Boingo Wireless (NASDAQ:WIFI) Stock Price Down 5%

Boingo Wireless, Inc. (NASDAQ:WIFI)’s share price dropped 5% during trading on Tuesday . The stock traded as low as $11.67 and last traded at $12.09. Approximately 1,114,971 shares changed hands during trading, an increase of 178% from the average daily volume of 401,471 shares. The stock had previously closed at $12.73.

WIFI has been the topic of several research analyst reports. Oppenheimer raised Boingo Wireless from a “market perform” rating to an “outperform” rating and set a $15.00 price objective on the stock in a research note on Tuesday, October 27th. Zacks Investment Research raised Boingo Wireless from a “hold” rating to a “buy” rating and set a $15.00 price target on the stock in a research note on Tuesday, December 29th. Nine equities research analysts have rated the stock with a buy rating, The company currently has an average rating of “Buy” and an average target price of $18.43.

The company has a 50 day simple moving average of $12.46 and a 200-day simple moving average of $12.18. The stock has a market cap of $538.38 million, a price-to-earnings ratio of -34.60 and a beta of 1.08. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 2.45.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Principal Financial Group Inc. bought a new position in shares of Boingo Wireless in the 4th quarter valued at about $141,000. Verition Fund Management LLC bought a new position in shares of Boingo Wireless in the 4th quarter valued at about $322,000. Truist Financial Corp grew its holdings in shares of Boingo Wireless by 9.9% in the 4th quarter. Truist Financial Corp now owns 26,792 shares of the technology company’s stock valued at $341,000 after acquiring an additional 2,414 shares in the last quarter. Squarepoint Ops LLC grew its holdings in shares of Boingo Wireless by 39.3% in the 4th quarter. Squarepoint Ops LLC now owns 56,896 shares of the technology company’s stock valued at $724,000 after acquiring an additional 16,038 shares in the last quarter. Finally, Nuveen Asset Management LLC grew its holdings in shares of Boingo Wireless by 2.6% in the 4th quarter. Nuveen Asset Management LLC now owns 740,319 shares of the technology company’s stock valued at $9,417,000 after acquiring an additional 18,874 shares in the last quarter. Institutional investors own 89.16% of the company’s stock.

About Boingo Wireless (NASDAQ:WIFI)

Boingo Wireless, Inc, together with its subsidiaries, provides wireless connectivity solutions for smartphones, tablets, laptops, wearables, and other wireless-enabled consumer devices worldwide. It offers distributed antenna systems and small cell networks at managed and operated locations; high-speed Wi-Fi services for residential consumers on military bases and at multifamily properties; and wholesale Wi-Fi services to network operators, device manufacturers, technology companies, enterprise software and services companies, venue operators, and financial services companies, as well as retail Internet access services.

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