Boingo Wireless, Inc. (NASDAQ:WIFI) dropped 6.4% during trading on Tuesday . The stock traded as low as $23.45 and last traded at $23.49. Approximately 889,147 shares were traded during mid-day trading, an increase of 96% from the average daily volume of 452,522 shares. The stock had previously closed at $25.10.

WIFI has been the subject of several research analyst reports. Zacks Investment Research upgraded shares of Boingo Wireless from a “hold” rating to a “buy” rating and set a $24.00 price target for the company in a research report on Thursday, October 5th. Craig Hallum upped their price target on shares of Boingo Wireless from $17.00 to $20.00 and gave the company a “buy” rating in a research report on Friday, August 4th. Credit Suisse Group upped their price target on shares of Boingo Wireless from $24.00 to $26.00 and gave the company an “outperform” rating in a research report on Friday. Jefferies Group LLC upped their price target on shares of Boingo Wireless from $20.00 to $27.00 and gave the company a “buy” rating in a research report on Friday. Finally, BidaskClub downgraded shares of Boingo Wireless from a “hold” rating to a “sell” rating in a research report on Wednesday, July 19th. 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 an average target price of $21.37.

The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.47 and a current ratio of 0.47.

Boingo Wireless (NASDAQ:WIFI) last released its earnings results on Thursday, November 2nd. The technology company reported ($0.09) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.04. Boingo Wireless had a negative net margin of 11.75% and a negative return on equity of 23.73%. The company had revenue of $53.66 million during the quarter, compared to the consensus estimate of $50.22 million. During the same quarter in the prior year, the firm earned ($0.15) EPS. The company’s revenue was up 31.5% compared to the same quarter last year. analysts anticipate that Boingo Wireless, Inc. will post -0.66 EPS for the current year.

In other news, CFO Peter Hovenier sold 18,552 shares of the firm’s stock in a transaction on Thursday, September 14th. The shares were sold at an average price of $21.31, for a total transaction of $395,343.12. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO David Hagan sold 60,000 shares of the firm’s stock in a transaction 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 transaction, the chief executive officer now owns 621,853 shares in the company, valued at approximately $11,435,876.67. The disclosure for this sale can be found here. Insiders have sold a total of 256,285 shares of company stock worth $5,029,216 in the last 90 days. 7.70% of the stock is owned by insiders.

Several institutional investors have recently added to or reduced their stakes in WIFI. Castleark Management LLC bought a new position in shares of Boingo Wireless during the 2nd quarter valued at $8,995,000. Russell Investments Group Ltd. raised its holdings 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 valued at $18,538,000 after purchasing an additional 484,061 shares in the last quarter. Renaissance Technologies LLC raised its holdings 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 valued at $34,860,000 after purchasing an additional 389,195 shares in the last quarter. Hood River Capital Management LLC raised its holdings 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 valued at $15,607,000 after purchasing an additional 383,174 shares in the last quarter. Finally, Vanguard Group Inc. raised its holdings 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 valued at $30,563,000 after purchasing an additional 326,791 shares in the last quarter. Institutional investors and hedge funds own 88.74% of the company’s stock.

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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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