Gogo (NASDAQ:GOGO) Hits New 12-Month Low at $6.77

Gogo Inc. (NASDAQ:GOGO) shares hit a new 52-week low during trading on Monday . The company traded as low as $6.77 and last traded at $6.78, with a volume of 572700 shares changing hands. The stock had previously closed at $7.24.

Analyst Ratings Changes

A number of analysts recently commented on GOGO shares. Morgan Stanley dropped their price target on Gogo from $12.00 to $11.00 and set an “equal weight” rating on the stock in a report on Tuesday, September 3rd. JPMorgan Chase & Co. lowered 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.

Gogo Stock Down 5.1 %

The stock’s 50-day moving average price is $8.31 and its two-hundred day moving average price is $8.95. 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 stock has a market capitalization of $872.15 million, a P/E ratio of 5.79 and a beta of 1.11.

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

Institutional Investors Weigh In On Gogo

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in GOGO. Burgundy Asset Management Ltd. boosted its holdings in Gogo by 27.7% in the 1st quarter. Burgundy Asset Management Ltd. now owns 3,064,421 shares of the technology company’s stock worth $26,906,000 after buying an additional 664,803 shares during the period. LB Partners LLC lifted its position in shares of Gogo by 31.0% during the first quarter. LB Partners LLC now owns 1,895,606 shares of the technology company’s stock worth $16,643,000 after acquiring an additional 448,918 shares in the last quarter. Select Equity Group L.P. bought a new position in shares of Gogo in the second quarter worth $2,764,000. William Blair Investment Management LLC grew its position in shares of Gogo by 7.9% in the second quarter. William Blair Investment Management LLC now owns 2,073,693 shares of the technology company’s stock valued at $19,949,000 after purchasing an additional 152,338 shares in the last quarter. Finally, Millennium Management LLC grew its position in shares of Gogo by 19.0% in the second quarter. Millennium Management LLC now owns 814,833 shares of the technology company’s stock valued at $7,839,000 after purchasing an additional 130,344 shares in the last quarter. 69.60% of the stock is currently owned by institutional investors.

About Gogo

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.