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

Gogo Inc. (NASDAQ:GOGO) shares gapped down prior to trading on Friday . The stock had previously closed at $4.35, but opened at $4.06. Gogo shares last traded at $4.2650, with a volume of 519,285 shares.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. Morgan Stanley set a $8.00 price objective on Gogo in a report on Friday, January 16th. William Blair lowered Gogo from an “outperform” rating to a “market perform” rating in a research report on Tuesday, December 9th. Finally, Weiss Ratings reaffirmed a “sell (d)” rating on shares of Gogo in a report on Monday, December 29th. One analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Gogo currently has a consensus rating of “Hold” and an average target price of $12.25.

Gogo Trading Down 3.6%

The firm has a 50 day moving average price of $4.57 and a two-hundred day moving average price of $7.34. The company has a debt-to-equity ratio of 7.79, a quick ratio of 1.40 and a current ratio of 1.74. The firm has a market capitalization of $561.52 million, a P/E ratio of -83.90 and a beta of 1.04.

Insiders Place Their Bets

In related news, insider Oakleigh Thorne purchased 170,000 shares of Gogo stock in a transaction dated Friday, December 12th. The stock was acquired at an average cost of $5.34 per share, with a total value of $907,800.00. Following the completion of the transaction, the insider directly owned 954,098 shares of the company’s stock, valued at $5,094,883.32. This trade represents a 21.68% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 25.78% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Gogo

Several institutional investors and hedge funds have recently modified their holdings of the business. Nantahala Capital Management LLC acquired a new position in Gogo during the fourth quarter valued at approximately $31,654,000. Vanguard Group Inc. increased 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 worth $57,133,000 after purchasing an additional 396,236 shares during the period. William Blair Investment Management LLC boosted its stake in Gogo by 6.9% during the 3rd quarter. William Blair Investment Management LLC now owns 6,067,663 shares of the technology company’s stock valued at $52,121,000 after purchasing an additional 393,830 shares during the period. LB Partners LLC grew its holdings in Gogo by 30.0% in the 3rd quarter. LB Partners LLC now owns 3,228,979 shares of the technology company’s stock valued at $27,737,000 after buying an additional 745,000 shares during the last quarter. Finally, State Street Corp raised its position in shares of Gogo by 7.0% during the fourth quarter. State Street Corp now owns 3,136,833 shares of the technology company’s stock valued at $14,618,000 after buying an additional 204,296 shares during the last quarter. Institutional investors and hedge funds own 69.60% of the company’s stock.

Gogo Company Profile

Gogo Inc is a leading provider of in-flight connectivity and entertainment solutions for commercial and business aviation. The company specializes in delivering broadband internet, voice and text services, and streaming entertainment to passengers at 35,000 feet. Gogo’s offerings include both air-to-ground (ATG) networks and satellite-based connectivity, enabling reliable in-flight internet access across a range of aircraft types.

Gogo’s ATG network spans the United States and portions of Canada, using ground towers to transmit data signals directly to equipped aircraft.