Gogo (NASDAQ:GOGO) Shares Cross Below Fifty Day Moving Average – Here’s What Happened

Gogo Inc. (NASDAQ:GOGO) crossed below its 50 day moving average during trading on Friday. The stock has a 50 day moving average of $2.40 and traded as low as $2.35. Gogo shares last traded at $2.36, with a volume of 1,244,327 shares.

Analyst Ratings Changes

A number of equities analysts have weighed in on the company. Weiss Ratings cut Gogo from a “hold (c-)” rating to a “sell (d)” rating in a report on Monday, August 17th. Roth Capital reiterated a “buy” rating on shares of Gogo in a report on Friday, August 7th. Wall Street Zen cut Gogo from a “hold” rating to a “sell” rating in a report on Saturday, October 24th. Finally, Zacks Research raised Gogo from a “strong sell” rating to a “hold” rating in a research report on Monday, October 5th. One equities research analyst has rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $8.50.

Gogo Stock Performance

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 firm has a 50-day simple moving average of $2.40 and a 200 day simple moving average of $3.67. The company has a market cap of $319.80 million, a price-to-earnings ratio of 236.00 and a beta of 1.22.

Gogo (NASDAQ:GOGO) last posted its earnings results 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). Gogo had a negative net margin of 0.09% and a positive return on equity of 22.55%. The company had revenue of $222.81 million during the quarter, compared to the consensus estimate of $229.35 million. During the same quarter in the previous year, the business posted $0.09 earnings per share. The business’s quarterly revenue was down 1.4% compared to the same quarter last year. On average, sell-side analysts predict that Gogo Inc. will post 0.03 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Nantahala Capital Management LLC purchased a new position in shares of Gogo during the 2nd quarter worth approximately $26,962,966. BlackRock Inc. acquired a new stake in Gogo during the second quarter valued at approximately $18,984,000. Bank of America Corp DE lifted its position in shares of Gogo by 244.1% in the first quarter. Bank of America Corp DE now owns 5,340,615 shares of the technology company’s stock worth $21,469,000 after buying an additional 3,788,659 shares during the last quarter. Algert Global LLC grew its stake in shares of Gogo by 27.9% in the 2nd quarter. Algert Global LLC now owns 1,211,770 shares of the technology company’s stock valued at $3,756,000 after purchasing an additional 264,135 shares during the period. Finally, Renaissance Technologies LLC lifted its stake in shares of Gogo by 31.4% in the 1st quarter. Renaissance Technologies LLC now owns 966,674 shares of the technology company’s stock valued at $3,886,000 after purchasing an additional 230,800 shares during the period. Institutional investors own 69.60% of the company’s stock.

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.