Boingo Wireless, Inc. (WIFI) Reaches New 12-Month High at $22.16

Boingo Wireless, Inc. (NASDAQ:WIFI) hit a new 52-week high on Thursday . The stock traded as high as $22.16 and last traded at $22.17, with a volume of 462,940 shares traded. The stock had previously closed at $21.28.

Several equities research analysts recently weighed in on WIFI shares. Zacks Investment Research upgraded shares of Boingo Wireless from a “hold” rating to a “buy” rating and set a $17.00 price target on the stock in a research report on Wednesday, July 5th. Craig Hallum boosted their price target on shares of Boingo Wireless from $20.00 to $24.00 and gave the stock a “buy” rating in a research report on Tuesday, September 5th. Jefferies Group LLC restated a “buy” rating and issued a $20.00 price target (up previously from $17.00) on shares of Boingo Wireless in a research report on Wednesday, August 9th. Benchmark Co. boosted their price target on shares of Boingo Wireless from $18.00 to $24.00 and gave the stock a “buy” rating in a research report on Friday, August 4th. Finally, BidaskClub upgraded shares of Boingo Wireless from a “sell” rating to a “hold” rating in a research report on Wednesday, July 12th. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and eight have given a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $19.15.

The stock’s market capitalization is $887.21 million. The company has a 50-day moving average of $20.98 and a 200-day moving average of $16.87.

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 analysts’ consensus estimates of ($0.17) by ($0.03). Boingo Wireless had a negative return on equity of 25.82% and a negative net margin of 13.85%. The company had revenue of $49.00 million during the quarter, compared to analyst estimates of $46.23 million. During the same period last year, the business earned ($0.19) earnings per share. The firm’s revenue was up 25.3% compared to the same quarter last year. On average, equities research analysts anticipate that Boingo Wireless, Inc. will post ($0.62) EPS for the current fiscal year.

In other Boingo Wireless news, VP Tom Tracey sold 25,000 shares of the firm’s stock in a transaction on Wednesday, August 9th. The stock was sold at an average price of $18.45, for a total value of $461,250.00. Following the completion of the sale, the vice president now directly owns 38,276 shares of the company’s stock, valued at approximately $706,192.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO David Hagan sold 75,000 shares of the firm’s stock in a transaction on Friday, July 14th. The stock was sold at an average price of $15.01, for a total value of $1,125,750.00. Following the completion of the sale, the chief executive officer now directly owns 621,853 shares of the company’s stock, valued at $9,334,013.53. The disclosure for this sale can be found here. Insiders sold a total of 720,778 shares of company stock valued at $12,188,499 over the last ninety days. Corporate insiders own 7.70% of the company’s stock.

Several large investors have recently modified their holdings of the stock. Renaissance Technologies LLC increased its position in shares of Boingo Wireless by 20.1% during the 2nd quarter. Renaissance Technologies LLC now owns 2,330,200 shares of the technology company’s stock worth $34,860,000 after purchasing an additional 389,195 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Boingo Wireless by 19.0% during the 2nd quarter. Vanguard Group Inc. now owns 2,042,944 shares of the technology company’s stock worth $30,563,000 after purchasing an additional 326,791 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of Boingo Wireless by 8.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,952,425 shares of the technology company’s stock worth $29,209,000 after purchasing an additional 145,796 shares during the last quarter. Russell Investments Group Ltd. increased its position in shares of Boingo Wireless by 64.1% during the 2nd quarter. Russell Investments Group Ltd. now owns 1,239,122 shares of the technology company’s stock worth $18,538,000 after purchasing an additional 484,061 shares during the last quarter. Finally, Hood River Capital Management LLC increased its position in shares of Boingo Wireless by 58.1% during the 2nd quarter. Hood River Capital Management LLC now owns 1,043,219 shares of the technology company’s stock worth $15,607,000 after purchasing an additional 383,174 shares during the last quarter. 89.08% of the stock is owned by hedge funds and other institutional investors.

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Boingo Wireless Company Profile

Boingo Wireless, Inc is a provider of commercial mobile wireless fidelity (Wi-Fi) Internet solutions and indoor direct-attached storage (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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