In a report released yesterday, Timothy Horan from Oppenheimer maintained a Buy rating on Boingo Wireless Inc (NASDAQ: WIFI), with a price target of $39. The company’s shares closed yesterday at $30.17.
Horan commented:
“Consolidated revenue of $65.3M grew 21.6%, helped by $5 million from the Elawit acquisition, a beat of 40 bps. Absent Elauwit’s contribution, military grew 23% organically. Estimated Cash EBITDA was $13.2M, a 1% beat. Negatively, WiFi off load contract renegotiations caused a 13% sequential decline in rev. vs. our +4% estimate, but the service is now much more attractive to carriers and we expect increased customers/usage to make up for this next year and beyond. Guidance was tightened, but we are lowering our estimates on the renegotiated WiFi contracts.”
According to TipRanks.com, Horan is a top 25 analyst with an average return of 17.0% and a 73.0% success rate. Horan covers the Technology sector, focusing on stocks such as Interxion Holding NV, Zayo Group Holdings, and GTT Communications.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Boingo Wireless Inc with a $38.75 average price target, implying a 28.4% upside from current levels. In a report issued on October 17, Roth Capital also maintained a Buy rating on the stock with a $40 price target.
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Based on Boingo Wireless Inc’s latest earnings release for the quarter ending June 30, the company reported a quarterly net profit of $2.12 million. In comparison, last year the company had a GAAP net loss of $3.45 million.
Based on the recent corporate insider activity of 60 insiders, corporate insider sentiment is negative on the stock. Most recently, in September 2018, Peter Hovenier, the CFO of WIFI sold 10,000 shares for a total of $334,449.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
Boingo Wireless, Inc. engages in the istallation of distributed antenna systems or DAS, Wi-Fi, and small cells. It operates through the following geographical segments: North America; Latin America; Europe, Middle Est, and Africa; and Asia. The firm’s wireless networks are in the airport; cafe/retail; convention center; hotel; and other.
