Gogo (NASDAQ:GOGO) Shares Down 9.6% – Here’s Why

by · The Markets Daily

Shares of Gogo Inc. (NASDAQ:GOGO – Get Free Report) were down 9.6% during trading on Friday . The stock traded as low as $5.11 and last traded at $5.1050. Approximately 3,128,864 shares were traded during mid-day trading, an increase of 70% from the average daily volume of 1,838,988 shares. The stock had previously closed at $5.65.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on GOGO shares. William Blair cut Gogo from an “outperform” rating to a “market perform” rating in a report on Tuesday. Morgan Stanley started coverage on shares of Gogo in a research report on Thursday, August 14th. They set an “equal weight” rating and a $15.00 target price for the company. Finally, Weiss Ratings reaffirmed a “sell (d)” rating on shares of Gogo in a research report on Monday. Two analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $14.83.

Read Our Latest Stock Report on Gogo

Gogo Trading Down 9.8%

The stock has a market cap of $681.97 million, a P/E ratio of -101.90 and a beta of 0.89. The firm’s 50 day simple moving average is $7.96 and its two-hundred day simple moving average is $10.94. The company has a quick ratio of 1.40, a current ratio of 1.74 and a debt-to-equity ratio of 7.79.

Gogo (NASDAQ:GOGO – Get Free Report) last announced its earnings results on Thursday, November 6th. The technology company reported ($0.01) earnings per share for the quarter, missing the consensus estimate of $0.11 by ($0.12). Gogo had a negative net margin of 0.65% and a positive return on equity of 71.74%. The business had revenue of $223.59 million for the quarter, compared to the consensus estimate of $222.23 million. During the same period in the previous year, the firm earned $0.08 EPS. The firm’s revenue was up 122.4% on a year-over-year basis. As a group, equities research analysts predict that Gogo Inc. will post 0.41 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Gogo

Hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. lifted its stake in shares of Gogo by 6.3% in the third quarter. Vanguard Group Inc. now owns 6,651,058 shares of the technology company’s stock valued at $57,133,000 after buying an additional 396,236 shares during the period. William Blair Investment Management LLC lifted its position in shares of Gogo by 6.9% in the 3rd quarter. William Blair Investment Management LLC now owns 6,067,663 shares of the technology company’s stock worth $52,121,000 after acquiring an additional 393,830 shares during the period. Nantahala Capital Management LLC grew its holdings in shares of Gogo by 38.5% during the 1st quarter. Nantahala Capital Management LLC now owns 3,564,797 shares of the technology company’s stock worth $30,729,000 after purchasing an additional 990,155 shares in the last quarter. LB Partners LLC increased its position in shares of Gogo by 30.0% during the third quarter. LB Partners LLC now owns 3,228,979 shares of the technology company’s stock valued at $27,737,000 after purchasing an additional 745,000 shares during the period. Finally, Tenzing Global Management LLC raised its stake in shares of Gogo by 31.3% in the first quarter. Tenzing Global Management LLC now owns 2,725,000 shares of the technology company’s stock valued at $23,490,000 after purchasing an additional 650,000 shares in the last quarter. 69.60% of the stock is owned by hedge funds and other institutional investors.

About Gogo

(Get Free Report)

Gogo Inc, together with its subsidiaries, provides broadband connectivity services to the aviation industry in the United States and internationally. The company's product platform includes networks, antennas, and airborne equipment and software. It offers in-flight systems; in-flight services; aviation partner support; and engineering, design, and development services, as well as production operations functions.

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