Wall Street analysts forecast that Boingo Wireless Inc (NASDAQ:WIFI) will post sales of $67.18 million for the current fiscal quarter, Zacks reports. Five analysts have provided estimates for Boingo Wireless’ earnings. The highest sales estimate is $68.17 million and the lowest is $65.60 million. Boingo Wireless reported sales of $57.35 million in the same quarter last year, which indicates a positive year over year growth rate of 17.1%. The business is expected to announce its next quarterly earnings report after the market closes on Wednesday, February 27th.
According to Zacks, analysts expect that Boingo Wireless will report full year sales of $250.21 million for the current financial year, with estimates ranging from $248.70 million to $251.18 million. For the next year, analysts forecast that the business will report sales of $298.98 million, with estimates ranging from $292.40 million to $310.81 million. Zacks’ sales averages are an average based on a survey of sell-side research analysts that cover Boingo Wireless.
A number of research analysts have issued reports on WIFI shares. Zacks Investment Research raised shares of Boingo Wireless from a “hold” rating to a “buy” rating and set a $28.00 price objective on the stock in a research report on Tuesday, November 6th. ValuEngine downgraded shares of Boingo Wireless from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, November 20th. Jefferies Financial Group reissued a “buy” rating and set a $35.00 price objective (down from $38.00) on shares of Boingo Wireless in a research report on Tuesday, November 13th. Lake Street Capital reissued a “buy” rating and set a $34.00 price objective (up from $31.00) on shares of Boingo Wireless in a research report on Friday, November 2nd. Finally, BidaskClub downgraded shares of Boingo Wireless from a “hold” rating to a “sell” rating in a research report on Tuesday, December 18th. One investment analyst has rated the stock with a hold rating and eleven have given a buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $36.00.
Shares of NASDAQ WIFI traded down $0.38 during mid-day trading on Thursday, hitting $25.15. The stock had a trading volume of 277,743 shares, compared to its average volume of 261,150. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.06. Boingo Wireless has a 1 year low of $18.50 and a 1 year high of $35.98. The company has a market cap of $1.07 billion, a price-to-earnings ratio of -51.33 and a beta of 1.07.
In other news, CEO David Hagan sold 30,000 shares of the business’s stock in a transaction on Friday, January 11th. The shares were sold at an average price of $22.28, for a total transaction of $668,400.00. Following the sale, the chief executive officer now owns 490,314 shares in the company, valued at approximately $10,924,195.92. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Peter Hovenier sold 15,000 shares of the business’s stock in a transaction on Thursday, February 14th. The shares were sold at an average price of $24.43, for a total transaction of $366,450.00. Following the sale, the chief financial officer now owns 466,723 shares in the company, valued at approximately $11,402,042.89. The disclosure for this sale can be found here. Over the last three months, insiders have sold 90,000 shares of company stock worth $2,121,100. Insiders own 3.80% of the company’s stock.
Several hedge funds have recently made changes to their positions in WIFI. Macquarie Group Ltd. boosted its holdings in shares of Boingo Wireless by 75.6% during the 4th quarter. Macquarie Group Ltd. now owns 2,067 shares of the technology company’s stock valued at $42,000 after buying an additional 890 shares in the last quarter. Legal & General Group Plc boosted its stake in Boingo Wireless by 13.7% in the 4th quarter. Legal & General Group Plc now owns 7,297 shares of the technology company’s stock worth $150,000 after purchasing an additional 882 shares in the last quarter. NumerixS Investment Technologies Inc boosted its stake in Boingo Wireless by 53.6% in the 4th quarter. NumerixS Investment Technologies Inc now owns 8,600 shares of the technology company’s stock worth $172,000 after purchasing an additional 3,000 shares in the last quarter. First Hawaiian Bank bought a new position in Boingo Wireless in the 4th quarter worth about $173,000. Finally, Affinity Investment Advisors LLC bought a new position in Boingo Wireless in the 4th quarter worth about $216,000. Hedge funds and other institutional investors own 93.06% of the company’s stock.
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. It designs, builds, monitors, and maintains distributed antenna systems (DAS), Wi-Fi, and small cell networks at managed and operated hotspot locations, such as airports, transportation hubs, stadiums, arenas, military bases, universities, convention centers, and office campuses in North America, Latin America, Europe, the Middle East, Africa, and Asia; and offers software applications and solutions to access its Wi-Fi network of approximately 1.5 million hotspots.
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