Maxim Group analyst Allen Klee downgraded iPass (IPAS) to Hold today. The company’s shares closed yesterday at $1.92, close to its 52-week low of $1.10.
Klee wrote:
“Pareteum (TEUM – NR) announced plans to acquire IPAS in an all stock deal. Shareholders of IPAS will receive 1.17 shares of TEUM for each share of IPAS. TEUM’s stock price closed at $1.98. Downgrade shares to Hold, from Buy. IPAS will now trade largely based on TEUM’s stock price, which we do not rate.”
According to TipRanks.com, Klee has 0 stars on 0-5 star ranking scale with an average return of -8.4% and a 34.1% success rate. Klee covers the Technology sector, focusing on stocks such as Net 1 Ueps, Stampscom, and Agilysys.
The the analyst consensus on iPass is currently a Hold rating.
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Based on iPass’ latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $4.52 million. In comparison, last year the company had a GAAP net loss of $6.66 million.
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iPass, Inc. provides Wi-Fi roaming services for enterprise employees and service provider subscribers. The firm operates through the Mobility Services segment. The Mobility Services segment offers open mobile enterprise and open mobile exchange services.
