Short Interest in iPass Inc. (NASDAQ:IPAS) Declines By 53.5%

iPass Inc. (NASDAQ:IPAS) saw a significant drop in short interest in the month of January. As of January 12th, there was short interest totalling 383,780 shares, a drop of 53.5% from the December 29th total of 825,607 shares. Based on an average daily volume of 464,149 shares, the days-to-cover ratio is presently 0.8 days. Approximately 0.6% of the shares of the company are sold short.

Shares of iPass (NASDAQ:IPAS) traded down $0.04 during trading hours on Friday, hitting $0.43. 710,800 shares of the stock traded hands, compared to its average volume of 478,602. The firm has a market cap of $31.10, a P/E ratio of -1.59 and a beta of -0.34. iPass has a 52 week low of $0.39 and a 52 week high of $1.51.

iPass (NASDAQ:IPAS) last issued its quarterly earnings results on Wednesday, February 21st. The technology company reported ($0.06) earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.06). The business had revenue of $13.24 million for the quarter, compared to the consensus estimate of $12.90 million. iPass had a negative net margin of 30.66% and a negative return on equity of 149.50%. analysts predict that iPass will post -0.28 EPS for the current year.

Large investors have recently made changes to their positions in the business. Susquehanna International Group LLP bought a new stake in iPass during the 2nd quarter worth about $100,000. Northern Trust Corp raised its holdings in iPass by 2.4% during the 2nd quarter. Northern Trust Corp now owns 130,999 shares of the technology company’s stock worth $173,000 after purchasing an additional 3,058 shares during the last quarter. Sterling Capital Management LLC bought a new stake in shares of iPass in the 2nd quarter valued at about $228,000. P.A.W. Capital Corp increased its stake in shares of iPass by 143.9% in the 3rd quarter. P.A.W. Capital Corp now owns 500,000 shares of the technology company’s stock valued at $330,000 after acquiring an additional 295,000 shares during the last quarter. Finally, Royce & Associates LP increased its stake in shares of iPass by 14.3% in the 3rd quarter. Royce & Associates LP now owns 948,500 shares of the technology company’s stock valued at $626,000 after acquiring an additional 118,500 shares during the last quarter. 27.31% of the stock is owned by hedge funds and other institutional investors.

A number of brokerages recently issued reports on IPAS. Maxim Group set a $2.00 target price on shares of iPass and gave the stock a “buy” rating in a research report on Thursday. Roth Capital assumed coverage on shares of iPass in a research report on Wednesday, January 17th. They set a “buy” rating and a $2.00 target price on the stock. Finally, Zacks Investment Research upgraded shares of iPass from a “sell” rating to a “hold” rating in a research note on Wednesday, January 3rd. Two research analysts have rated the stock with a sell rating and five have given a buy rating to the company’s stock. iPass has a consensus rating of “Hold” and a consensus target price of $2.22.

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About iPass

iPass Inc (iPass), is a provider of global mobile connectivity, offering wireless fidelity (Wi-Fi) on mobile devices. The Company, through its Mobile Connectivity Services segment, offers a cloud-based solution allowing its customers and their users’ access to its global Wi-Fi network to stay connected to the people and information.

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