Northland Securities reaffirmed their buy rating on shares of Boingo Wireless (NASDAQ:WIFI) in a research report sent to investors on Friday morning, AnalystRatings.com reports.
“We believe WIFI’s maintained guidance for 2019, substantial DAS backlog, increasing carrier offload usage and solid growth opportunities within the Multi-Family segment will continue to benefit the company going forward. We therefore maintain our OP rating and $30 price target. Key Points WIFI reported Q2:19 revenue and adjusted EBITDA of $68.6M and $21.9M, ahead of our $68.2M and $21.4M estimates, and in-line with guidance of $66-71M and $20-24M, respectively. Overall revenue growth of ~15% YoY was driven by growth in DAS (+26% YoY) revenues. The DAS segment benefited from access fee revenue growth of ~81% YoY, as well as a ~29% increase in DAS nodes deployed (~31.1K nodes are now deployed, with ~24.2K nodes in backlog).”,” Northland Securities’ analyst commented.
A number of other research firms have also recently commented on WIFI. Oppenheimer reduced their target price on shares of Boingo Wireless from $39.00 to $32.00 and set an outperform rating on the stock in a research report on Thursday, May 9th. BidaskClub lowered shares of Boingo Wireless from a sell rating to a strong sell rating in a research note on Saturday, June 29th. ValuEngine upgraded shares of Boingo Wireless from a sell rating to a hold rating in a research note on Friday. Zacks Investment Research lowered shares of Boingo Wireless from a buy rating to a hold rating in a research note on Thursday, May 16th. Finally, Craig Hallum restated a buy rating and issued a $29.00 price target (up previously from $28.00) on shares of Boingo Wireless in a research note on Thursday, May 9th. One analyst has rated the stock with a sell rating, one has issued a hold rating and ten have assigned a buy rating to the company. The company presently has an average rating of Buy and a consensus target price of $29.78.
Shares of NASDAQ WIFI traded down $1.01 during trading on Friday, reaching $13.20. 1,796,332 shares of the stock were exchanged, compared to its average volume of 778,241. The business’s 50-day moving average price is $17.77. Boingo Wireless has a twelve month low of $12.60 and a twelve month high of $35.98. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 1.89. The company has a market cap of $660.66 million, a P/E ratio of -440.00 and a beta of 1.01.
Boingo Wireless (NASDAQ:WIFI) last posted its earnings results on Wednesday, May 8th. The technology company reported ($0.12) EPS for the quarter, missing analysts’ consensus estimates 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 analyst estimates of $65.74 million. Equities analysts anticipate that Boingo Wireless will post -0.38 earnings per share for the current year.
In other Boingo Wireless news, CFO Peter Hovenier sold 5,000 shares of the business’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $17.80, for a total transaction of $89,000.00. Following the completion of the sale, the chief financial officer now owns 380,723 shares in the company, valued at $6,776,869.40. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director David Hagan sold 98,346 shares of the business’s stock in a transaction on Thursday, July 18th. The shares were sold at an average price of $18.15, for a total transaction of $1,784,979.90. Following the sale, the director now owns 1,056,229 shares of the company’s stock, valued at approximately $19,170,556.35. The disclosure for this sale can be found here. In the last 90 days, insiders sold 147,756 shares of company stock valued at $2,713,919. Insiders own 3.80% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the business. Macquarie Group Ltd. increased its stake in Boingo Wireless by 75.6% during the fourth quarter. Macquarie Group Ltd. now owns 2,067 shares of the technology company’s stock valued at $42,000 after purchasing an additional 890 shares during the last quarter. Lindbrook Capital LLC bought a new stake in Boingo Wireless during the first quarter valued at $96,000. Legal & General Group Plc increased its stake in Boingo Wireless by 13.7% during the fourth quarter. Legal & General Group Plc now owns 7,297 shares of the technology company’s stock valued at $150,000 after purchasing an additional 882 shares during the last quarter. Quantamental Technologies LLC bought a new stake in Boingo Wireless during the first quarter valued at $179,000. Finally, BNP Paribas Arbitrage SA increased its stake in Boingo Wireless by 25.9% during the second quarter. BNP Paribas Arbitrage SA now owns 10,756 shares of the technology company’s stock valued at $193,000 after purchasing an additional 2,216 shares during the last quarter.
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 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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