Gogo (NASDAQ:GOGO) Share Price Breaks Below 200-Day Moving Average – Here’s Why

Gogo Inc. (NASDAQ:GOGO)’s share price crossed below its two hundred day moving average during trading on Tuesday. The stock has a two hundred day moving average of $3.61 and traded as low as $3.33. Gogo shares last traded at $3.60, with a volume of 2,816,040 shares.

Wall Street Analyst Weigh In

GOGO has been the topic of several recent analyst reports. Wall Street Zen cut Gogo from a “hold” rating to a “sell” rating in a report on Saturday, October 24th. Roth Capital reissued a “buy” rating on shares of Gogo in a report on Friday, August 7th. Weiss Ratings lowered Gogo from a “sell (d)” rating to a “sell (e+)” rating in a report on Monday. Finally, Zacks Research upgraded shares of Gogo from a “strong sell” rating to a “hold” rating in a research report on Monday, October 5th. One equities research analyst has rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $8.50.

Gogo Stock Performance

The company’s 50-day moving average price is $2.44 and its two-hundred day moving average price is $3.61. The company has a debt-to-equity ratio of 6.65, a quick ratio of 1.32 and a current ratio of 1.84. The stock has a market cap of $488.30 million, a PE ratio of 32.91 and a beta of 1.26.

Gogo (NASDAQ:GOGO) last posted its quarterly earnings data on Friday, November 6th. The technology company reported ($0.02) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.01). Gogo had a positive return on equity of 11.88% and a negative net margin of 0.24%. The company had revenue of $213.23 million for the quarter, compared to the consensus estimate of $216.52 million. During the same period in the prior year, the firm posted ($0.01) earnings per share. The business’s revenue was down 4.6% on a year-over-year basis. On average, equities research analysts forecast that Gogo Inc. will post -0.02 EPS for the current year.

Institutional Investors Weigh In On Gogo

Several hedge funds have recently added to or reduced their stakes in GOGO. PNC Financial Services Group Inc. boosted its holdings in shares of Gogo by 310.7% in the 1st quarter. PNC Financial Services Group Inc. now owns 7,318 shares of the technology company’s stock worth $29,000 after purchasing an additional 5,536 shares in the last quarter. State of Wyoming bought a new position in shares of Gogo during the 1st quarter valued at about $34,000. Two Sigma Securities LLC bought a new position in shares of Gogo during the 2nd quarter valued at about $41,000. Fifth Third Bancorp raised its holdings in shares of Gogo by 7,817.6% during the 1st quarter. Fifth Third Bancorp now owns 17,102 shares of the technology company’s stock valued at $69,000 after buying an additional 16,886 shares in the last quarter. Finally, The Manufacturers Life Insurance Company purchased a new position in shares of Gogo during the 2nd quarter valued at about $72,000. Institutional investors own 69.60% of the company’s stock.

Gogo Company Profile

Gogo Inc. is an aviation connectivity and broadband services company that provides internet access, entertainment, and communications solutions for business and commercial aircraft. Its offerings are designed to help passengers and flight crews stay connected while in the air through a combination of air-to-ground and satellite-based technologies. Gogo’s business aviation portfolio includes the AVANCE connectivity platform, which supports in-flight Wi-Fi and related services, as well as equipment, software, and network management solutions for private and business aircraft.