Boingo Wireless Inc (NASDAQ:WIFI) rose 7.2% during trading on Tuesday . The stock traded as high as $18.81 and last traded at $18.75. Approximately 1,003,473 shares changed hands during trading, an increase of 82% from the average daily volume of 550,377 shares. The stock had previously closed at $17.49.
WIFI has been the subject of several analyst reports. Northland Securities initiated coverage on shares of Boingo Wireless in a research report on Monday, April 22nd. They set a “buy” rating and a $30.00 price target for the company. BidaskClub upgraded shares of Boingo Wireless from a “hold” rating to a “buy” rating in a research report on Thursday, April 11th. William Blair reiterated a “buy” rating on shares of Boingo Wireless in a research report on Thursday, March 28th. Roth Capital reiterated a “buy” rating on shares of Boingo Wireless in a research report on Friday, March 1st. Finally, Craig Hallum reiterated a “buy” rating and set a $28.00 price target (down previously from $36.00) on shares of Boingo Wireless in a research report on Thursday, February 28th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $32.67.
The company has a market capitalization of $824.72 million, a price-to-earnings ratio of -634.83 and a beta of 1.18. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 1.89.
Boingo Wireless (NASDAQ:WIFI) last released its quarterly earnings data on Wednesday, May 8th. The technology company reported ($0.12) earnings per share for the quarter, missing the consensus estimate of ($0.10) by ($0.02). Boingo Wireless had a negative return on equity of 2.82% and a negative net margin of 1.21%. The firm had revenue of $66.47 million for the quarter, compared to the consensus estimate of $65.74 million. Equities analysts anticipate that Boingo Wireless Inc will post -0.38 earnings per share for the current year.
In related news, insider Derek Peterson sold 11,628 shares of Boingo Wireless stock in a transaction that occurred on Thursday, May 16th. The shares were sold at an average price of $21.77, for a total transaction of $253,141.56. Following the transaction, the insider now owns 57,447 shares of the company’s stock, valued at approximately $1,250,621.19. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Peter Hovenier sold 10,000 shares of Boingo Wireless stock in a transaction that occurred on Friday, April 5th. The stock was sold at an average price of $25.00, for a total transaction of $250,000.00. Following the transaction, the chief financial officer now directly owns 390,723 shares in the company, valued at approximately $9,768,075. The disclosure for this sale can be found here. Insiders have sold a total of 60,992 shares of company stock worth $1,477,463 in the last three months. 3.80% of the stock is owned by insiders.
A number of institutional investors have recently added to or reduced their stakes in the stock. Rhumbline Advisers lifted its holdings in shares of Boingo Wireless by 48.0% during the 4th quarter. Rhumbline Advisers now owns 54,225 shares of the technology company’s stock worth $1,115,000 after acquiring an additional 17,587 shares during the period. SG Americas Securities LLC acquired a new stake in shares of Boingo Wireless during the 4th quarter worth about $1,596,000. State Board of Administration of Florida Retirement System increased its position in shares of Boingo Wireless by 6.0% during the 4th quarter. State Board of Administration of Florida Retirement System now owns 12,627 shares of the technology company’s stock worth $260,000 after purchasing an additional 711 shares in the last quarter. Affinity Investment Advisors LLC acquired a new stake in shares of Boingo Wireless during the 4th quarter worth about $216,000. Finally, Victory Capital Management Inc. increased its position in shares of Boingo Wireless by 17.5% during the 4th quarter. Victory Capital Management Inc. now owns 1,203,235 shares of the technology company’s stock worth $24,751,000 after purchasing an additional 179,165 shares in the last quarter.
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About Boingo Wireless (NASDAQ:WIFI)
Boingo Wireless, Inc, together with its subsidiaries, provides wireless connectivity solutions for smartphones, tablets, laptops, wearables, and other wireless-enabled consumer devices worldwide. The company offers distributed antenna systems and small cell networks at managed and operated locations; high-speed Wi-Fi services for residential consumers on military bases and at multifamily properties; and wholesale Wi-Fi services to network operators, device manufacturers, technology companies, enterprise software and services companies, venue operators, and financial services companies, as well as retail Internet access services.
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