After Oppenheimer and William Blair gave Boingo Wireless Inc (NASDAQ: WIFI) a Buy rating last month, the company received another Buy, this time from Northland Securities. Analyst Paul Penney maintained a Buy rating on Boingo Wireless Inc today and set a price target of $35. The company’s shares closed yesterday at $24.35.
Penney observed:
“We hosted a series of investor meetings in the mid-west with WIFI management (CEO Mike Finley and CFO – Pete Hovenier) and came away with a fresh dose of confidence in our belief that the company is not only ideally positioned to monetize the continued / accelerating tailwinds of mobile data consumption, but has an under-penetrated set of growth opportunities ahead. More specifically, we believe these macro tailwinds (~82% of the world’s mobile traffic will be video by 2022 / ~80% of data consumption is on Wi-Fi / mobile traffic set grow to more than ~2.5X from today’s level by 2022) combined with WIFI’s agnostic / density centric coverage network (versus the increasingly ineffective coverage model) will equate to escalating / sustaining levels of market share and profitability.”
According to TipRanks.com, Penney is a 3-star analyst with an average return of 7.2% and a 48.9% success rate. Penney covers the Healthcare sector, focusing on stocks such as iAnthus Capital Holdings Inc, MedMen Enterprises Inc, and Planet 13 Holdings Inc.
Currently, the analyst consensus on Boingo Wireless Inc is a Strong Buy with an average price target of $30.67, representing a 26.0% upside. In a report issued on March 28, William Blair also reiterated a Buy rating on the stock.
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The company has a one-year high of $35.98 and a one-year low of $18.50. Currently, Boingo Wireless Inc has an average volume of 572.5K.
Based on the recent corporate insider activity of 54 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of WIFI in relation to earlier this year.
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Boingo Wireless, Inc. engages in the distribution of wireless connectivity solutions. It offers distributed antenna systems (DAS), Wi-Fi, and small cells. Its hotspot location includes airport; café/retail; convention center; hotel; and other such as schools and universities, office, hospitals, and public places.
