Gogo (NASDAQ:GOGO) Cut to Sell at Wall Street Zen

Wall Street Zen downgraded shares of Gogo (NASDAQ:GOGO) from a hold rating to a sell rating in a report published on Saturday,Wall Street Zen reports.

GOGO has been the subject of several other reports. Zacks Research upgraded shares of Gogo from a “strong sell” rating to a “hold” rating in a research report on Monday, October 5th. Weiss Ratings lowered shares of Gogo from a “hold (c-)” rating to a “sell (d)” rating in a research report on Monday, August 17th. Finally, Roth Capital reissued a “buy” rating on shares of Gogo in a research note on Friday, August 7th. One equities research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $8.50.

Gogo Stock Up 0.9%

GOGO stock opened at $2.19 on Friday. The company has a market cap of $296.77 million, a PE ratio of 11.42 and a beta of 1.22. The business has a 50-day simple moving average of $2.42 and a 200 day simple moving average of $3.73. Gogo has a 52 week low of $1.96 and a 52 week 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 posted its quarterly earnings data 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). The firm had revenue of $222.81 million for the quarter, compared to the consensus estimate of $229.35 million. Gogo had a positive return on equity of 22.55% and a negative net margin of 0.09%. The company’s revenue for the quarter was down 1.4% compared to the same quarter last year. During the same period in the prior year, the company earned $0.09 EPS. Sell-side analysts anticipate that Gogo will post 0.03 EPS for the current fiscal year.

Hedge Funds Weigh In On Gogo

Institutional investors have recently added to or reduced their stakes in the stock. Caitong International Asset Management Co. Ltd bought a new position in Gogo in the 4th quarter valued at approximately $27,000. PNC Financial Services Group Inc. grew its stake in shares of Gogo by 310.7% during the first quarter. PNC Financial Services Group Inc. now owns 7,318 shares of the technology company’s stock worth $29,000 after buying an additional 5,536 shares during the last quarter. State of Wyoming bought a new stake in shares of Gogo during the first quarter worth $34,000. Two Sigma Securities LLC acquired a new position in shares of Gogo during the second quarter worth $41,000. Finally, Fifth Third Bancorp increased its holdings in shares of Gogo by 7,817.6% during the first quarter. Fifth Third Bancorp now owns 17,102 shares of the technology company’s stock worth $69,000 after buying an additional 16,886 shares in the last quarter. 69.60% of the stock is currently owned by institutional investors and hedge funds.

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.