Boingo Wireless, Inc. (WIFI) Trading Up -2% on Analyst Upgrade

Boingo Wireless, Inc. (NASDAQ:WIFI)’s share price traded up 2% during mid-day trading on Monday after Craig Hallum raised their price target on the stock from $17.00 to $20.00. Craig Hallum currently has a buy rating on the stock. Boingo Wireless traded as high as $19.42 and last traded at $18.82, with a volume of 340,812 shares. The stock had previously closed at $19.21.

Several other equities analysts also recently weighed in on WIFI. Benchmark Co. lifted their price target on shares of Boingo Wireless from $18.00 to $24.00 and gave the company a “buy” rating in a report on Friday, August 4th. ValuEngine raised shares of Boingo Wireless from a “sell” rating to a “hold” rating in a report on Friday, June 2nd. Ladenburg Thalmann Financial Services lifted their price target on shares of Boingo Wireless from $16.85 to $18.50 and gave the company a “buy” rating in a report on Thursday, May 25th. Credit Suisse Group lifted their price target on shares of Boingo Wireless from $16.00 to $17.00 and gave the company an “outperform” rating in a report on Monday, May 15th. Finally, BidaskClub downgraded shares of Boingo Wireless from a “hold” rating to a “sell” rating in a report on Wednesday, July 19th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and seven have assigned a buy rating to the company’s stock. Boingo Wireless has an average rating of “Hold” and an average price target of $17.93.

In other Boingo Wireless news, VP Tom Tracey sold 10,000 shares of the business’s stock in a transaction on Tuesday, June 6th. The shares were sold at an average price of $16.87, for a total transaction of $168,700.00. Following the transaction, the vice president now owns 40,022 shares in the company, valued at $675,171.14. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Derek Peterson sold 14,970 shares of the company’s stock in a transaction dated Friday, June 2nd. The stock was sold at an average price of $16.54, for a total transaction of $247,603.80. Following the completion of the transaction, the insider now owns 45,555 shares in the company, valued at $753,479.70. The disclosure for this sale can be found here. Insiders have sold 985,765 shares of company stock worth $15,549,721 in the last quarter. Company insiders own 7.70% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of WIFI. Castleark Management LLC bought a new position in Boingo Wireless during the second quarter worth approximately $8,995,000. Russell Investments Group Ltd. boosted its position in Boingo Wireless by 64.1% in the second quarter. Russell Investments Group Ltd. now owns 1,239,122 shares of the technology company’s stock worth $18,538,000 after buying an additional 484,061 shares during the last quarter. Renaissance Technologies LLC boosted its position in Boingo Wireless by 20.1% in the second quarter. Renaissance Technologies LLC now owns 2,330,200 shares of the technology company’s stock worth $34,860,000 after buying an additional 389,195 shares during the last quarter. Hood River Capital Management LLC boosted its position in Boingo Wireless by 58.1% in the second quarter. Hood River Capital Management LLC now owns 1,043,219 shares of the technology company’s stock worth $15,607,000 after buying an additional 383,174 shares during the last quarter. Finally, Vanguard Group Inc. boosted its position in Boingo Wireless by 19.0% in the second quarter. Vanguard Group Inc. now owns 2,042,944 shares of the technology company’s stock worth $30,563,000 after buying an additional 326,791 shares during the last quarter. Hedge funds and other institutional investors own 81.44% of the company’s stock.

The company’s market cap is $772.90 million. The company has a 50-day moving average price of $16.28 and a 200-day moving average price of $14.41.

Boingo Wireless (NASDAQ:WIFI) last issued its quarterly earnings data on Thursday, August 3rd. The technology company reported ($0.20) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.17) by $0.03. The business had revenue of $49 million for the quarter, compared to analyst estimates of $46.23 million. Boingo Wireless had a negative return on equity of 25.82% and a negative net margin of 13.85%. The firm’s revenue for the quarter was up 25.3% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.19) earnings per share. On average, equities analysts predict that Boingo Wireless, Inc. will post ($0.64) EPS for the current year.

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Boingo Wireless Company Profile

Boingo Wireless, Inc is a provider of commercial mobile wireless fidelity (Wi-Fi) Internet solutions and indoor Distributed Antenna System (DAS) services. The Company operates as a service provider of wireless connectivity solutions across its managed and operated network and aggregated network for mobile devices such as laptops, smartphones, tablets and other wireless-enabled consumer devices.

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