iPass Inc. (IPAS) Sets New 12-Month Low at $0.60

iPass Inc. (NASDAQ:IPAS) shares hit a new 52-week low during trading on Wednesday . The stock traded as low as $0.60 and last traded at $0.60, with a volume of 257,545 shares. The stock had previously closed at $0.62.

Several research analysts have commented on IPAS shares. Maxim Group set a $2.00 target price on iPass and gave the stock a “buy” rating in a research note on Thursday, August 3rd. ValuEngine downgraded iPass from a “hold” rating to a “sell” rating in a research note on Monday, July 24th. Zacks Investment Research cut iPass from a “hold” rating to a “sell” rating in a report on Tuesday. Benchmark Co. started coverage on iPass in a report on Tuesday, April 25th. They issued a “buy” rating and a $3.00 price target on the stock. Finally, Aegis raised iPass from a “hold” rating to a “buy” rating and raised their price target for the company from $1.35 to $2.75 in a report on Wednesday, May 24th. Two research analysts have rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $2.61.

The firm’s 50 day moving average is $1.06 and its 200-day moving average is $1.24. The firm’s market cap is $40.01 million.

iPass (NASDAQ:IPAS) last released its quarterly earnings data on Wednesday, August 2nd. The technology company reported ($0.08) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.03) by $0.05. The business had revenue of $13.47 million during the quarter. iPass had a negative return on equity of 78.31% and a negative net margin of 20.49%. Equities analysts forecast that iPass Inc. will post ($0.25) earnings per share for the current year.

In other iPass news, CEO Gary A. Griffiths acquired 100,000 shares of the company’s stock in a transaction dated Thursday, August 10th. The stock was purchased at an average price of $0.56 per share, with a total value of $56,000.00. Following the completion of the purchase, the chief executive officer now directly owns 1,022,500 shares in the company, valued at approximately $572,600. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 5.70% of the company’s stock.

A number of institutional investors have recently made changes to their positions in the stock. Royce & Associates LP purchased a new position in shares of iPass during the first quarter worth approximately $749,000. P.A.W. Capital Corp purchased a new position in shares of iPass during the second quarter worth approximately $271,000. Emancipation Management LLC purchased a new position in shares of iPass during the second quarter worth approximately $228,000. Sterling Capital Management LLC purchased a new position in shares of iPass during the second quarter worth approximately $228,000. Finally, Abbrea Capital LLC raised its position in shares of iPass by 46.5% in the first quarter. Abbrea Capital LLC now owns 315,000 shares of the technology company’s stock worth $369,000 after buying an additional 100,000 shares during the last quarter. 24.12% of the stock is owned by institutional investors.

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About iPass

iPass Inc (iPass), is a provider of global mobile connectivity, offering wireless fidelity (Wi-Fi) on mobile devices. The Company, through its Mobile Connectivity Services segment, offers a cloud-based solution allowing its customers and their users’ access to its global Wi-Fi network to stay connected to the people and information.

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