iPass Inc. (NASDAQ:IPAS) Downgraded to Sell at ValuEngine

ValuEngine lowered shares of iPass Inc. (NASDAQ:IPAS) from a hold rating to a sell rating in a research report sent to investors on Monday, July 24th.

Several other research analysts have also recently commented on IPAS. Ladenburg Thalmann Financial Services assumed coverage on iPass in a research report on Monday, April 3rd. They issued a buy rating and a $2.70 target price for the company. Maxim Group reaffirmed a buy rating and issued a $3.00 target price on shares of iPass in a research report on Tuesday, May 23rd. Aegis raised iPass from a hold rating to a buy rating and raised their target price for the stock from $1.35 to $2.75 in a research report on Wednesday, May 24th. Finally, Benchmark Co. started coverage on iPass in a research report on Tuesday, April 25th. They issued a buy rating and a $3.00 target price for the company. Two research analysts have rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the stock. iPass presently has a consensus rating of Hold and an average price target of $2.61.

Shares of iPass (NASDAQ IPAS) opened at 0.60 on Monday. The company’s market cap is $40.01 million. The firm’s 50-day moving average is $1.06 and its 200 day moving average is $1.24. iPass has a 1-year low of $0.53 and a 1-year high of $1.89.

iPass (NASDAQ:IPAS) last issued its earnings results on Wednesday, August 2nd. The technology company reported ($0.08) EPS for the quarter, missing the consensus estimate of ($0.03) by $0.05. The firm 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 expect that iPass will post ($0.25) EPS for the current fiscal year.

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In related news, CEO Gary A. Griffiths acquired 100,000 shares of the business’s stock in a transaction on Thursday, August 10th. The stock was bought at an average cost of $0.56 per share, with a total value of $56,000.00. Following the completion of the acquisition, the chief executive officer now owns 1,022,500 shares in the company, valued at $572,600. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 5.70% of the stock is currently owned by company insiders.

Several hedge funds have recently made changes to their positions in IPAS. Susquehanna International Group LLP acquired a new stake in shares of iPass during the second quarter worth $100,000. Northern Trust Corp raised its stake in shares of iPass by 2.4% in the second quarter. Northern Trust Corp now owns 130,999 shares of the technology company’s stock worth $173,000 after buying an additional 3,058 shares during the period. Sterling Capital Management LLC acquired a new stake in shares of iPass during the second quarter worth $228,000. Emancipation Management LLC acquired a new stake in shares of iPass during the second quarter worth $228,000. Finally, P.A.W. Capital Corp acquired a new stake in shares of iPass during the second quarter worth $271,000. Institutional investors own 24.12% of the company’s stock.

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.

To view ValuEngine’s full report, visit ValuEngine’s official website.

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