Stock Traders Buy Large Volume of Boingo Wireless Call Options (NASDAQ:WIFI)

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Boingo Wireless Inc (NASDAQ:WIFI) was the target of unusually large options trading activity on Wednesday. Investors bought 2,518 call options on the stock. This is an increase of approximately 4,241% compared to the average daily volume of 58 call options.

Shares of NASDAQ:WIFI opened at $17.91 on Thursday. The firm has a 50 day moving average price of $19.85. The firm has a market cap of $828.24 million, a PE ratio of -597.00 and a beta of 1.18. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 1.89. Boingo Wireless has a 12 month low of $17.14 and a 12 month high of $35.98.

Boingo Wireless (NASDAQ:WIFI) last issued its earnings results on Wednesday, May 8th. The technology company reported ($0.12) EPS for the quarter, missing the consensus estimate of ($0.10) by ($0.02). The firm had revenue of $66.47 million during the quarter, compared to analyst estimates of $65.74 million. Boingo Wireless had a negative net margin of 1.21% and a negative return on equity of 2.82%. On average, sell-side analysts forecast that Boingo Wireless will post -0.38 EPS for the current fiscal year.

WIFI has been the subject of a number of recent research reports. Zacks Investment Research downgraded shares of Boingo Wireless from a “buy” rating to a “hold” rating in a report on Thursday, May 16th. Craig Hallum reissued a “buy” rating and issued a $28.00 price objective (down previously from $36.00) on shares of Boingo Wireless in a report on Thursday, February 28th. BidaskClub raised shares of Boingo Wireless from a “hold” rating to a “buy” rating in a report on Thursday, April 11th. William Blair reissued a “buy” rating on shares of Boingo Wireless in a report on Thursday, March 28th. Finally, Credit Suisse Group cut their price objective on shares of Boingo Wireless from $35.00 to $29.00 and set an “outperform” rating for the company in a report on Thursday, February 28th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and nine have issued a buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $32.67.

In related news, CFO Peter Hovenier sold 5,000 shares of Boingo Wireless stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $23.21, for a total transaction of $116,050.00. Following the completion of the sale, the chief financial officer now owns 400,723 shares of the company’s stock, valued at approximately $9,300,780.83. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director David Hagan sold 29,364 shares of the business’s stock in a transaction dated Friday, April 12th. The shares were sold at an average price of $25.36, for a total transaction of $744,671.04. Following the completion of the sale, the director now directly owns 1,103,375 shares of the company’s stock, valued at approximately $27,981,590. The disclosure for this sale can be found here. Insiders have sold a total of 60,992 shares of company stock valued at $1,477,463 in the last ninety days. 3.80% of the stock is currently owned by insiders.

Hedge funds have recently added to or reduced their stakes in the stock. Mackay Shields LLC acquired a new position in Boingo Wireless during the 4th quarter worth approximately $366,000. Legal & General Group Plc increased its position in Boingo Wireless by 13.7% in the 4th quarter. Legal & General Group Plc now owns 7,297 shares of the technology company’s stock valued at $150,000 after acquiring an additional 882 shares during the period. New York State Common Retirement Fund increased its position in Boingo Wireless by 3.9% in the 4th quarter. New York State Common Retirement Fund now owns 114,344 shares of the technology company’s stock valued at $2,352,000 after acquiring an additional 4,253 shares during the period. Bank of Montreal Can increased its position in Boingo Wireless by 15.5% in the 1st quarter. Bank of Montreal Can now owns 266,244 shares of the technology company’s stock valued at $6,198,000 after acquiring an additional 35,781 shares during the period. Finally, Geode Capital Management LLC increased its position in Boingo Wireless by 9.2% in the 4th quarter. Geode Capital Management LLC now owns 489,743 shares of the technology company’s stock valued at $10,074,000 after acquiring an additional 41,401 shares during the period.

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 worldwide. The company offers distributed antenna systems and small cell networks at managed and operated locations; high-speed Wi-Fi services for residential consumers on military bases and at multifamily properties; and wholesale Wi-Fi services to network operators, device manufacturers, technology companies, enterprise software and services companies, venue operators, and financial services companies, as well as retail Internet access services.

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