Gogo (NASDAQ:GOGO) Stock Price Down 6.8% – Time to Sell?

Gogo Inc. (NASDAQ:GOGO)’s stock price dropped 6.8% during trading on Monday . The company traded as low as $4.82 and last traded at $4.8750. Approximately 1,378,764 shares traded hands during trading, a decline of 32% from the average daily volume of 2,019,560 shares. The stock had previously closed at $5.23.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on GOGO. William Blair cut Gogo from an “outperform” rating to a “market perform” rating in a report on Tuesday, December 9th. Weiss Ratings reiterated a “sell (d)” rating on shares of Gogo in a research report on Monday, December 29th. Finally, Morgan Stanley set a $8.00 price target on shares of Gogo in a report on Friday, January 16th. One investment analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $12.25.

Gogo Stock Performance

The firm has a market cap of $616.17 million, a PE ratio of 45.75 and a beta of 1.07. The stock has a 50-day moving average price of $4.61 and a 200 day moving average price of $6.87. The company has a debt-to-equity ratio of 8.24, a current ratio of 1.60 and a quick ratio of 1.24.

Gogo (NASDAQ:GOGO) last issued its quarterly earnings results on Friday, February 27th. The technology company reported ($0.07) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.09). Gogo had a return on equity of 55.95% and a net margin of 1.42%.The business had revenue of $230.56 million during the quarter, compared to analyst estimates of $222.65 million. During the same period in the previous year, the business posted ($0.22) earnings per share. The firm’s quarterly revenue was up 67.3% on a year-over-year basis. Research analysts forecast that Gogo Inc. will post 0.41 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Oakleigh Thorne purchased 170,000 shares of the company’s stock in a transaction that occurred on Friday, December 12th. The stock was purchased at an average price of $5.34 per share, with a total value of $907,800.00. Following the completion of the transaction, the insider owned 954,098 shares of the company’s stock, valued at approximately $5,094,883.32. This trade represents a 21.68% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 25.78% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the company. Nantahala Capital Management LLC acquired a new position in shares of Gogo during the 4th quarter valued at $31,654,000. Vanguard Group Inc. increased its holdings in Gogo by 6.3% in the 3rd quarter. Vanguard Group Inc. now owns 6,651,058 shares of the technology company’s stock valued at $57,133,000 after purchasing an additional 396,236 shares in the last quarter. William Blair Investment Management LLC raised its position in Gogo by 6.9% in the third quarter. William Blair Investment Management LLC now owns 6,067,663 shares of the technology company’s stock valued at $52,121,000 after purchasing an additional 393,830 shares during the period. LB Partners LLC lifted its stake in shares of Gogo by 30.0% during the third quarter. LB Partners LLC now owns 3,228,979 shares of the technology company’s stock worth $27,737,000 after purchasing an additional 745,000 shares in the last quarter. Finally, State Street Corp lifted its stake in shares of Gogo by 7.0% during the fourth quarter. State Street Corp now owns 3,136,833 shares of the technology company’s stock worth $14,618,000 after purchasing an additional 204,296 shares in the last quarter. 69.60% of the stock is owned by hedge funds and other institutional investors.

About Gogo

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.