William Blair Reiterates “Buy” Rating for Boingo Wireless (NASDAQ:WIFI)

Boingo Wireless (NASDAQ:WIFI)‘s stock had its “buy” rating reissued by analysts at William Blair in a research note issued on Thursday, March 28th, RTT News reports.

Other research analysts have also recently issued research reports about the company. BidaskClub upgraded Boingo Wireless from a “sell” rating to a “hold” rating in a research report on Wednesday, January 2nd. Credit Suisse Group reiterated a “buy” rating and set a $35.00 price objective on shares of Boingo Wireless in a research report on Monday, January 28th. Craig Hallum reiterated a “buy” rating and set a $28.00 price objective (down previously from $36.00) on shares of Boingo Wireless in a research report on Thursday, February 28th. ValuEngine cut Boingo Wireless from a “buy” rating to a “hold” rating in a research report on Monday, February 25th. Finally, Northland Securities set a $35.00 price objective on Boingo Wireless and gave the stock a “buy” rating in a research report on Thursday, February 28th. One analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $34.11.

Boingo Wireless stock traded down $0.21 during midday trading on Thursday, reaching $23.44. The company’s stock had a trading volume of 534,492 shares, compared to its average volume of 703,502. Boingo Wireless has a fifty-two week low of $18.50 and a fifty-two week high of $35.98. The company has a market cap of $1.03 billion, a P/E ratio of -781.33 and a beta of 1.09. The company has a debt-to-equity ratio of 1.20, a quick ratio of 1.17 and a current ratio of 1.17.

Boingo Wireless (NASDAQ:WIFI) last announced its quarterly earnings results on Wednesday, February 27th. The technology company reported $0.01 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.10. Boingo Wireless had a negative return on equity of 1.08% and a negative net margin of 0.49%. The business had revenue of $67.81 million during the quarter, compared to analysts’ expectations of $67.18 million. Sell-side analysts predict that Boingo Wireless will post -0.31 EPS for the current year.

In other Boingo Wireless news, CFO Peter Hovenier sold 5,000 shares of Boingo Wireless stock in a transaction dated Thursday, February 7th. The stock was sold at an average price of $23.95, for a total value of $119,750.00. Following the completion of the sale, the chief financial officer now owns 476,723 shares in the company, valued at approximately $11,417,515.85. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO David Hagan sold 15,000 shares of Boingo Wireless stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $20.56, for a total value of $308,400.00. Following the completion of the sale, the chief executive officer now owns 1,133,375 shares of the company’s stock, valued at approximately $23,302,190. The disclosure for this sale can be found here. Insiders sold a total of 159,364 shares of company stock valued at $3,881,071 in the last 90 days. 3.80% of the stock is owned by company insiders.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in WIFI. Macquarie Group Ltd. lifted its position in Boingo Wireless by 75.6% during the 4th quarter. Macquarie Group Ltd. now owns 2,067 shares of the technology company’s stock worth $42,000 after acquiring an additional 890 shares in the last quarter. Legal & General Group Plc lifted its position in Boingo Wireless by 13.7% during the 4th quarter. Legal & General Group Plc now owns 7,297 shares of the technology company’s stock worth $150,000 after acquiring an additional 882 shares in the last quarter. NumerixS Investment Technologies Inc lifted its position in Boingo Wireless by 53.6% during the 4th quarter. NumerixS Investment Technologies Inc now owns 8,600 shares of the technology company’s stock worth $172,000 after acquiring an additional 3,000 shares in the last quarter. First Hawaiian Bank acquired a new position in Boingo Wireless during the 4th quarter worth approximately $173,000. Finally, Affinity Investment Advisors LLC acquired a new position in Boingo Wireless during the 4th quarter worth approximately $216,000. 93.84% of the stock is currently owned by institutional investors and hedge funds.

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 worldwide. The company offers distributed antenna systems and small cell networks at managed and operated locations; high-speed Wi-Fi services for residential consumers on military bases and at multifamily properties; and wholesale Wi-Fi services to network operators, device manufacturers, technology companies, enterprise software and services companies, venue operators, and financial services companies, as well as retail Internet access services.

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Analyst Recommendations for Boingo Wireless (NASDAQ:WIFI)

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