Legion Partners Asset Management, LLC
recently revealed that they own 4.6% of Boingo Wireless, Inc. (NASDAQ:WIFI) in a Schedule 13D/A disclosure that was filed with the SEC on Monday, July 24th. The investor owns 1,803,033 shares of the stock valued at $34,744,446. The reporting parties listed on the disclosure included Legion Partners, LP I, Legion Partners, LP II, Legion Partners Special Opportunities, LP IV, Legion Partners, LLC, Legion Partners Asset Management, LLC, Legion Partners Holdings, LLC, Christopher S Kiper, Bradley S Vizi and Raymond White. The disclosure is available through Edgar at this link.
Legion Partners Asset Management, LLC
provided the following explanation of their ownership:
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Several other large investors have also added to or reduced their stakes in WIFI. Virginia Retirement Systems ET AL purchased a new position in shares of Boingo Wireless during the first quarter valued at approximately $134,000. Cambria Investment Management L.P. purchased a new position in shares of Boingo Wireless during the first quarter valued at approximately $136,000. Aperio Group LLC purchased a new position in shares of Boingo Wireless during the second quarter valued at approximately $164,000. Reliance Trust Co. of Delaware increased its position in shares of Boingo Wireless by 9.6% in the first quarter. Reliance Trust Co. of Delaware now owns 11,339 shares of the technology company’s stock valued at $147,000 after buying an additional 990 shares during the period. Finally, UBS Asset Management Americas Inc. bought a new position in shares of Boingo Wireless during the first quarter valued at about $159,000. Institutional investors own 81.44% of the company’s stock.
Boingo Wireless, Inc. (WIFI) opened at 19.27 on Friday. The company’s market cap is $772.90 million. The stock’s 50 day moving average is $16.28 and its 200-day moving average is $14.41. Boingo Wireless, Inc. has a 52-week low of $8.10 and a 52-week high of $19.71.
Boingo Wireless (NASDAQ:WIFI) last issued its earnings results on Thursday, August 3rd. The technology company reported ($0.20) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.17) by $0.03. The firm had revenue of $49 million during the quarter, compared to analysts’ expectations of $46.23 million. Boingo Wireless had a negative return on equity of 25.82% and a negative net margin of 13.85%. The firm’s quarterly revenue was up 25.3% on a year-over-year basis. During the same period last year, the firm posted ($0.19) earnings per share. Equities research analysts predict that Boingo Wireless, Inc. will post ($0.64) EPS for the current fiscal year.
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WIFI has been the subject of several research analyst reports. Benchmark Co. initiated coverage on shares of Boingo Wireless in a report on Tuesday, April 25th. They set a “buy” rating and a $18.00 price target for the company. Zacks Investment Research cut shares of Boingo Wireless from a “buy” rating to a “hold” rating in a research note on Friday, July 7th. Craig Hallum boosted their price objective on shares of Boingo Wireless from $13.00 to $17.00 and gave the stock a “buy” rating in a research note on Monday, May 15th. Credit Suisse Group boosted their price objective on shares of Boingo Wireless from $16.00 to $17.00 and gave the stock an “outperform” rating in a research note on Friday, May 5th. Finally, BidaskClub cut shares of Boingo Wireless from a “hold” rating to a “sell” rating in a research note on Wednesday, July 19th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and seven have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $17.93.
In other Boingo Wireless news, CFO Peter Hovenier sold 10,237 shares of Boingo Wireless stock in a transaction dated Tuesday, May 23rd. The shares were sold at an average price of $15.86, for a total value of $162,358.82. Following the completion of the transaction, the chief financial officer now directly owns 49,730 shares of the company’s stock, valued at $788,717.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO David Hagan sold 25,000 shares of Boingo Wireless stock in a transaction dated Thursday, July 6th. The stock was sold at an average price of $14.55, for a total transaction of $363,750.00. Following the completion of the transaction, the chief executive officer now directly owns 621,853 shares of the company’s stock, valued at $9,047,961.15. The disclosure for this sale can be found here. Insiders sold 985,765 shares of company stock valued at $15,549,721 over the last ninety days. Corporate insiders own 7.70% of the company’s stock.
Boingo Wireless Company Profile
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.
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