Internet services business BigAir Group Limited (ASX: BGL) has seen its share price lift more than 20 per cent over the course of the past week, although the stock is still down around 20 per cent over the past year.

The recent lift in share price may be due to a May 25 announcement that the company had signed a deal to install and manage a high-speed wireless internet network at a 286-room student accommodation facility in Brisbane.

The announcement also inferred there may be room in the future for more such deals with student accommodation provider The PAD. BigAir already manages wireless internet services covering more than 40,000 student beds around Australia and this deal doesn’t look material to its financials or outlook in my opinion.

Technology stocks in general have enjoyed a strong recent run and some of the recent bidding up of BigAir stock is most likely the result of some bargain hunters believing the stock is oversold.

BigAir’s management is always keen to promote the group’s results in the best possible light and I remain sceptical over its outlook given the fast pace of technological change within the wireless internet space in particular. This is a competitive space with big hitters like Telstra Corporation Ltd (ASX: TLS), Optus and Vodafone all innovating in their wireless internet offerings as technology improves.

In response BigAir is attempting to diversify into other offerings around connectivity, cloud and managed services for small-to-medium sized enterprises. This is another competitive space with others like Vocus Communications Limited (ASX: VOC) and MNF Group Ltd (ASX: MNF) joining the likes of Telstra in fighting for market share.

Given the competitive headwinds, I think investors are best off following the BigAir story from the sidelines for now, although it may yet prove me wrong in that belief.

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Motley Fool contributor Tom Richardson owns shares of MNF Group Limited and Vocus Communications Limited.

You can find Tom on Twitter @tommyr345

The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.