,019. Boingo Wireless has a 12 month low of $20.02 and a 12 month high of $35.98. The company has a quick ratio of 0.43, a current ratio of 0.29 and a debt-to-equity ratio of 0.06.

Boingo Wireless (NASDAQ:WIFI) last released its earnings results on Thursday, November 1st. The technology company reported ($0.01) EPS for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.09. The firm had revenue of $65.25 million for the quarter, compared to analysts’ expectations of $63.32 million. Boingo Wireless had a negative return on equity of 2.53% and a negative net margin of 1.10%. The company’s quarterly revenue was up 21.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.09) earnings per share. Equities analysts forecast that Boingo Wireless will post -0.13 earnings per share for the current year.

In related news, CEO David Hagan sold 19,833 shares of the stock in a transaction that occurred on Tuesday, August 14th. The stock was sold at an average price of $30.96, for a total value of $614,029.68. Following the transaction, the chief executive officer now owns 606,481 shares of the company’s stock, valued at $18,776,651.76. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Dawn Callahan sold 29,953 shares of the stock in a transaction that occurred on Tuesday, August 21st. The stock was sold at an average price of $31.47, for a total value of $942,620.91. Following the completion of the transaction, the insider now directly owns 4,953 shares in the company, valued at approximately $155,870.91. The disclosure for this sale can be found here. In the last three months, insiders sold 247,865 shares of company stock worth $7,939,650. 3.80% of the stock is owned by insiders.

A number of large investors have recently made changes to their positions in WIFI. GSA Capital Partners LLP bought a new position in Boingo Wireless in the second quarter worth approximately $228,000. Bank of Montreal Can lifted its holdings in Boingo Wireless by 557.7% during the second quarter. Bank of Montreal Can now owns 10,529 shares of the technology company’s stock worth $238,000 after buying an additional 8,928 shares during the period. State Board of Administration of Florida Retirement System lifted its holdings in Boingo Wireless by 38.5% during the second quarter. State Board of Administration of Florida Retirement System now owns 11,916 shares of the technology company’s stock worth $269,000 after buying an additional 3,310 shares during the period. Trexquant Investment LP purchased a new stake in Boingo Wireless during the third quarter worth $276,000. Finally, Fox Run Management L.L.C. purchased a new stake in Boingo Wireless during the second quarter worth $302,000. 95.05% of the stock is currently owned by institutional investors.

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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