Gogo Inc. (NASDAQ:GOGO) Stock Has Consensus Target Price of $8.50

Gogo Inc. (NASDAQ:GOGO) has earned an average recommendation of “Reduce” from the five brokerages that are covering the stock, MarketBeat reports. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and one has assigned a buy rating to the company. The average 1 year price target among analysts that have issued a report on the stock in the last year is $8.50.

GOGO has been the subject of several recent analyst reports. Wall Street Zen upgraded shares of Gogo from a “sell” rating to a “hold” rating in a research report on Saturday, September 5th. Weiss Ratings downgraded shares of Gogo from a “hold (c-)” rating to a “sell (d)” rating in a research report on Monday, August 17th. Roth Capital reiterated 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 research note on Friday, August 7th.

Gogo Stock Performance

NASDAQ:GOGO opened at $2.11 on Wednesday. Gogo has a 52 week low of $2.07 and a 52 week high of $9.93. The company has a fifty day simple moving average of $2.89 and a two-hundred day simple moving average of $3.61. The company has a quick ratio of 1.21, a current ratio of 1.73 and a debt-to-equity ratio of 6.74. The company has a market cap of $285.93 million, a price-to-earnings ratio of 211.00 and a beta of 1.22.

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 the consensus estimate of $0.06 by ($0.03). The company had revenue of $222.81 million during the quarter, compared to analyst estimates 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 was down 1.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.09 earnings per share. As a group, equities analysts anticipate that Gogo will post 0.03 earnings per share for the current fiscal year.

Institutional Trading of Gogo

Institutional investors and hedge funds have recently bought and sold shares of the business. Bank of America Corp DE acquired a new stake in shares of Gogo during the 2nd quarter worth about $16,029,000. BlackRock Inc. acquired a new position in shares of Gogo in the second quarter valued at approximately $18,984,000. Nantahala Capital Management LLC acquired a new position in shares of Gogo in the second quarter valued at approximately $26,962,966. Healthcare of Ontario Pension Plan Trust Fund lifted its stake in shares of Gogo by 199.4% during the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 486,820 shares of the technology company’s stock valued at $1,957,000 after buying an additional 324,237 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Gogo during the second quarter valued at approximately $2,193,000. Hedge funds and other institutional investors own 69.60% of the company’s stock.

Gogo Company Profile

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.