Gogo (NASDAQ:GOGO) Shares Down 3.6%

Gogo Inc. (NASDAQ:GOGO)’s stock price was down 3.6% during mid-day trading on Thursday . The company traded as low as $7.33 and last traded at $7.43. Approximately 157,248 shares changed hands during trading, a decline of 82% from the average daily volume of 886,930 shares. The stock had previously closed at $7.71.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the company. JPMorgan Chase & Co. cut their target price on Gogo from $11.00 to $10.00 and set a “neutral” rating on the stock in a research note on Thursday, August 8th. Morgan Stanley dropped their price target on shares of Gogo from $12.00 to $11.00 and set an “equal weight” rating on the stock in a research note on Tuesday, September 3rd.

Gogo Price Performance

The business’s 50-day simple moving average is $8.40 and its 200 day simple moving average is $8.96. The company has a current ratio of 3.95, a quick ratio of 3.16 and a debt-to-equity ratio of 11.25. The company has a market capitalization of $939.31 million, a P/E ratio of 6.26 and a beta of 1.11.

Gogo (NASDAQ:GOGO) last issued its quarterly earnings results on Wednesday, August 7th. The technology company reported $0.01 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.06). Gogo had a net margin of 16.59% and a return on equity of 145.01%. The firm had revenue of $102.10 million for the quarter, compared to the consensus estimate of $99.02 million. During the same period in the previous year, the business posted $0.20 earnings per share. The business’s revenue for the quarter was down 1.1% compared to the same quarter last year. As a group, sell-side analysts anticipate that Gogo Inc. will post 0.35 EPS for the current year.

Institutional Investors Weigh In On Gogo

Several large investors have recently modified their holdings of GOGO. Burgundy Asset Management Ltd. raised its holdings in Gogo by 20.0% during the 4th quarter. Burgundy Asset Management Ltd. now owns 2,399,618 shares of the technology company’s stock worth $24,308,000 after buying an additional 400,487 shares during the period. Capstone Investment Advisors LLC acquired a new stake in Gogo during the 1st quarter valued at $736,000. Aigen Investment Management LP purchased a new stake in shares of Gogo in the fourth quarter valued at $256,000. State Board of Administration of Florida Retirement System boosted its position in shares of Gogo by 12.6% in the first quarter. State Board of Administration of Florida Retirement System now owns 21,320 shares of the technology company’s stock worth $187,000 after buying an additional 2,390 shares during the period. Finally, Dynamic Technology Lab Private Ltd acquired a new position in Gogo in the 4th quarter valued at approximately $203,000. 69.60% of the stock is owned by institutional investors.

Gogo Company Profile

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.