Roth Capital set a $40.00 price objective on Boingo Wireless (NASDAQ:WIFI) in a report issued on Wednesday morning, The Fly reports. The firm currently has a buy rating on the technology company’s stock.
A number of other analysts have also recently commented on WIFI. BidaskClub upgraded Boingo Wireless from a hold rating to a buy rating in a research report on Friday, July 6th. Zacks Investment Research upgraded Boingo Wireless from a sell rating to a hold rating in a research report on Friday, July 20th. Craig Hallum upped their price target on Boingo Wireless from $30.00 to $31.00 and gave the stock a buy rating in a research report on Thursday, August 2nd. Finally, Jefferies Financial Group upped their price target on Boingo Wireless from $33.00 to $38.00 and gave the stock a buy rating in a research report on Monday, August 20th. Eleven research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of Buy and an average price target of $36.75.
Shares of WIFI opened at $32.75 on Wednesday. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.43 and a quick ratio of 0.43. Boingo Wireless has a 52 week low of $20.02 and a 52 week high of $35.98.
Boingo Wireless (NASDAQ:WIFI) last issued its quarterly earnings results on Wednesday, August 1st. The technology company reported $0.05 EPS for the quarter, topping analysts’ consensus estimates of ($0.14) by $0.19. The business had revenue of $59.60 million during the quarter, compared to analysts’ expectations of $56.52 million. Boingo Wireless had a negative return on equity of 5.51% and a negative net margin of 2.44%. The business’s quarterly revenue was up 21.6% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.20) earnings per share. Equities research analysts anticipate that Boingo Wireless will post -0.19 EPS for the current year.
In other news, CEO David Hagan sold 59,500 shares of the company’s stock in a transaction dated Thursday, August 16th. The stock was sold at an average price of $31.01, for a total value of $1,845,095.00. Following the completion of the transaction, the chief executive officer now owns 606,481 shares of the company’s stock, valued at $18,806,975.81. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, VP Tom Tracey sold 25,000 shares of the company’s stock in a transaction dated Monday, August 6th. The stock was sold at an average price of $31.44, for a total value of $786,000.00. Following the completion of the transaction, the vice president now directly owns 46,605 shares of the company’s stock, valued at approximately $1,465,261.20. The disclosure for this sale can be found here. In the last ninety days, insiders sold 279,865 shares of company stock valued at $8,943,560. Corporate insiders own 3.80% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Cornerstone Wealth Management LLC bought a new position in Boingo Wireless during the second quarter valued at approximately $352,000. GSA Capital Partners LLP bought a new position in Boingo Wireless during the second quarter valued at approximately $228,000. Bank of Montreal Can boosted its stake in Boingo Wireless by 557.7% during the second quarter. Bank of Montreal Can now owns 10,529 shares of the technology company’s stock valued at $238,000 after buying an additional 8,928 shares during the last quarter. Sei Investments Co. bought a new position in Boingo Wireless during the first quarter valued at approximately $290,000. Finally, State Board of Administration of Florida Retirement System boosted its stake in Boingo Wireless by 38.5% during the second quarter. State Board of Administration of Florida Retirement System now owns 11,916 shares of the technology company’s stock valued at $269,000 after buying an additional 3,310 shares during the last quarter. 95.67% of the stock is owned by hedge funds and other 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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