iPass’ (IPAS) “Buy” Rating Reaffirmed at Maxim Group

iPass Inc. (NASDAQ:IPAS)‘s stock had its “buy” rating reiterated by investment analysts at Maxim Group in a research report issued to clients and investors on Thursday. They currently have a $2.00 price objective on the technology company’s stock. Maxim Group’s price objective suggests a potential upside of 220.00% from the stock’s previous close.

Several other equities research analysts have also recently weighed in on IPAS. Zacks Investment Research cut iPass from a “hold” rating to a “sell” rating in a research note on Tuesday, August 15th. Aegis decreased their price target on iPass from $2.75 to $1.40 and set a “buy” rating for the company in a research note on Wednesday, September 13th. Finally, ValuEngine cut iPass from a “hold” rating to a “sell” rating in a research note on Monday, July 24th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $2.28.

iPass (NASDAQ:IPAS) last issued its quarterly earnings results on Wednesday, August 2nd. The technology company reported ($0.08) earnings per share for the quarter, missing the consensus estimate of ($0.03) by ($0.05). The company had revenue of $13.47 million during the quarter. iPass had a negative net margin of 20.49% and a negative return on equity of 78.31%.

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In other iPass news, CEO Gary A. Griffiths bought 100,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 10th. The stock was acquired 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 of the company’s stock, valued at approximately $572,600. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 5.70% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Susquehanna International Group LLP acquired a new stake in iPass during the second quarter worth approximately $100,000. Northern Trust Corp grew its stake in iPass by 2.4% during the second quarter. Northern Trust Corp now owns 130,999 shares of the technology company’s stock worth $173,000 after purchasing an additional 3,058 shares during the period. Emancipation Management LLC acquired a new stake in iPass during the second quarter worth approximately $228,000. Sterling Capital Management LLC acquired a new stake in iPass during the second quarter worth approximately $228,000. Finally, P.A.W. Capital Corp acquired a new stake in iPass during the second quarter worth approximately $271,000. 23.80% of the stock is owned by institutional investors and hedge funds.

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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