iPass Inc. (IPAS) Upgraded to Hold by Zacks Investment Research
Zacks Investment Research upgraded shares of iPass Inc. (NASDAQ:IPAS) from a sell rating to a hold rating in a report released on Friday morning.
According to Zacks, “iPass Inc provides software-enabled enterprise connectivity services for mobile workers. iPass’ primary service is designed to enable enterprises to provide their employees with secure access to the enterprise’s internal network through an easy-to-use interface. “
A number of other equities analysts have also issued reports on the stock. Maxim Group reiterated a buy rating and issued a $2.00 target price on shares of iPass in a research report on Thursday, September 14th. Aegis decreased their target price on shares of iPass from $2.75 to $1.40 and set a buy rating for the company in a research report on Wednesday, September 13th. Finally, ValuEngine lowered shares of iPass from a hold rating to a sell rating in a research report on Monday, July 24th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the stock. iPass has an average rating of Hold and a consensus price target of $2.28.
Shares of iPass (NASDAQ IPAS) traded up 5.34% during mid-day trading on Friday, hitting $0.59. 147,998 shares of the company traded hands. The firm has a 50-day moving average price of $0.63 and a 200 day moving average price of $1.12. iPass has a 52-week low of $0.51 and a 52-week high of $1.89. The firm’s market cap is $39.34 million.
iPass (NASDAQ:IPAS) last announced its earnings results on Wednesday, August 2nd. The technology company reported ($0.08) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.03) by ($0.05). The company had revenue of $13.47 million during the quarter. iPass had a negative net margin of 20.49% and a negative return on equity of 78.31%. Equities research analysts anticipate that iPass will post ($0.24) EPS for the current fiscal year.
In related news, CEO Gary A. Griffiths bought 100,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 10th. The stock was purchased at an average price of $0.56 per share, for a total transaction of $56,000.00. Following the transaction, the chief executive officer now directly owns 1,022,500 shares of the company’s stock, valued at approximately $572,600. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 5.70% of the company’s stock.
Several large investors have recently bought and sold shares of IPAS. Royce & Associates LP bought a new position in shares of iPass during the 1st quarter valued at about $749,000. P.A.W. Capital Corp bought a new position in shares of iPass during the 2nd quarter valued at about $271,000. Emancipation Management LLC bought a new position in shares of iPass during the 2nd quarter valued at about $228,000. Sterling Capital Management LLC bought a new position in shares of iPass during the 2nd quarter valued at about $228,000. Finally, Susquehanna International Group LLP bought a new position in shares of iPass during the 2nd quarter valued at about $100,000. Institutional investors own 23.36% of the company’s stock.
iPass Inc (iPass), is a provider of global mobile connectivity, offering wireless fidelity (Wi-Fi) on mobile devices. The Company, through its Mobile Connectivity Services segment, offers a cloud-based solution allowing its customers and their users’ access to its global Wi-Fi network to stay connected to the people and information.
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