Boingo Wireless (NASDAQ:WIFI) Cut to “Sell” at Zacks Investment Research

Zacks Investment Research downgraded shares of Boingo Wireless (NASDAQ:WIFI) from a hold rating to a sell rating in a report issued on Saturday, January 6th.

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. “

A number of other research firms have also recently commented on WIFI. Oppenheimer lifted their price target on shares of Boingo Wireless and gave the stock an outperform rating in a report on Friday, November 3rd. BidaskClub cut shares of Boingo Wireless from a hold rating to a sell rating in a report on Thursday, January 4th. Jefferies Group lifted their price target on shares of Boingo Wireless from $20.00 to $27.00 and gave the stock a buy rating in a report on Friday, November 3rd. Credit Suisse Group boosted their target price on shares of Boingo Wireless from $24.00 to $26.00 and gave the company an outperform rating in a report on Friday, November 3rd. Finally, Craig Hallum boosted their target price on shares of Boingo Wireless from $24.00 to $28.00 and gave the company a buy rating in a report on Friday, November 3rd. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and eight have given a buy rating to the stock. Boingo Wireless currently has an average rating of Buy and an average target price of $24.50.

Boingo Wireless (NASDAQ:WIFI) traded up $0.67 during trading hours on Friday, hitting $24.25. 360,475 shares of the company were exchanged, compared to its average volume of 414,975. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.50 and a quick ratio of 0.50. The company has a market cap of $957.46, a PE ratio of -41.81 and a beta of 0.53. Boingo Wireless has a 52 week low of $10.46 and a 52 week high of $25.99.

Boingo Wireless (NASDAQ:WIFI) last posted its quarterly earnings results on Thursday, November 2nd. The technology company reported ($0.09) EPS for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.04. The company had revenue of $53.66 million for the quarter, compared to analysts’ expectations of $50.22 million. Boingo Wireless had a negative net margin of 11.75% and a negative return on equity of 23.62%. Boingo Wireless’s revenue was up 31.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.15) EPS. sell-side analysts anticipate that Boingo Wireless will post -0.57 EPS for the current year.

In other news, CEO David Hagan sold 59,500 shares of the company’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 transaction, the chief executive officer now owns 606,186 shares of the company’s stock, valued at $13,396,710.60. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Peter Hovenier sold 25,000 shares of the company’s stock in a transaction on Monday, November 20th. The stock was sold at an average price of $24.51, for a total transaction of $612,750.00. Following the completion of the transaction, the chief financial officer now directly owns 10,000 shares in the company, valued at approximately $245,100. The disclosure for this sale can be found here. Insiders have sold a total of 175,770 shares of company stock worth $4,071,931 in the last three months. Insiders own 7.70% of the company’s stock.

Institutional investors have recently added to or reduced their stakes in the company. Great West Life Assurance Co. Can bought a new position in shares of Boingo Wireless in the third quarter worth $114,000. Legal & General Group Plc increased its holdings in shares of Boingo Wireless by 3.9% in the second quarter. Legal & General Group Plc now owns 9,149 shares of the technology company’s stock worth $137,000 after purchasing an additional 341 shares during the period. Royal Bank of Canada increased its holdings in shares of Boingo Wireless by 1.3% in the second quarter. Royal Bank of Canada now owns 10,448 shares of the technology company’s stock worth $156,000 after purchasing an additional 135 shares during the period. American Century Companies Inc. bought a new position in shares of Boingo Wireless in the second quarter worth $164,000. Finally, First Republic Investment Management Inc. bought a new position in shares of Boingo Wireless in the third quarter worth $229,000. 90.53% of the stock is currently owned by hedge funds and other 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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