Boingo Wireless (NASDAQ:WIFI) Upgraded by Zacks Investment Research to Hold

Zacks Investment Research upgraded shares of Boingo Wireless (NASDAQ:WIFI) from a sell rating to a hold rating in a research report released on Wednesday, Zacks.com reports.

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. “

Several other equities research analysts have also issued reports on the stock. ValuEngine lowered shares of Boingo Wireless from a buy rating to a hold rating in a report on Saturday, August 1st. Northland Securities restated a buy rating and issued a $17.00 target price on shares of Boingo Wireless in a report on Wednesday, August 5th. Oppenheimer upgraded shares of Boingo Wireless from a market perform rating to an outperform rating and set a $15.00 target price for the company in a report on Tuesday. Jefferies Financial Group reaffirmed a buy rating and issued a $22.00 price target on shares of Boingo Wireless in a research note on Sunday, August 9th. Finally, BidaskClub downgraded shares of Boingo Wireless from a sell rating to a strong sell rating in a research note on Thursday, September 17th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and eight have issued a buy rating to the company’s stock. The stock has a consensus rating of Buy and a consensus price target of $18.43.

Boingo Wireless stock opened at $9.43 on Wednesday. The firm has a 50-day moving average price of $10.46 and a 200-day moving average price of $12.66. The firm has a market capitalization of $419.33 million, a PE ratio of -26.94 and a beta of 1.08. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 2.45. Boingo Wireless has a 12-month low of $6.66 and a 12-month high of $15.92.

Boingo Wireless (NASDAQ:WIFI) last released its earnings results on Tuesday, August 4th. The technology company reported ($0.13) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.08) by ($0.05). The firm had revenue of $58.67 million during the quarter, compared to the consensus estimate of $61.32 million. Boingo Wireless had a negative return on equity of 17.43% and a negative net margin of 6.40%. As a group, sell-side analysts predict that Boingo Wireless will post -0.42 earnings per share for the current fiscal year.

A number of hedge funds have recently bought and sold shares of the stock. TCTC Holdings LLC purchased a new position in Boingo Wireless during the 2nd quarter valued at about $33,000. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Boingo Wireless by 78.7% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,799 shares of the technology company’s stock valued at $64,000 after purchasing an additional 2,113 shares during the period. Campbell & CO Investment Adviser LLC purchased a new position in Boingo Wireless during the 3rd quarter valued at about $105,000. FDx Advisors Inc. purchased a new position in Boingo Wireless during the 1st quarter valued at about $117,000. Finally, Verition Fund Management LLC purchased a new position in Boingo Wireless during the 2nd quarter valued at about $158,000. 89.16% of the stock is currently owned by institutional investors.

About Boingo Wireless

Boingo Wireless, Inc, together with its subsidiaries, provides wireless connectivity solutions for smartphones, tablets, laptops, wearables, and other wireless-enabled consumer devices worldwide. The company offers distributed antenna systems and small cell networks at managed and operated locations; high-speed Wi-Fi services for residential consumers on military bases and at multifamily properties; and wholesale Wi-Fi services to network operators, device manufacturers, technology companies, enterprise software and services companies, venue operators, and financial services companies, as well as retail Internet access services.

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