$67.18 Million in Sales Expected for Boingo Wireless Inc (WIFI) This Quarter

Equities analysts expect that Boingo Wireless Inc (NASDAQ:WIFI) will announce $67.18 million in sales for the current fiscal quarter, Zacks reports. Five analysts have made estimates for Boingo Wireless’ earnings, with the highest sales estimate coming in at $68.17 million and the lowest estimate coming in at $65.60 million. Boingo Wireless reported sales of $57.35 million during the same quarter last year, which indicates a positive year over year growth rate of 17.1%. The firm is expected to report its next quarterly earnings report after the market closes on Wednesday, February 27th.

According to Zacks, analysts expect that Boingo Wireless will report full-year sales of $250.21 million for the current fiscal year, with estimates ranging from $248.70 million to $251.18 million. For the next fiscal year, analysts expect that the firm will report sales of $298.98 million, with estimates ranging from $292.40 million to $310.81 million. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research analysts that that provide coverage for Boingo Wireless.

A number of equities research analysts have issued reports on the company. Credit Suisse Group restated a “buy” rating and set a $35.00 price target on shares of Boingo Wireless in a research note on Monday, January 28th. BidaskClub raised Boingo Wireless from a “sell” rating to a “hold” rating in a report on Wednesday, January 2nd. ValuEngine cut Boingo Wireless from a “strong-buy” rating to a “buy” rating in a report on Wednesday, January 2nd. Jefferies Financial Group restated a “buy” rating and set a $35.00 price target (down previously from $38.00) on shares of Boingo Wireless in a report on Tuesday, November 13th. Finally, Zacks Investment Research upgraded Boingo Wireless from a “hold” rating to a “buy” rating and set a $28.00 price target on the stock in a report on Tuesday, November 6th. One equities research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $36.00.

NASDAQ:WIFI traded down $1.23 during mid-day trading on Thursday, reaching $24.82. The company’s stock had a trading volume of 367,110 shares, compared to its average volume of 270,375. The firm has a market cap of $1.11 billion, a price-to-earnings ratio of -50.65 and a beta of 1.07. Boingo Wireless has a 12-month low of $18.50 and a 12-month high of $35.98. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.29 and a current ratio of 0.29.

In other Boingo Wireless news, CFO Peter Hovenier sold 5,000 shares of Boingo Wireless stock in a transaction on Thursday, February 7th. The stock was sold at an average price of $23.95, for a total value of $119,750.00. Following the sale, the chief financial officer now owns 476,723 shares in the company, valued at $11,417,515.85. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO David Hagan sold 30,000 shares of the business’s stock in a transaction on Friday, January 11th. The shares were sold at an average price of $22.28, for a total value of $668,400.00. Following the completion of the sale, the chief executive officer now owns 490,314 shares in the company, valued at approximately $10,924,195.92. The disclosure for this sale can be found here. Insiders sold 140,000 shares of company stock worth $3,380,800 over the last ninety days. Corporate insiders own 3.80% of the company’s stock.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp boosted its position in shares of Boingo Wireless by 17.2% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,572,857 shares of the technology company’s stock valued at $35,531,000 after purchasing an additional 230,914 shares during the period. Northern Trust Corp raised its stake in shares of Boingo Wireless by 8.3% during the 2nd quarter. Northern Trust Corp now owns 538,077 shares of the technology company’s stock worth $12,156,000 after buying an additional 41,243 shares in the last quarter. Oppenheimer & Co. Inc. acquired a new stake in shares of Boingo Wireless in the 3rd quarter worth approximately $348,000. EULAV Asset Management grew its holdings in shares of Boingo Wireless by 40.7% in the 3rd quarter. EULAV Asset Management now owns 31,100 shares of the technology company’s stock worth $1,085,000 after acquiring an additional 9,000 shares during the period. Finally, Public Employees Retirement Association of Colorado acquired a new stake in shares of Boingo Wireless in the 3rd quarter worth approximately $306,000. 92.68% of the stock is owned by hedge funds and other institutional investors.

About Boingo Wireless

Boingo Wireless, Inc, together with its subsidiaries, provides wireless connectivity solutions for smartphones, tablets, laptops, wearables, and other wireless-enabled consumer devices. It designs, builds, monitors, and maintains distributed antenna systems (DAS), Wi-Fi, and small cell networks at managed and operated hotspot locations, such as airports, transportation hubs, stadiums, arenas, military bases, universities, convention centers, and office campuses in North America, Latin America, Europe, the Middle East, Africa, and Asia; and offers software applications and solutions to access its Wi-Fi network of approximately 1.5 million hotspots.

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