iPass Inc. (IPAS) Trading Down NaN Following Weak Earnings

iPass Inc. (NASDAQ:IPAS) shares fell NaN during mid-day trading on Wednesday after the company announced weaker than expected quarterly earnings. The stock traded as low as $0.56 and last traded at $0.00. 656,747 shares were traded during mid-day trading, an increase of Infinity from the average session volume of 0 shares. The technology company reported ($0.10) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.04) by ($0.06). iPass had a negative net margin of 20.49% and a negative return on equity of 78.31%.

A number of research analysts have recently commented on the stock. Zacks Investment Research raised shares of iPass from a “sell” rating to a “hold” rating in a research report on Friday, September 15th. Maxim Group reaffirmed a “buy” rating and set a $2.00 price objective on shares of iPass in a research report on Thursday, September 14th. Aegis cut their price objective on shares of iPass from $2.75 to $1.40 and set a “buy” rating for the company in a research report on Wednesday, September 13th. Finally, ValuEngine lowered shares of iPass from a “hold” rating to a “sell” rating in a research report on Monday, July 24th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the company. iPass presently has a consensus rating of “Hold” and a consensus price target of $2.28.

In related news, CEO Gary A. Griffiths acquired 100,000 shares of the business’s stock in a transaction dated Thursday, August 10th. The stock was acquired at an average price of $0.56 per share, with a total value of $56,000.00. Following the completion of the transaction, the chief executive officer now owns 1,022,500 shares of the company’s stock, valued at $572,600. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 5.70% of the stock is currently owned by corporate insiders.

Institutional investors and hedge funds have recently made changes to their positions in the company. Susquehanna International Group LLP acquired a new position in shares of iPass during the second quarter valued at about $100,000. Northern Trust Corp raised its position in shares of iPass by 2.4% during the second quarter. Northern Trust Corp now owns 130,999 shares of the technology company’s stock valued at $173,000 after buying an additional 3,058 shares during the last quarter. Emancipation Management LLC acquired a new position in shares of iPass during the second quarter valued at about $228,000. Sterling Capital Management LLC acquired a new position in shares of iPass during the second quarter valued at about $228,000. Finally, P.A.W. Capital Corp acquired a new position in shares of iPass during the second quarter valued at about $271,000. 23.80% of the stock is owned by institutional investors and hedge funds.

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About iPass

iPass Inc (iPass), is a provider of global mobile connectivity, offering wireless fidelity (Wi-Fi) on mobile devices. The Company, through its Mobile Connectivity Services segment, offers a cloud-based solution allowing its customers and their users’ access to its global Wi-Fi network to stay connected to the people and information.

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