Zacks Investment Research Lowers Boingo Wireless (WIFI) to Sell

Zacks Investment Research lowered shares of Boingo Wireless (NASDAQ:WIFI) from a hold rating to a sell rating in a research report released on Saturday.

According to Zacks, “Boingo Wireless, Inc. is a Wi-Fi software and services provider. Boingo users can access the mobile Internet via Boingo Network locations that include the airports, hotel chains, cafés and coffee shops, restaurants, convention centers and metropolitan hot zones. The company provides its solutions to individual users and partners consisting of telecom operators, network operators, cable companies, technology companies, enterprise software and services companies, and communications companies. Boingo Wireless, Inc. is headquartered in Los Angeles, California. “

A number of other research firms have also recently weighed in on WIFI. Oppenheimer increased their price objective on Boingo Wireless and gave the stock an outperform rating in a research report on Friday, November 3rd. Jefferies Group increased their price objective on Boingo Wireless from $20.00 to $27.00 and gave the stock a buy rating in a research report on Friday, November 3rd. Credit Suisse Group increased their price objective on Boingo Wireless from $24.00 to $26.00 and gave the stock an outperform rating in a research report on Friday, November 3rd. BidaskClub raised Boingo Wireless from a sell rating to a hold rating in a research report on Thursday, December 21st. Finally, Craig Hallum increased their price objective on Boingo Wireless from $24.00 to $28.00 and gave the stock a buy rating in a research report on Friday, November 3rd. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and seven have issued a buy rating to the company. Boingo Wireless has a consensus rating of Buy and a consensus target price of $23.94.

Boingo Wireless (NASDAQ:WIFI) traded down $0.44 during trading on Friday, reaching $23.13. The company’s stock had a trading volume of 250,900 shares, compared to its average volume of 302,583. Boingo Wireless has a 52 week low of $10.46 and a 52 week high of $25.99. The company has a quick ratio of 0.50, a current ratio of 0.50 and a debt-to-equity ratio of 0.09. The firm has a market cap of $961.54, a PE ratio of -39.88 and a beta of 0.53.

Boingo Wireless (NASDAQ:WIFI) last posted its quarterly earnings data on Thursday, November 2nd. The technology company reported ($0.09) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.04. Boingo Wireless had a negative return on equity of 23.62% and a negative net margin of 11.75%. The company had revenue of $53.66 million during the quarter, compared to analysts’ expectations of $50.22 million. During the same period last year, the firm earned ($0.15) EPS. The firm’s revenue for the quarter was up 31.5% on a year-over-year basis. equities analysts predict that Boingo Wireless will post -0.58 EPS for the current year.

In related news, CFO Peter Hovenier sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, November 17th. The stock was sold at an average price of $23.75, for a total value of $237,500.00. Following the completion of the transaction, the chief financial officer now directly owns 10,000 shares of the company’s stock, valued at approximately $237,500. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Dawn Callahan sold 25,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 28th. The shares were sold at an average price of $25.10, for a total value of $627,500.00. The disclosure for this sale can be found here. Insiders sold a total of 96,437 shares of company stock valued at $2,317,085 over the last three months. Insiders own 7.70% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Great West Life Assurance Co. Can purchased a new position in Boingo Wireless in the 3rd quarter valued at approximately $114,000. Legal & General Group Plc increased its stake in Boingo Wireless by 3.9% in the 2nd quarter. Legal & General Group Plc now owns 9,149 shares of the technology company’s stock valued at $137,000 after purchasing an additional 341 shares in the last quarter. Royal Bank of Canada increased its stake in Boingo Wireless by 1.3% in the 2nd quarter. Royal Bank of Canada now owns 10,448 shares of the technology company’s stock valued at $156,000 after purchasing an additional 135 shares in the last quarter. First Republic Investment Management Inc. purchased a new position in Boingo Wireless during the third quarter worth $229,000. Finally, American Century Companies Inc. purchased a new position in Boingo Wireless during the second quarter worth $164,000. 89.96% of the stock is owned by hedge funds and other institutional investors.

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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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