Abbrea Capital LLC increased its stake in shares of iPass Inc. (NASDAQ:IPAS) by 3.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 326,000 shares of the technology company’s stock after buying an additional 11,000 shares during the period. Abbrea Capital LLC’s holdings in iPass were worth $430,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Renaissance Technologies LLC raised its position in iPass by 0.6% in the first quarter. Renaissance Technologies LLC now owns 3,153,798 shares of the technology company’s stock valued at $3,690,000 after buying an additional 19,806 shares in the last quarter. Royce & Associates LP acquired a new position in shares of iPass during the first quarter valued at approximately $749,000. Finally, P.A.W. Capital Corp acquired a new position in shares of iPass during the second quarter valued at approximately $271,000. Hedge funds and other institutional investors own 24.14% of the company’s stock.
iPass Inc. (NASDAQ:IPAS) opened at 0.5993 on Friday. The firm’s market cap is $39.35 million. The stock’s 50 day moving average is $1.16 and its 200 day moving average is $1.27. iPass Inc. has a 52 week low of $0.53 and a 52 week high of $1.89.
iPass (NASDAQ:IPAS) last posted its quarterly earnings data on Wednesday, August 2nd. The technology company reported ($0.08) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.03) by $0.05. The firm had revenue of $13.47 million for the quarter. iPass had a negative return on equity of 78.31% and a negative net margin of 20.49%. Equities research analysts expect that iPass Inc. will post ($0.25) EPS for the current year.
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Several brokerages have recently commented on IPAS. Maxim Group set a $2.00 price target on shares of iPass and gave the stock a “buy” rating in a research note on Thursday, August 3rd. ValuEngine lowered shares of iPass from a “hold” rating to a “sell” rating in a research note on Monday, July 24th. Aegis upgraded shares of iPass from a “hold” rating to a “buy” rating and increased their price target for the stock from $1.35 to $2.75 in a research note on Wednesday, May 24th. Finally, Benchmark Co. began coverage on shares of iPass in a research note on Tuesday, April 25th. They set a “buy” rating and a $3.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $2.61.
In related news, CEO Gary A. Griffiths bought 100,000 shares of the company’s stock in a transaction dated Thursday, August 10th. The stock was purchased at an average price of $0.56 per share, with a total value of $56,000.00. Following the completion of the acquisition, the chief executive officer now owns 1,022,500 shares of the company’s stock, valued at $572,600. The purchase was disclosed in a document filed with the SEC, which is available through this link. 5.70% of the stock is currently owned by corporate insiders.
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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