BidaskClub Lowers Boingo Wireless (WIFI) to Hold

BidaskClub downgraded shares of Boingo Wireless (NASDAQ:WIFI) from a buy rating to a hold rating in a research note issued to investors on Saturday.

Several other research analysts also recently commented on the company. Zacks Investment Research raised Boingo Wireless from a hold rating to a buy rating and set a $36.00 price objective on the stock in a research note on Tuesday, September 4th. Craig Hallum raised their price objective on Boingo Wireless from $31.00 to $38.00 and gave the stock a buy rating in a research note on Friday, September 7th. Jefferies Financial Group raised their price objective on Boingo Wireless from $33.00 to $38.00 and gave the stock a buy rating in a research note on Monday, August 20th. Roth Capital set a $32.00 price objective on Boingo Wireless and gave the stock a buy rating in a research note on Thursday, August 2nd. Finally, CIBC raised their price objective on Boingo Wireless from $30.00 to $39.00 and gave the stock an outperform rating in a research note on Friday, September 21st. One investment analyst has rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. The company has an average rating of Buy and an average target price of $36.00.

NASDAQ WIFI opened at $24.42 on Friday. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.43 and a current ratio of 0.43. Boingo Wireless has a 52 week low of $20.02 and a 52 week high of $35.98. The stock has a market capitalization of $1.05 billion, a PE ratio of -49.84 and a beta of 0.80.

Boingo Wireless (NASDAQ:WIFI) last posted its quarterly earnings data on Thursday, November 1st. The technology company reported ($0.01) EPS for the quarter, topping the consensus estimate of ($0.10) by $0.09. Boingo Wireless had a negative return on equity of 2.58% and a negative net margin of 1.10%. The firm had revenue of $65.25 million for the quarter, compared to the consensus estimate of $63.32 million. During the same quarter last year, the company earned ($0.09) earnings per share. The business’s revenue for the quarter was up 21.6% compared to the same quarter last year. On average, equities analysts predict that Boingo Wireless will post -0.17 EPS for the current fiscal year.

In related news, CEO David Hagan sold 30,000 shares of the stock in a transaction dated Friday, October 12th. The stock was sold at an average price of $30.56, for a total transaction of $916,800.00. Following the completion of the sale, the chief executive officer now owns 522,314 shares in the company, valued at $15,961,915.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Dawn Callahan sold 29,953 shares of the stock in a transaction dated Tuesday, August 21st. The stock was sold at an average price of $31.47, for a total value of $942,620.91. Following the sale, the insider now owns 4,953 shares of the company’s stock, valued at approximately $155,870.91. The disclosure for this sale can be found here. Insiders have sold 247,865 shares of company stock valued at $7,939,650 in the last quarter. 3.80% of the stock is currently owned by company insiders.

Several large investors have recently added to or reduced their stakes in WIFI. GSA Capital Partners LLP purchased a new stake in shares of Boingo Wireless during the second quarter worth about $228,000. Bank of Montreal Can grew its holdings in Boingo Wireless by 557.7% during the 2nd 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 in the last quarter. State Board of Administration of Florida Retirement System grew its holdings in Boingo Wireless by 38.5% during the 2nd 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 in the last quarter. Fox Run Management L.L.C. purchased a new position in Boingo Wireless during the 2nd quarter valued at approximately $302,000. Finally, Public Employees Retirement Association of Colorado purchased a new position in Boingo Wireless during the 3rd quarter valued at approximately $306,000. Hedge funds and other institutional investors own 95.05% of the company’s stock.

Boingo Wireless Company Profile

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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