Boingo Wireless (NASDAQ:WIFI) Lowered to “Market Perform” at William Blair

Boingo Wireless (NASDAQ:WIFI) was downgraded by investment analysts at William Blair from an “outperform” rating to a “market perform” rating in a research report issued on Monday, The Fly reports.

A number of other brokerages have also weighed in on WIFI. Northland Securities lowered Boingo Wireless from an “outperform” rating to a “market perform” rating in a research report on Monday, March 1st. Craig Hallum restated a “hold” rating and set a $14.00 price target (down previously from $18.00) on shares of Boingo Wireless in a research note on Monday, March 8th. Jefferies Financial Group reaffirmed a “hold” rating and issued a $14.00 price objective on shares of Boingo Wireless in a research note on Tuesday, March 16th. Lake Street Capital downgraded shares of Boingo Wireless from a “buy” rating to a “hold” rating in a research report on Thursday, March 4th. Finally, Zacks Investment Research lowered shares of Boingo Wireless from a “hold” rating to a “sell” rating in a report on Friday, March 5th. One research analyst has rated the stock with a sell rating, five have given a hold rating and three have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $16.71.

WIFI traded down $0.10 on Monday, reaching $13.91. 74,941 shares of the company traded hands, compared to its average volume of 977,500. Boingo Wireless has a one year low of $8.69 and a one year high of $15.92. The firm has a fifty day simple moving average of $13.67 and a two-hundred day simple moving average of $12.35. The company has a market cap of $622.03 million, a P/E ratio of -39.74 and a beta of 1.08. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 2.45.

Boingo Wireless (NASDAQ:WIFI) last issued its earnings results on Sunday, February 28th. The technology company reported ($0.08) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.07) by ($0.01). Boingo Wireless had a negative return on equity of 17.43% and a negative net margin of 6.40%. The company had revenue of $60.10 million during the quarter, compared to the consensus estimate of $59.60 million. On average, equities analysts forecast that Boingo Wireless will post -0.42 earnings per share for the current year.

In other Boingo Wireless news, CTO Derek Peterson sold 30,000 shares of the business’s stock in a transaction dated Monday, March 22nd. The shares were sold at an average price of $14.04, for a total value of $421,200.00. Following the completion of the transaction, the chief technology officer now directly owns 32,791 shares in the company, valued at $460,385.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 4.30% of the stock is owned by insiders.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Boingo Wireless by 60.6% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,709 shares of the technology company’s stock valued at $98,000 after purchasing an additional 2,910 shares during the last quarter. Virtu Financial LLC acquired a new position in Boingo Wireless during the 3rd quarter valued at about $108,000. Principal Financial Group Inc. purchased a new stake in Boingo Wireless in the fourth quarter valued at about $141,000. Citigroup Inc. boosted its holdings in Boingo Wireless by 147.2% in the fourth quarter. Citigroup Inc. now owns 11,547 shares of the technology company’s stock worth $147,000 after acquiring an additional 6,876 shares in the last quarter. Finally, Cubist Systematic Strategies LLC acquired a new stake in Boingo Wireless in the third quarter worth about $182,000. 89.16% of the stock is currently owned by institutional investors and hedge funds.

Boingo Wireless Company Profile

Boingo Wireless, Inc, together with its subsidiaries, provides wireless connectivity solutions for smartphones, tablets, laptops, wearables, and other wireless-enabled consumer devices worldwide. The company operates through five segments: Carrier Services, Military, Multifamily, Legacy, and Private Networks and Emerging Technologies.

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