Boingo Wireless, Inc. (NASDAQ:WIFI) has been the object of insider selling activity recently. CEO David Hagan sold 75,000 shares at a price of $15.27 on Fri the 21st. The CEO now owns $9,113,945 of the stock as recorded in a recent Form 4 SEC filing. Tom Tracey, Sr VP sold $166,800 worth of shares at an average price of $16.68 on Fri the 9th. That brings the Sr VP’s holdings to $500,767 as reported to the SEC.
Derek Peterson, CTO reported the sale of 14,970 shares of (WIFI). The shares sold for $16.61. Peterson now owns $504,944 of the stock per the Form 4 SEC filing.
Boingo Wireless, Inc., launched on April 16, 2001, 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. It acquires long-term wireless rights at venues, such as airports, transportation hubs, stadiums, arenas, military bases, universities, convention centers, and office campuses; builds wireless networks, such as DAS, Wi-Fi and small cells at those venues, and monetizes the wireless networks through a range of products and services. As of December 31, 2016, the Company operated 36 DAS networks containing approximately 19,200 DAS nodes. Its Wi-Fi network includes locations that the Company manages and operates (its managed and operated locations), as well as networks managed and operated by third-parties with whom it contracts for access (its roaming networks). As of December 31, 2016, the Company had more than 1.5 million commercial Wi-Fi hotspots in more than 100 countries around the world. As of December 31, 2016, the Company also operated Wi-Fi and Internet protocol television (IPTV) networks at the 58 United States Army, Air Force and Marines bases around the world..
Here are a few other firms who have also updated their positions. Skylands Capital, LLC downsized its holdings by shedding 227,600 shares a decrease of 60.1% from 03/31/2017 to 06/30/2017. Skylands Capital, LLC controls 151,100 shares with a value of $2,260,000. The total value of its holdings decreased 54.1%. Bank Of Montreal /can/ divested its stake by selling 2,047 shares a decrease of 56.1%. Bank Of Montreal /can/ claims 1,601 shares worth $24,000. The value of the position overall is down by 48.9%.
As of the end of the quarter Baird Financial Group, Inc. had disposed of 26,452 shares trimming its holdings by 3.3%. The value of the company’s investment in Boingo Wireless, Inc. increased from $9,625,000 to $9,913,000 a change of $288,000 for the reporting period. Morgan Stanley reduced its ownership by shedding 500 shares a decrease of 71.4% as of 03/31/2017. Morgan Stanley now holds 200 shares valued at $3,000. The value of the position overall is down by 66.7%.
Oppenheimer began coverage of the stock by announcing an initial rating of “Outperform” and a price target of $12.00. On July 11 analysts at BTIG Research added WIFI to its research portfolio with a rating of “Sell” and projecting a price target of $6.90.
On June 20, 2016 Lake Street initiated coverage on the stock giving it an initial rating of “Buy”. February 25 investment analysts at Jefferies kept the company rating at “Buy” and moved down the price target to $10.00 from $13.00.
Equity analyst Craig-Hallum started covering WIFI with an initial rating of “Buy” and setting a price target of $14.00. On April 1 DA Davidson left the company rating at “Buy” but moved up the price target from $10.00 to $13.00.
The company is now up since yesterday’s close of $15.21. It is currently trading at $15.36 which is just a bit below $15.66, the 50 day moving average and which is slightly above the 200 day moving average of $13.68. The 50 day moving average moved down $-0.30 and the 200 day average was up $1.68.
In the latest earnings report the EPS was $-0.63 and is projected to be $-0.65 for the current year with 38,984,000 shares currently outstanding. Analysts expect next quarter’s EPS will be $-0.17 with next year’s EPS anticipated to be $-0.48.
Investors are a little more bearish lately if you put credence in the rise in short interest. The stock had a rise in short interest of 2.80% as of May 31, 2017 from the last reporting period. Short shares grew from 871,185 to 895,565 over that timeframe. Days to cover increased from 2.3 to 2.5 and the percentage of shorted shares was 0.02% on May 31.