Boingo Wireless (WIFI) Raised to Hold at Zacks Investment Research

Zacks Investment Research upgraded shares of Boingo Wireless (NASDAQ:WIFI) from a sell rating to a hold rating in a research note released on Saturday morning.

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. “

WIFI has been the subject of a number of other reports. Credit Suisse Group restated an outperform rating and issued a $32.00 price target (up from $27.00) on shares of Boingo Wireless in a report on Wednesday, February 28th. Jefferies Group raised their price target on shares of Boingo Wireless to $32.00 and gave the stock a buy rating in a report on Wednesday, February 28th. Roth Capital started coverage on shares of Boingo Wireless in a research note on Wednesday, January 17th. They issued a buy rating and a $29.00 price objective on the stock. BidaskClub lowered shares of Boingo Wireless from a buy rating to a hold rating in a research note on Friday, March 30th. Finally, Craig Hallum raised their price objective on shares of Boingo Wireless from $28.00 to $30.00 and gave the company a buy rating in a research note on Wednesday, February 28th. One research analyst has rated the stock with a sell rating, one has issued a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. The stock has an average rating of Buy and an average price target of $28.39.

NASDAQ:WIFI opened at $20.82 on Friday. The company has a quick ratio of 0.48, a current ratio of 0.48 and a debt-to-equity ratio of 0.07. The firm has a market capitalization of $958.73 million, a price-to-earnings ratio of -42.49 and a beta of 0.61. Boingo Wireless has a 12 month low of $14.33 and a 12 month high of $28.34.

Boingo Wireless (NASDAQ:WIFI) last posted its quarterly earnings results on Tuesday, February 27th. The technology company reported ($0.02) EPS for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.09. The business had revenue of $57.35 million during the quarter, compared to analysts’ expectations of $54.48 million. Boingo Wireless had a negative net margin of 7.13% and a negative return on equity of 16.17%. research analysts anticipate that Boingo Wireless will post -0.43 EPS for the current year.

In related news, VP Tom Tracey sold 25,000 shares of the firm’s stock in a transaction dated Friday, March 2nd. The shares were sold at an average price of $25.87, for a total transaction of $646,750.00. Following the transaction, the vice president now directly owns 49,818 shares of the company’s stock, valued at $1,288,791.66. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO David Hagan sold 59,500 shares of the firm’s stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $23.12, for a total transaction of $1,375,640.00. Following the transaction, the chief executive officer now directly owns 606,186 shares in the company, valued at $14,015,020.32. The disclosure for this sale can be found here. Insiders sold 374,352 shares of company stock worth $9,679,504 over the last ninety days. Insiders own 3.80% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in WIFI. Wells Fargo & Company MN lifted its position in shares of Boingo Wireless by 43.6% during the third quarter. Wells Fargo & Company MN now owns 64,059 shares of the technology company’s stock valued at $1,369,000 after purchasing an additional 19,436 shares in the last quarter. Schwab Charles Investment Management Inc. lifted its position in shares of Boingo Wireless by 191.7% during the third quarter. Schwab Charles Investment Management Inc. now owns 184,041 shares of the technology company’s stock valued at $3,933,000 after purchasing an additional 120,941 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Boingo Wireless by 2.2% during the third quarter. Dimensional Fund Advisors LP now owns 1,995,174 shares of the technology company’s stock valued at $42,638,000 after purchasing an additional 42,749 shares in the last quarter. California Public Employees Retirement System lifted its position in shares of Boingo Wireless by 121.8% during the third quarter. California Public Employees Retirement System now owns 28,608 shares of the technology company’s stock valued at $611,000 after purchasing an additional 15,708 shares in the last quarter. Finally, Acadian Asset Management LLC lifted its position in shares of Boingo Wireless by 239.3% during the fourth quarter. Acadian Asset Management LLC now owns 297,365 shares of the technology company’s stock valued at $6,689,000 after purchasing an additional 209,720 shares in the last quarter. 89.59% 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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