Short Interest in iPass Inc. (IPAS) Rises By 57.6%

iPass Inc. (NASDAQ:IPAS) was the recipient of a large growth in short interest in the month of December. As of December 15th, there was short interest totalling 1,463,320 shares, a growth of 57.6% from the November 30th total of 928,448 shares. Based on an average daily trading volume, of 339,038 shares, the short-interest ratio is presently 4.3 days. Currently, 2.5% of the shares of the company are short sold.

iPass (NASDAQ:IPAS) opened at $0.52 on Friday. iPass has a 12-month low of $0.49 and a 12-month high of $1.69. The company has a market capitalization of $34.70, a price-to-earnings ratio of -1.93 and a beta of -0.35.

Several research analysts have weighed in on the company. Maxim Group reiterated a “buy” rating and set a $2.00 price objective on shares of iPass in a research report on Thursday, November 2nd. Zacks Investment Research upgraded iPass from a “sell” rating to a “hold” rating in a research report on Friday, September 22nd. Finally, Aegis lowered their price objective on iPass from $2.75 to $1.40 and set a “buy” rating on the stock in a research report on Wednesday, September 13th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $2.28.

Several hedge funds and other institutional investors have recently modified their holdings of IPAS. Royce & Associates LP increased its position in shares of iPass by 29.7% in the second quarter. Royce & Associates LP now owns 830,000 shares of the technology company’s stock worth $1,096,000 after purchasing an additional 190,000 shares during the period. Emancipation Management LLC bought a new position in shares of iPass in the second quarter worth $228,000. Northern Trust Corp increased its position 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 purchasing an additional 3,058 shares during the period. Susquehanna International Group LLP bought a new position in shares of iPass in the second quarter worth $100,000. Finally, Sterling Capital Management LLC bought a new position in shares of iPass in the second quarter worth $228,000. Institutional investors own 26.58% of the company’s stock.

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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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