Gogo Inc. (NASDAQ:GOGO) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Wednesday.
According to Zacks, “Gogo Inc. offers in-flight connectivity and wireless digital entertainment solutions in-flights. It operates through Commercial Aviation and Business Aviation segments. The Company provides equipment for in-flight connectivity with voice and data services, wireless digital entertainment solutions. Gogo Inc. is headquartered in Itasca, Illinois. “
A number of other brokerages have also issued reports on GOGO. William Blair reiterated a “buy” rating on shares of Gogo in a report on Monday, June 6th. Standpoint Research started coverage on shares of Gogo in a research note on Thursday, June 23rd. They issued a “buy” rating and a $14.00 price objective for the company. Morgan Stanley reduced their price objective on shares of Gogo from $11.00 to $8.00 and set an “underweight” rating for the company in a research note on Thursday, July 28th. JPMorgan Chase & Co. reduced their price objective on shares of Gogo from $18.00 to $17.00 and set an “overweight” rating for the company in a research note on Friday, August 5th. Finally, Dougherty & Co reduced their price objective on shares of Gogo from $17.00 to $14.00 and set a “buy” rating for the company in a research note on Wednesday, June 15th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company’s stock. Gogo currently has an average rating of “Hold” and a consensus price target of $13.60.
Gogo (NASDAQ:GOGO) opened at 12.35 on Wednesday. Gogo has a 1-year low of $7.80 and a 1-year high of $19.61. The stock has a 50 day moving average price of $11.93 and a 200-day moving average price of $10.34. The stock’s market capitalization is $1.06 billion.
Gogo (NASDAQ:GOGO) last announced its quarterly earnings results on Thursday, August 4th. The company reported ($0.51) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.40) by $0.11. The firm earned $147.50 million during the quarter, compared to analysts’ expectations of $141.46 million. Gogo had a negative net margin of 22.95% and a negative return on equity of 204.51%. The firm’s revenue for the quarter was up 21.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.32) EPS. Equities research analysts expect that Gogo will post ($1.55) EPS for the current year.
In other Gogo news, Director Charles C. Townsend purchased 200,000 shares of Gogo stock in a transaction dated Monday, August 8th. The shares were acquired at an average cost of $10.73 per share, with a total value of $2,146,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Robert H. Mundheim purchased 8,500 shares of Gogo stock in a transaction dated Thursday, August 11th. The shares were acquired at an average cost of $11.53 per share, for a total transaction of $98,005.00. The disclosure for this purchase can be found here. Insiders own 37.70% of the company’s stock.
Several institutional investors have recently modified their holdings of the company. Legal & General Group Plc increased its position in shares of Gogo by 19.2% in the first quarter. Legal & General Group Plc now owns 9,701 shares of the company’s stock worth $106,000 after buying an additional 1,565 shares during the last quarter. Summit Securities Group LLC acquired a new position in shares of Gogo during the second quarter worth about $143,000. Lazard Asset Management LLC acquired a new position in shares of Gogo during the first quarter worth about $155,000. BlackRock Advisors LLC increased its position in shares of Gogo by 5.4% in the second quarter. BlackRock Advisors LLC now owns 26,259 shares of the company’s stock worth $220,000 after buying an additional 1,340 shares during the last quarter. Finally, Quantbot Technologies LP increased its position in shares of Gogo by 29.3% in the second quarter. Quantbot Technologies LP now owns 27,845 shares of the company’s stock worth $233,000 after buying an additional 6,307 shares during the last quarter. 74.33% of the stock is currently owned by institutional investors and hedge funds.
Gogo Inc is a holding company. The Company is a provider of in-flight connectivity and wireless entertainment solutions for the aviation industry across the world. The Company operates through three segments: Commercial Aviation North America (CA-NA), Commercial Aviation Rest of World (CA-ROW) and Business Aviation (BA).
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