Boingo Wireless, Inc. (NASDAQ:WIFI) reached a new 52-week high during mid-day trading on Friday following a stronger than expected earnings report. The stock traded as high as $25.34 and last traded at $0.00, with a volume of shares traded. The technology company reported ($0.09) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.04. Boingo Wireless had a negative return on equity of 25.82% and a negative net margin of 13.85%. The company had revenue of $53.66 million for the quarter, compared to the consensus estimate of $50.22 million. During the same quarter last year, the company earned ($0.15) earnings per share. The firm’s revenue for the quarter was up 31.5% compared to the same quarter last year.
A number of equities research analysts recently weighed in on the company. Craig Hallum raised their price objective on Boingo Wireless from $24.00 to $28.00 and gave the company a “buy” rating in a research report on Friday. Zacks Investment Research raised Boingo Wireless from a “hold” rating to a “buy” rating and set a $24.00 price objective on the stock in a research report on Thursday, October 5th. Oppenheimer Holdings, Inc. reaffirmed an “outperform” rating and set a $24.00 price objective (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 set a $20.00 price objective (up previously from $17.00) on shares of Boingo Wireless in a research report on Wednesday, August 9th. Finally, BidaskClub downgraded Boingo Wireless from a “hold” rating to a “sell” rating in a research report on Wednesday, July 19th. Two analysts have rated the stock with a sell rating, one has given a hold rating and eight have assigned a buy rating to the stock. Boingo Wireless currently has a consensus rating of “Buy” and a consensus target price of $19.59.
In other news, VP Tom Tracey sold 25,000 shares of the firm’s stock in a transaction dated Wednesday, August 9th. The stock was sold at an average price of $18.45, for a total value of $461,250.00. Following the completion of the transaction, the vice president now directly owns 38,276 shares in the company, valued at $706,192.20. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Peter Hovenier sold 18,552 shares of the firm’s stock in a transaction dated Thursday, September 14th. The stock was sold at an average price of $21.31, for a total value of $395,343.12. The disclosure for this sale can be found here. Over the last quarter, insiders sold 270,778 shares of company stock valued at $5,291,249. 7.70% of the stock is currently owned by company insiders.
Large investors have recently made changes to their positions in the company. Gotham Asset Management LLC purchased a new position in shares of Boingo Wireless in the second quarter worth about $237,000. Hood River Capital Management LLC raised its stake in shares of 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 purchasing an additional 383,174 shares during the last quarter. Lazard Asset Management LLC purchased a new position in shares of Boingo Wireless in the second quarter worth about $2,271,000. EAM Investors LLC raised its stake in shares of Boingo Wireless by 254.2% in the second quarter. EAM Investors LLC now owns 247,281 shares of the technology company’s stock worth $3,699,000 after purchasing an additional 177,475 shares during the last quarter. Finally, Intrinsic Edge Capital Management LLC raised its stake in shares of Boingo Wireless by 410.2% in the second quarter. Intrinsic Edge Capital Management LLC now owns 391,745 shares of the technology company’s stock worth $5,861,000 after purchasing an additional 314,958 shares during the last quarter. Hedge funds and other institutional investors own 88.63% of the company’s stock.
COPYRIGHT VIOLATION NOTICE: This report was originally posted by Community Financial News and is owned by of Community Financial News. If you are viewing this report on another publication, it was illegally copied and republished in violation of U.S. and international trademark and copyright laws. The original version of this report can be accessed at https://www.com-unik.info/2017/11/03/boingo-wireless-inc-wifi-sets-new-12-month-high-on-strong-earnings.html.
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.
What are top analysts saying about Boingo Wireless Inc.? - Enter your email address in the form below to receive our free daily email newsletter that contains the latest headlines and analysts' recommendations for for Boingo Wireless Inc. and related companies.