Boingo Wireless, Inc. (WIFI) Updates FY17 Earnings Guidance
Boingo Wireless, Inc. (NASDAQ:WIFI) issued an update on its FY17 earnings guidance on Thursday morning. The company provided earnings per share guidance of -0.66-0.58 for the period, compared to the Thomson Reuters consensus earnings per share estimate of ($0.65). The company issued revenue guidance of $199-203 million, compared to the consensus revenue estimate of $196.39 million.
Boingo Wireless (NASDAQ:WIFI) last posted its earnings results on Thursday, August 3rd. The technology company reported ($0.20) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.17) by ($0.03). The company had revenue of $49.00 million for the quarter, compared to the consensus estimate of $46.23 million. Boingo Wireless had a negative return on equity of 25.82% and a negative net margin of 13.85%. Boingo Wireless’s quarterly revenue was up 25.3% compared to the same quarter last year. During the same quarter last year, the business earned ($0.19) EPS.
WIFI has been the subject of several analyst reports. BidaskClub upgraded Boingo Wireless from a sell rating to a hold rating in a research report on Wednesday, July 12th. Zacks Investment Research upgraded Boingo Wireless from a hold rating to a buy rating and set a $17.00 target price for the company in a research report on Wednesday, July 5th. Craig Hallum raised their target price on Boingo Wireless from $17.00 to $20.00 and gave the stock a buy rating in a research report on Friday, August 4th. Jefferies Group LLC restated a buy rating and set a $20.00 target price (up previously from $17.00) on shares of Boingo Wireless in a research report on Wednesday, August 9th. Finally, Oppenheimer Holdings, Inc. restated an outperform rating and set a $24.00 target price (up previously from $18.00) on shares of Boingo Wireless in a research report on Wednesday, August 9th. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and eight have assigned a buy rating to the company. Boingo Wireless presently has an average rating of Buy and a consensus target price of $19.15.
In other Boingo Wireless news, CEO David Hagan sold 75,000 shares of Boingo Wireless stock in a transaction on Friday, August 4th. The stock was sold at an average price of $16.22, for a total value of $1,216,500.00. Following the completion of the transaction, the chief executive officer now owns 621,853 shares in the company, valued at approximately $10,086,455.66. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Michael Finley sold 14,493 shares of Boingo Wireless stock in a transaction on Tuesday, August 8th. The shares were sold at an average price of $18.08, for a total value of $262,033.44. Following the completion of the transaction, the director now owns 60,498 shares of the company’s stock, valued at approximately $1,093,803.84. The disclosure for this sale can be found here. In the last quarter, insiders sold 345,778 shares of company stock valued at $6,507,749. Corporate insiders own 7.70% of the company’s stock.
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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