Gogo (NASDAQ:GOGO) Sets New 1-Year Low – Here’s Why

Shares of Gogo Inc. (NASDAQ:GOGO) hit a new 52-week low during mid-day trading on Thursday . The company traded as low as $3.81 and last traded at $3.9040, with a volume of 143026 shares trading hands. The stock had previously closed at $4.07.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on GOGO shares. Morgan Stanley reduced their price target on Gogo from $8.00 to $7.00 and set an “equal weight” rating on the stock in a report on Thursday. Roth Mkm set a $12.00 price target on Gogo in a report on Thursday, May 7th. Finally, Weiss Ratings upgraded Gogo from a “sell (d)” rating to a “sell (d+)” rating in a report on Tuesday, May 12th. One investment analyst has rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $9.50.

Gogo Price Performance

The firm has a fifty day simple moving average of $4.34 and a 200 day simple moving average of $5.06. The company has a market capitalization of $541.64 million, a PE ratio of 36.50 and a beta of 1.06. The company has a debt-to-equity ratio of 6.89, a quick ratio of 1.27 and a current ratio of 1.66.

Gogo (NASDAQ:GOGO) last released its quarterly earnings data on Friday, February 27th. The technology company reported ($0.07) EPS for the quarter, missing the consensus estimate of $0.02 by ($0.09). The firm had revenue of $230.56 million for the quarter, compared to analysts’ expectations of $222.65 million. Gogo had a return on equity of 37.53% and a net margin of 1.54%.The company’s revenue for the quarter was up 67.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.22) earnings per share. Equities analysts anticipate that Gogo Inc. will post 0.35 EPS for the current year.

Insider Transactions at Gogo

In related news, Director Charles C. Townsend bought 158,591 shares of the company’s stock in a transaction on Thursday, March 12th. The shares were acquired at an average price of $4.57 per share, with a total value of $724,760.87. Following the transaction, the director owned 418,686 shares of the company’s stock, valued at $1,913,395.02. The trade was a 60.97% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 25.60% of the company’s stock.

Institutional Trading of Gogo

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. The Manufacturers Life Insurance Company boosted its position in Gogo by 6.6% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 25,934 shares of the technology company’s stock valued at $381,000 after acquiring an additional 1,597 shares in the last quarter. State of Alaska Department of Revenue boosted its position in Gogo by 5.1% during the 3rd quarter. State of Alaska Department of Revenue now owns 37,555 shares of the technology company’s stock valued at $322,000 after acquiring an additional 1,815 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Gogo by 6.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 39,205 shares of the technology company’s stock valued at $338,000 after acquiring an additional 2,342 shares in the last quarter. Arizona State Retirement System boosted its position in shares of Gogo by 12.3% in the 3rd quarter. Arizona State Retirement System now owns 21,489 shares of the technology company’s stock worth $185,000 after purchasing an additional 2,357 shares in the last quarter. Finally, Quarry LP boosted its position in shares of Gogo by 86.1% in the 3rd quarter. Quarry LP now owns 7,171 shares of the technology company’s stock worth $62,000 after purchasing an additional 3,318 shares in the last quarter. Institutional investors own 69.60% of the company’s stock.

Gogo Company Profile

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.