Boingo Wireless, Inc. (NASDAQ:WIFI) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Wednesday.

According to Zacks, “Boingo Wireless, Inc. is a Wi-Fi software and services provider. Boingo users can access the mobile Internet via Boingo Network locations that include the airports, hotel chains, caf├ęs and coffee shops, restaurants, convention centers and metropolitan hot zones. The company provides its solutions to individual users and partners consisting of telecom operators, network operators, cable companies, technology companies, enterprise software and services companies, and communications companies. Boingo Wireless, Inc. is headquartered in Los Angeles, California. “

WIFI has been the subject of a number of other research reports. Credit Suisse Group increased their price target on Boingo Wireless from $24.00 to $26.00 and gave the company an “outperform” rating in a report on Friday, November 3rd. Craig Hallum increased their price target on Boingo Wireless from $17.00 to $20.00 and gave the company a “buy” rating in a report on Friday, August 4th. Jefferies Group LLC increased their price target on Boingo Wireless from $20.00 to $27.00 and gave the company a “buy” rating in a report on Friday, November 3rd. BidaskClub downgraded Boingo Wireless from a “hold” rating to a “sell” rating in a report on Wednesday, July 19th. Finally, Oppenheimer Holdings, Inc. increased their price target on Boingo Wireless and gave the company an “outperform” rating in a report on Friday, November 3rd. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and seven have given a buy rating to the company’s stock. Boingo Wireless has an average rating of “Hold” and an average price target of $21.37.

Shares of Boingo Wireless (NASDAQ WIFI) traded down $0.77 on Wednesday, reaching $22.11. The company had a trading volume of 124,730 shares, compared to its average volume of 502,476. Boingo Wireless has a 1 year low of $9.67 and a 1 year high of $25.99. The company has a quick ratio of 0.47, a current ratio of 0.47 and a debt-to-equity ratio of 0.11.

Boingo Wireless (NASDAQ:WIFI) last issued its quarterly earnings results on Thursday, November 2nd. The technology company reported ($0.09) EPS for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.04. The firm had revenue of $53.66 million during the quarter, compared to the consensus estimate of $50.22 million. Boingo Wireless had a negative return on equity of 23.73% and a negative net margin of 11.75%. Boingo Wireless’s revenue for the quarter was up 31.5% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.15) earnings per share. research analysts anticipate that Boingo Wireless will post -0.59 EPS for the current year.

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In other Boingo Wireless news, Director Michael Finley sold 7,500 shares of the company’s stock in a transaction that occurred on Friday, August 18th. The stock was sold at an average price of $19.34, for a total transaction of $145,050.00. Following the sale, the director now owns 52,998 shares in the company, valued at $1,024,981.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO David Hagan sold 25,000 shares of the company’s stock in a transaction that occurred on Thursday, August 10th. The shares were sold at an average price of $18.43, for a total value of $460,750.00. Following the sale, the chief executive officer now owns 621,853 shares in the company, valued at approximately $11,460,750.79. The disclosure for this sale can be found here. Insiders have sold 231,285 shares of company stock worth $4,567,966 in the last 90 days. 7.70% of the stock is currently owned by insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Royal Bank of Canada raised its position in shares of Boingo Wireless by 1.3% during the 2nd quarter. Royal Bank of Canada now owns 10,448 shares of the technology company’s stock worth $156,000 after purchasing an additional 135 shares during the period. Legal & General Group Plc raised its position in shares of Boingo Wireless by 3.9% during the 2nd quarter. Legal & General Group Plc now owns 9,149 shares of the technology company’s stock worth $137,000 after purchasing an additional 341 shares during the period. The Manufacturers Life Insurance Company raised its position in shares of Boingo Wireless by 4.1% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 30,153 shares of the technology company’s stock worth $452,000 after purchasing an additional 1,178 shares during the period. Alliancebernstein L.P. raised its position in shares of Boingo Wireless by 4.8% during the 1st quarter. Alliancebernstein L.P. now owns 26,400 shares of the technology company’s stock worth $343,000 after purchasing an additional 1,200 shares during the period. Finally, Wells Fargo & Company MN raised its position in shares of Boingo Wireless by 3.4% during the 1st quarter. Wells Fargo & Company MN now owns 38,119 shares of the technology company’s stock worth $495,000 after purchasing an additional 1,253 shares during the period. Hedge funds and other institutional investors own 88.74% of the company’s stock.

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.

Analyst Recommendations for Boingo Wireless (NASDAQ:WIFI)

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