Mitsui & Co. has reported cutting its passive stake in Boingo Wireless Inc (NASDAQ:WIFI). The shareholder reduced its exposure to the company down to 609,500 shares, versus more than 1.89 million held earlier. Following the decrease, the firm owns 1.7% of Boingo Wireless Inc (NASDAQ:WIFI)’s common stock, versus 5.3% held earlier.
Boingo Wireless Inc (NASDAQ:WIFI) is a small cap company that provides mobile Internet through Wi-Fi networks, and its stock gained around 9% since the beginning of the year. Louis Bacon‘s Moore Global Investments is a fund with a significant stake in Boingo Wireless Inc (NASDAQ:WIFI), reporting ownership of 2.81 million shares in its latest 13F filing. Raging Capital Management, led by William C. Martin, has reported a new stake in the company as of the end of March, owning currently 992,500 shares.
Overall, hedge funds were slightly bullish about the company during the first quarter. Although Gavin Saitowitz‘s Springbok Capital sold out its stake during first quarter, the number of hedge funds in Boingo Wireless Inc (NASDAQ:WIFI) went up from 9 to 10. The recent transaction by Mitsui isn’t a good sign though.