JPMorgan Chase & Co. lowered its stake in Boingo Wireless Inc (NASDAQ:WIFI) by 64.8% during the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 11,912 shares of the technology company’s stock after selling 21,885 shares during the quarter. JPMorgan Chase & Co.’s holdings in Boingo Wireless were worth $416,000 as of its most recent filing with the SEC.
Other hedge funds also recently bought and sold shares of the company. Public Employees Retirement Association of Colorado purchased a new stake in Boingo Wireless in the 3rd quarter valued at approximately $306,000. Oppenheimer & Co. Inc. purchased a new stake in Boingo Wireless in the 3rd quarter valued at approximately $348,000. GSA Capital Partners LLP purchased a new stake in Boingo Wireless in the 2nd quarter valued at approximately $228,000. First Republic Investment Management Inc. lifted its stake in Boingo Wireless by 25.1% in the 2nd quarter. First Republic Investment Management Inc. now owns 13,728 shares of the technology company’s stock valued at $310,000 after buying an additional 2,754 shares in the last quarter. Finally, Forsta AP Fonden purchased a new stake in Boingo Wireless in the 2nd quarter valued at approximately $384,000. 92.47% of the stock is currently owned by hedge funds and other institutional investors.
In other news, CEO David Hagan sold 15,000 shares of the company’s stock in a transaction on Tuesday, December 11th. The stock was sold at an average price of $23.76, for a total transaction of $356,400.00. Following the completion of the sale, the chief executive officer now directly owns 515,401 shares in the company, valued at approximately $12,245,927.76. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 3.80% of the company’s stock.
A number of research analysts have weighed in on WIFI shares. BidaskClub lowered Boingo Wireless from a “strong-buy” rating to a “buy” rating in a research note on Saturday, September 22nd. Jefferies Financial Group reissued a “buy” rating and set a $35.00 price target (down previously from $38.00) on shares of Boingo Wireless in a research note on Tuesday, November 13th. Zacks Investment Research raised Boingo Wireless from a “hold” rating to a “buy” rating and set a $38.00 price target on the stock in a research note on Saturday, October 13th. Lake Street Capital reissued a “buy” rating and set a $34.00 price target (up previously from $31.00) on shares of Boingo Wireless in a research note on Friday, November 2nd. Finally, Roth Capital set a $40.00 price target on Boingo Wireless and gave the stock a “buy” rating in a research note on Wednesday, October 17th. One equities research analyst has rated the stock with a hold rating and eleven have issued a buy rating to the stock. Boingo Wireless has an average rating of “Buy” and a consensus target price of $35.63.
WIFI stock opened at $22.28 on Friday. The firm has a market cap of $963.72 million, a PE ratio of -45.47 and a beta of 1.02. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.29 and a quick ratio of 0.29. Boingo Wireless Inc has a 52 week low of $18.50 and a 52 week high of $35.98.
Boingo Wireless (NASDAQ:WIFI) last released its quarterly earnings data on Thursday, November 1st. The technology company reported ($0.01) EPS for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.09. The business had revenue of $65.25 million during the quarter, compared to the consensus estimate of $63.32 million. Boingo Wireless had a negative return on equity of 2.53% and a negative net margin of 1.10%. The business’s revenue for the quarter was up 21.6% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.09) EPS. On average, analysts forecast that Boingo Wireless Inc will post -0.14 earnings per share for the current fiscal year.
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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. It designs, builds, monitors, and maintains distributed antenna systems (DAS), Wi-Fi, and small cell networks at managed and operated hotspot locations, such as airports, transportation hubs, stadiums, arenas, military bases, universities, convention centers, and office campuses in North America, Latin America, Europe, the Middle East, Africa, and Asia; and offers software applications and solutions to access its Wi-Fi network of approximately 1.5 million hotspots.
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