Analysts at Citigroup Inc. initiated coverage on Boingo Wireless Inc. (NASDAQ: WIFI) stock, starting the company at Outperform. As a means of comparison, a number of other analysts have commented on the shares recently, and the company has earned a consensus one-year price target of $11.01, $9.15. Boingo Wireless Inc.stock has a 52-week high of $9.88.After beginning or initiating coverage, analysts and brokerage firms will subsequently issue periodic updates. Changes in price targets are not unusual.
Stocks closed in negative territory Wednesday in the wake of slumping crude-oil prices, erasing earlier gains for the major indices, while the tech-heavy Nasdaq bucked the losing trend.
The Dow Jones Industrial Average DJIA, -0.18% slid 31.98 points, or 0.2%, to close at 18,034.77
The S&P 500 index SPX, -0.06% fell 1.25 points to end at 2,125.77, weighed by a 1.2% drop in the energy sector.
The Nasdaq Composite Index COMP, +0.36% advanced 18.52 points, or 0.4%, to close at 5,173.77.
Usually, after analysts publish an “initiating coverage” report on a stock, they will subsequently issue periodic updates.
Shares of Boingo Wireless Inc. (NASDAQ: WIFI) opened at $9.15 today and traded in a range between, $8.94 and $9.45, and last traded at $9.00, which represents a change of $ 0.30 over the previous closing price.
Boingo Wireless Inc. (NASDAQ: WIFI) currently has a market cap of 343.05M
The stocks average daily volume is 240,522 shares out of a total float 35,002,000 of and some 227,498 shares crossed the trading desk yesterday, 71 percent lower than normal. Look for trading volume to pick up in the coming days as investors often use upticks in trading volume to identify heavy volume accumulation or distribution by institutional investors.
While increased trading for short periods will not mean much will not mean much, however, a trend of heavy trading volume on the buy side over a period of days or weeks sends a positive signal to market traders that institutions may be moving in, so institutional sponsorship is very important.
Institutional sponsorship simply refers to ownership of a stock by mutual funds, banks, pension funds and other large institutions.
These professional investors have teams of analysts researching thousands of stocks, so it is good confirmation to see them taking a postion in a stock you’re considering.
By tracking the activity of these professional investors—and the moving averages they affect—it allows for traders to make more effective decisions on trades.
With that in mind Boingo Wireless Inc. (NASDAQ: WIFI) now has a 50-day MA is $8.67 and 200-day MA is $8.07, and it has traded in a 52-week range between $5.40 – 9.88 and today’s last price is -8.91 percent off the 52 week high.
Indeed, earnings growth is among the most important things to look in regards to stock investing and, accordingly, investors seek companies who have been successful at growing their earnings by at least 25 percent over a 3 year period.
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