Boingo Wireless, Inc. (NASDAQ:WIFI) Hits New 1-Year High After Analyst Upgrade

Boingo Wireless, Inc. (NASDAQ:WIFI) reached a new 52-week high during mid-day trading on Friday after Craig Hallum raised their price target on the stock from $17.00 to $20.00. Craig Hallum currently has a buy rating on the stock. Boingo Wireless traded as high as $19.01 and last traded at $19.00, with a volume of 1,320,933 shares. The stock had previously closed at $15.10.

Several other equities research analysts have also issued reports on the stock. Credit Suisse Group reissued a “buy” rating and issued a $16.00 target price on shares of Boingo Wireless in a report on Tuesday, April 18th. Benchmark Co. initiated coverage on shares of Boingo Wireless in a report on Tuesday, April 25th. They issued a “buy” rating and a $18.00 target price for the company. Zacks Investment Research lowered shares of Boingo Wireless from a “buy” rating to a “hold” rating in a report on Friday, July 7th. Ladenburg Thalmann Financial Services increased their target price on shares of Boingo Wireless from $16.85 to $18.50 and gave the stock a “buy” rating in a report on Thursday, May 25th. Finally, BidaskClub raised shares of Boingo Wireless from a “sell” rating to a “hold” rating in a report on Wednesday, July 12th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and seven have assigned a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $16.26.

In other Boingo Wireless news, VP Tom Tracey sold 10,000 shares of the stock in a transaction that occurred on Tuesday, June 6th. The shares were sold at an average price of $16.87, for a total transaction of $168,700.00. Following the completion of the sale, the vice president now directly owns 40,022 shares of the company’s stock, valued at approximately $675,171.14. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO David Hagan sold 75,000 shares of the stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $16.22, for a total transaction of $1,216,500.00. Following the sale, the chief executive officer now directly owns 621,853 shares of the company’s stock, valued at $10,086,455.66. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,132,777 shares of company stock valued at $17,590,592. Insiders own 7.70% of the company’s stock.

Large investors have recently made changes to their positions in the stock. Russell Investments Group Ltd. boosted its stake in shares of Boingo Wireless by 64.1% in the second quarter. Russell Investments Group Ltd. now owns 1,239,122 shares of the technology company’s stock valued at $18,538,000 after buying an additional 484,061 shares during the period. Renaissance Technologies LLC boosted its stake in shares of Boingo Wireless by 9.7% in the first quarter. Renaissance Technologies LLC now owns 1,941,005 shares of the technology company’s stock valued at $25,214,000 after buying an additional 172,305 shares during the period. Vanguard Group Inc. boosted its stake in shares of Boingo Wireless by 10.8% in the first quarter. Vanguard Group Inc. now owns 1,716,153 shares of the technology company’s stock valued at $22,292,000 after buying an additional 167,407 shares during the period. Rice Hall James & Associates LLC boosted its stake in shares of Boingo Wireless by 22.4% in the second quarter. Rice Hall James & Associates LLC now owns 838,974 shares of the technology company’s stock valued at $12,551,000 after buying an additional 153,705 shares during the period. Finally, Dimensional Fund Advisors LP boosted its stake in shares of Boingo Wireless by 7.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,758,272 shares of the technology company’s stock valued at $21,433,000 after buying an additional 128,538 shares during the period. 89.01% of the stock is owned by institutional investors and hedge funds.

The firm’s market cap is $748.88 million. The company has a 50 day moving average of $15.31 and a 200 day moving average of $13.86.

Boingo Wireless (NASDAQ:WIFI) last released its quarterly earnings data on Thursday, August 3rd. The technology company reported ($0.20) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.17) by $0.03. Boingo Wireless had a negative net margin of 14.32% and a negative return on equity of 24.60%. The business had revenue of $49 million during the quarter, compared to the consensus estimate of $46.23 million. During the same period last year, the business posted ($0.19) earnings per share. The firm’s quarterly revenue was up 25.3% on a year-over-year basis. Equities analysts anticipate that Boingo Wireless, Inc. will post ($0.65) earnings per share for the current fiscal year.

TRADEMARK VIOLATION NOTICE: This piece was reported by [[site]] and is the property of of [[site]]. If you are reading this piece on another site, it was illegally copied and republished in violation of United States & international trademark and copyright legislation. The original version of this piece can be viewed at [[permalink]].

About Boingo Wireless

Boingo Wireless, Inc is a provider of commercial mobile wireless fidelity (Wi-Fi) Internet solutions and indoor Distributed Antenna System (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.