601,290 Shares in Boingo Wireless, Inc. (WIFI) Acquired by Castleark Management LLC
Castleark Management LLC bought a new position in shares of Boingo Wireless, Inc. (NASDAQ:WIFI) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 601,290 shares of the technology company’s stock, valued at approximately $8,995,000. Castleark Management LLC owned 1.50% of Boingo Wireless as of its most recent SEC filing.
Other institutional investors also recently bought and sold shares of the company. Virginia Retirement Systems ET AL acquired a new stake in Boingo Wireless during the first quarter worth about $134,000. Cambria Investment Management L.P. acquired a new stake in Boingo Wireless in the first quarter valued at approximately $136,000. Legal & General Group Plc grew its holdings in Boingo Wireless by 3.9% in the second quarter. Legal & General Group Plc now owns 9,149 shares of the technology company’s stock valued at $137,000 after purchasing an additional 341 shares during the period. Royal Bank of Canada grew its holdings in Boingo Wireless by 1.3% in the second quarter. Royal Bank of Canada now owns 10,448 shares of the technology company’s stock valued at $156,000 after purchasing an additional 135 shares during the period. Finally, UBS Asset Management Americas Inc. acquired a new stake in Boingo Wireless in the first quarter valued at approximately $159,000. 89.08% of the stock is currently owned by hedge funds and other institutional investors.
In other Boingo Wireless news, CFO Peter Hovenier sold 18,552 shares of the stock in a transaction on Thursday, September 14th. The stock was sold at an average price of $21.31, for a total transaction of $395,343.12. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO David Hagan sold 75,000 shares of the stock in a transaction on Friday, July 21st. The stock was sold at an average price of $15.27, for a total value of $1,145,250.00. Following the transaction, the chief executive officer now directly owns 621,853 shares in the company, valued at approximately $9,495,695.31. The disclosure for this sale can be found here. In the last quarter, insiders have sold 645,778 shares of company stock worth $11,062,749. 7.70% of the stock is owned by insiders.
Boingo Wireless (NASDAQ:WIFI) last announced its earnings results on Thursday, August 3rd. The technology company reported ($0.20) EPS for the quarter, missing analysts’ consensus estimates of ($0.17) by ($0.03). The company had revenue of $49.00 million for the quarter, compared to analyst estimates of $46.23 million. Boingo Wireless had a negative net margin of 13.85% and a negative return on equity of 25.82%. Boingo Wireless’s quarterly revenue was up 25.3% compared to the same quarter last year. During the same quarter last year, the company posted ($0.19) EPS.
WIFI has been the topic of several research analyst reports. Zacks Investment Research lowered Boingo Wireless from a “buy” rating to a “hold” rating in a report on Friday, July 7th. BidaskClub lowered Boingo Wireless from a “hold” rating to a “sell” rating in a report on Wednesday, July 19th. Craig Hallum raised their price objective on Boingo Wireless from $20.00 to $24.00 and gave the company a “buy” rating in a report on Tuesday, September 5th. Benchmark Co. raised their price objective on Boingo Wireless from $18.00 to $24.00 and gave the company a “buy” rating in a report on Friday, August 4th. Finally, Jefferies Group LLC reissued a “buy” rating and issued a $20.00 price objective (up from $17.00) on shares of Boingo Wireless in a report on Wednesday, August 9th. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and eight have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $19.15.
About Boingo Wireless
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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