Gogo (NASDAQ:GOGO) Trading Down 8.5% – What’s Next?

Gogo Inc. (NASDAQ:GOGO)’s share price traded down 8.5% during mid-day trading on Friday . The company traded as low as $4.17 and last traded at $4.2740. 262,574 shares traded hands during mid-day trading, a decline of 86% from the average session volume of 1,908,728 shares. The stock had previously closed at $4.67.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. Weiss Ratings reiterated a “sell (d)” rating on shares of Gogo in a research report on Friday, March 27th. Morgan Stanley set a $8.00 price target on Gogo in a research note on Friday, January 16th. Finally, Roth Mkm set a $12.00 price target on Gogo in a research note on Thursday. One investment 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, the company presently has a consensus rating of “Hold” and a consensus price target of $10.00.

Gogo Price Performance

The stock has a market cap of $591.67 million, a P/E ratio of 43.75 and a beta of 1.06. The company has a debt-to-equity ratio of 8.24, a quick ratio of 1.24 and a current ratio of 1.60. The business has a 50 day simple moving average of $4.46 and a 200-day simple moving average of $5.39.

Gogo (NASDAQ:GOGO) last posted its quarterly earnings results on Thursday, May 7th. The technology company reported $0.10 earnings per share for the quarter, topping the consensus estimate of $0.09 by $0.01. Gogo had a return on equity of 55.95% and a net margin of 1.42%.The company had revenue of $226.32 million during the quarter, compared to the consensus estimate of $234.99 million. During the same quarter in the prior year, the company earned $0.09 EPS. The firm’s quarterly revenue was down 1.7% compared to the same quarter last year. On average, sell-side analysts forecast that Gogo Inc. will post 0.42 EPS for the current year.

Insider Buying and Selling at Gogo

In other news, Director Charles C. Townsend acquired 158,591 shares of the firm’s stock in a transaction that occurred on Thursday, March 12th. The shares were bought at an average cost of $4.57 per share, with a total value of $724,760.87. Following the acquisition, the director owned 418,686 shares in the company, valued at approximately $1,913,395.02. This represents a 60.97% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 25.78% of the company’s stock.

Hedge Funds Weigh In On Gogo

Several hedge funds have recently made changes to their positions in GOGO. Brighton Jones LLC increased its stake in shares of Gogo by 69.6% during the fourth quarter. Brighton Jones LLC now owns 17,000 shares of the technology company’s stock valued at $138,000 after buying an additional 6,978 shares during the period. AQR Capital Management LLC increased its stake in shares of Gogo by 43.4% during the first quarter. AQR Capital Management LLC now owns 47,219 shares of the technology company’s stock valued at $407,000 after buying an additional 14,293 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Gogo by 6.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 39,205 shares of the technology company’s stock valued at $338,000 after buying an additional 2,342 shares during the period. Millennium Management LLC increased its stake in shares of Gogo by 439.5% during the first quarter. Millennium Management LLC now owns 709,003 shares of the technology company’s stock valued at $6,112,000 after buying an additional 577,575 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of Gogo by 23.6% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 294,173 shares of the technology company’s stock valued at $2,536,000 after buying an additional 56,232 shares during the period. 69.60% of the stock is owned by hedge funds and other institutional investors.

About Gogo

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.