Boingo Wireless, Inc. (WIFI) Hits New 12-Month High at $22.60

Boingo Wireless, Inc. (NASDAQ:WIFI) shares reached a new 52-week high on Wednesday . The company traded as high as $22.60 and last traded at $22.60, with a volume of 237,196 shares trading hands. The stock had previously closed at $21.93.

A number of research firms recently weighed in on WIFI. Oppenheimer Holdings, Inc. reaffirmed an “outperform” rating and issued a $24.00 target price (up previously from $18.00) on shares of Boingo Wireless in a research report on Wednesday, August 9th. Jefferies Group LLC reaffirmed a “buy” rating and issued a $20.00 target price (up previously from $17.00) on shares of Boingo Wireless in a research report on Wednesday, August 9th. Benchmark Co. raised their target price on shares of Boingo Wireless from $18.00 to $24.00 and gave the company a “buy” rating in a research report on Friday, August 4th. Zacks Investment Research raised shares of Boingo Wireless from a “hold” rating to a “buy” rating and set a $24.00 target price for the company in a research report on Thursday, October 5th. Finally, Craig Hallum lifted their price objective on shares of Boingo Wireless from $17.00 to $20.00 and gave the company a “buy” rating in a research report on Friday, August 4th. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and eight have given a buy rating to the company. The stock has an average rating of “Buy” and an average target price of $19.15.

The stock’s market capitalization is $905.26 million. The company’s 50-day moving average price is $21.14 and its 200 day moving average price is $17.03.

Boingo Wireless (NASDAQ:WIFI) last posted its earnings results on Thursday, August 3rd. The technology company reported ($0.20) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.17) by ($0.03). Boingo Wireless had a negative return on equity of 25.82% and a negative net margin of 13.85%. The firm had revenue of $49.00 million during the quarter, compared to the consensus estimate of $46.23 million. During the same quarter in the previous year, the company earned ($0.19) EPS. The business’s revenue was up 25.3% compared to the same quarter last year. On average, analysts expect that Boingo Wireless, Inc. will post ($0.62) earnings per share for the current year.

In related news, CFO Peter Hovenier sold 18,552 shares of the stock in a transaction dated Thursday, September 14th. The shares were sold at an average price of $21.31, for a total transaction of $395,343.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO David Hagan sold 25,000 shares of the stock in a transaction dated Thursday, July 20th. The shares were sold at an average price of $15.34, for a total transaction of $383,500.00. Following the transaction, the chief executive officer now owns 621,853 shares of the company’s stock, valued at approximately $9,539,225.02. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 620,778 shares of company stock valued at $10,680,749. 7.70% of the stock is owned by company insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of WIFI. Castleark Management LLC bought a new position in Boingo Wireless during the second quarter valued at about $8,995,000. Russell Investments Group Ltd. grew its position in Boingo Wireless by 64.1% during the second quarter. Russell Investments Group Ltd. now owns 1,239,122 shares of the technology company’s stock valued at $18,538,000 after buying an additional 484,061 shares during the period. Renaissance Technologies LLC grew its position in Boingo Wireless by 20.1% during the second quarter. Renaissance Technologies LLC now owns 2,330,200 shares of the technology company’s stock valued at $34,860,000 after buying an additional 389,195 shares during the period. Hood River Capital Management LLC grew its position in Boingo Wireless by 58.1% during the second quarter. Hood River Capital Management LLC now owns 1,043,219 shares of the technology company’s stock valued at $15,607,000 after buying an additional 383,174 shares during the period. Finally, Vanguard Group Inc. grew its position in Boingo Wireless by 19.0% during the second quarter. Vanguard Group Inc. now owns 2,042,944 shares of the technology company’s stock valued at $30,563,000 after buying an additional 326,791 shares during the period. Institutional investors own 89.08% of the company’s stock.

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About Boingo Wireless

Boingo Wireless, Inc is a provider of commercial mobile wireless fidelity (Wi-Fi) Internet solutions and indoor direct-attached storage (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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