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.

TRADEMARK VIOLATION NOTICE: This news story was originally published by Dispatch Tribunal and is the sole property of of Dispatch Tribunal. If you are reading this news story on another site, it was illegally stolen and reposted in violation of U.S. and international trademark & copyright legislation. The legal version of this news story can be accessed at https://www.dispatchtribunal.com/2018/02/23/ipass-inc-ipas-short-interest-update.html.

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.

Receive News & Ratings for iPass Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for iPass and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply