Boingo Wireless, Inc. (WIFI) Hits New 1-Year High After Strong Earnings
Boingo Wireless, Inc. (NASDAQ:WIFI) reached a new 52-week high during mid-day trading on Friday following a better than expected earnings announcement. The company traded as high as $25.34 and last traded at $0.00, with a volume of shares trading hands. The technology company reported ($0.09) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.13) by $0.04. The business had revenue of $53.66 million during the quarter, compared to analysts’ expectations of $50.22 million. Boingo Wireless had a negative net margin of 11.75% and a negative return on equity of 23.73%. The business’s revenue for the quarter was up 31.5% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.15) earnings per share.
Several brokerages have issued reports on WIFI. Craig Hallum lifted their target price on shares of Boingo Wireless from $24.00 to $28.00 and gave the stock a “buy” rating in a report on Friday. Oppenheimer Holdings, Inc. lifted their target price on shares of Boingo Wireless and gave the stock an “outperform” rating in a report on Friday. Credit Suisse Group lifted their target price on shares of Boingo Wireless from $24.00 to $26.00 and gave the stock an “outperform” rating in a report on Friday. Jefferies Group LLC reaffirmed a “buy” rating and issued a $20.00 target price (up from $17.00) on shares of Boingo Wireless in a report on Wednesday, August 9th. Finally, Benchmark Co. lifted their target price on shares of Boingo Wireless from $18.00 to $24.00 and gave the stock a “buy” rating in a report on Friday, August 4th. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and eight have given a buy rating to the company. Boingo Wireless currently has a consensus rating of “Buy” and a consensus price target of $21.37.
In related news, CFO Peter Hovenier sold 18,552 shares of the business’s stock in a transaction that occurred on Thursday, September 14th. The shares were 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 Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO David Hagan sold 60,000 shares of the business’s stock in a transaction that occurred on Friday, August 11th. The shares were sold at an average price of $18.39, for a total transaction of $1,103,400.00. Following the sale, the chief executive officer now owns 621,853 shares of the company’s stock, valued at $11,435,876.67. The disclosure for this sale can be found here. Insiders sold 270,778 shares of company stock valued at $5,291,249 over the last quarter. Company insiders own 7.70% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Legal & General Group Plc grew its position in Boingo Wireless by 3.9% during the second quarter. Legal & General Group Plc now owns 9,149 shares of the technology company’s stock valued at $137,000 after buying an additional 341 shares during the period. Royal Bank of Canada grew its position in Boingo Wireless by 1.3% during the second quarter. Royal Bank of Canada now owns 10,448 shares of the technology company’s stock valued at $156,000 after buying an additional 135 shares during the period. UBS Asset Management Americas Inc. bought a new stake in Boingo Wireless during the first quarter valued at approximately $159,000. Aperio Group LLC bought a new stake in Boingo Wireless during the second quarter valued at approximately $164,000. Finally, American Century Companies Inc. bought a new stake in Boingo Wireless during the second quarter valued at approximately $164,000. Institutional investors own 88.63% of the company’s stock.
The company has a current ratio of 0.47, a quick ratio of 0.47 and a debt-to-equity ratio of 0.11.
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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