Gogo (NASDAQ:GOGO) Stock Moved Up to “Hold” by Zacks Research

Zacks Research upgraded shares of Gogo (NASDAQ:GOGO) from a strong sell rating to a hold rating in a research report report published on Monday,Zacks reports.

Several other equities analysts have also weighed in on the stock. Roth Capital restated a “buy” rating on shares of Gogo in a research report on Friday, August 7th. Wall Street Zen raised shares of Gogo from a “sell” rating to a “hold” rating in a research report on Saturday, September 5th. Finally, Weiss Ratings cut shares of Gogo from a “hold (c-)” rating to a “sell (d)” rating in a research note on Monday, August 17th. One investment analyst has rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Gogo presently has an average rating of “Hold” and a consensus target price of $8.50.

Gogo Stock Performance

GOGO stock opened at $2.30 on Monday. The business has a 50 day moving average of $2.82 and a 200-day moving average of $3.58. The firm has a market cap of $311.67 million, a PE ratio of 230.00 and a beta of 1.22. Gogo has a 12-month low of $2.05 and a 12-month high of $9.93. The company has a quick ratio of 1.21, a current ratio of 1.73 and a debt-to-equity ratio of 6.74.

Gogo (NASDAQ:GOGO) last announced its quarterly earnings data on Thursday, August 6th. The technology company reported $0.03 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.03). The business had revenue of $222.81 million during the quarter, compared to the consensus estimate of $229.35 million. Gogo had a negative net margin of 0.09% and a positive return on equity of 22.55%. The firm’s revenue for the quarter was down 1.4% compared to the same quarter last year. During the same quarter last year, the company earned $0.09 EPS. As a group, sell-side analysts expect that Gogo will post 0.03 earnings per share for the current year.

Institutional Investors Weigh In On Gogo

Several large investors have recently added to or reduced their stakes in the company. WINTON GROUP Ltd boosted its position in Gogo by 43.0% during the second quarter. WINTON GROUP Ltd now owns 44,900 shares of the technology company’s stock worth $139,000 after purchasing an additional 13,500 shares during the period. Engineers Gate Manager LP raised its position in shares of Gogo by 10.8% in the second quarter. Engineers Gate Manager LP now owns 54,316 shares of the technology company’s stock valued at $168,000 after purchasing an additional 5,282 shares during the period. Baird Financial Group Inc. purchased a new stake in shares of Gogo during the 2nd quarter valued at approximately $174,000. Corient Private Wealth LP purchased a new stake in shares of Gogo during the 2nd quarter valued at approximately $172,000. Finally, Amundi lifted its stake in shares of Gogo by 59.9% during the 2nd quarter. Amundi now owns 66,931 shares of the technology company’s stock valued at $207,000 after buying an additional 25,086 shares in the last quarter. Hedge funds and other institutional investors own 69.60% of the company’s stock.

About Gogo

Gogo Inc (NASDAQ: GOGO) provides broadband connectivity and related communications services for the business aviation market. Its offerings are designed to give passengers and flight crews internet access in the air, supporting activities such as web browsing, email, streaming and other connected applications.

The company’s portfolio includes air-to-ground connectivity services, onboard Wi-Fi systems, satellite-based connectivity and related hardware, software and support services. Gogo also offers Gogo Galileo, a global broadband service intended to extend high-speed connectivity to business aircraft operating beyond the coverage of traditional air-to-ground networks.

Gogo was founded in 1991 as Aircell and adopted the Gogo brand in 2009.