Analysts Set Gogo Inc. (NASDAQ:GOGO) PT at $8.50

Shares of Gogo Inc. (NASDAQ:GOGO) have been assigned an average rating of “Reduce” from the five ratings firms that are currently covering the company, MarketBeat reports. Two equities research analysts have rated the stock with a sell recommendation, two have assigned a hold recommendation and one has assigned a buy recommendation to the company. The average twelve-month target price among brokers that have updated their coverage on the stock in the last year is $8.50.

A number of analysts have weighed in on the company. Morgan Stanley reduced their target price on Gogo from $8.00 to $7.00 and set an “equal weight” rating on the stock in a research note on Thursday, May 21st. Weiss Ratings lowered shares of Gogo from a “hold (c-)” rating to a “sell (d)” rating in a research note on Monday, August 17th. Wall Street Zen upgraded shares of Gogo from a “sell” rating to a “hold” rating in a report on Saturday, September 5th. Roth Capital reaffirmed a “buy” rating on shares of Gogo in a research note on Friday, August 7th. Finally, Zacks Research lowered shares of Gogo from a “hold” rating to a “strong sell” rating in a report on Friday, August 7th.

Hedge Funds Weigh In On Gogo

A number of institutional investors have recently modified their holdings of GOGO. Nantahala Capital Management LLC purchased a new position in Gogo during the 2nd quarter worth $26,962,966. BlackRock Inc. purchased a new stake in shares of Gogo in the 2nd quarter worth $18,984,000. Bank of America Corp DE bought a new position in shares of Gogo during the 2nd quarter worth $16,029,000. Millennium Management LLC grew its position in shares of Gogo by 774.0% during the 4th quarter. Millennium Management LLC now owns 2,355,573 shares of the technology company’s stock worth $10,977,000 after buying an additional 2,086,042 shares in the last quarter. Finally, Balyasny Asset Management L.P. purchased a new position in shares of Gogo during the fourth quarter valued at $5,250,000. 69.60% of the stock is owned by hedge funds and other institutional investors.

Gogo Stock Up 1.2%

Shares of NASDAQ:GOGO opened at $2.62 on Friday. The firm has a market capitalization of $355.04 million, a PE ratio of 262.00 and a beta of 1.03. The business has a 50 day simple moving average of $3.27 and a two-hundred day simple moving average of $3.86. Gogo has a 1 year low of $2.45 and a 1 year high of $10.38. The company has a debt-to-equity ratio of 6.74, a current ratio of 1.73 and a quick ratio of 1.21.

Gogo (NASDAQ:GOGO) last issued its quarterly earnings results on Thursday, August 6th. The technology company reported $0.03 earnings per share for the quarter, missing the consensus estimate of $0.06 by ($0.03). Gogo had a positive return on equity of 22.55% and a negative net margin of 0.09%.The business had revenue of $222.81 million during the quarter, compared to analysts’ expectations of $229.35 million. During the same quarter in the previous year, the company posted $0.09 earnings per share. The company’s quarterly revenue was down 1.4% compared to the same quarter last year. On average, equities analysts predict that Gogo will post 0.14 EPS for the current year.

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.