Gogo (NASDAQ:GOGO) Raised to Hold at Wall Street Zen

Gogo (NASDAQ:GOGO) was upgraded by stock analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a research note issued to investors on Saturday, Wall Street Zen reports.

Several other brokerages have also recently commented on GOGO. Morgan Stanley decreased their price target on shares of Gogo from $8.00 to $7.00 and set an “equal weight” rating on the stock in a research note on Thursday, May 21st. Weiss Ratings cut Gogo from a “hold (c-)” rating to a “sell (d)” rating in a report on Monday, August 17th. Zacks Research downgraded Gogo from a “hold” rating to a “strong sell” rating in a research report on Friday, August 7th. Finally, Roth Capital reissued a “buy” rating on shares of Gogo in a research note on Friday, August 7th. One equities research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Reduce” and an average target price of $8.50.

Gogo Stock Performance

Gogo stock opened at $2.84 on Friday. The stock has a market cap of $384.85 million, a P/E ratio of 284.00 and a beta of 1.03. The company has a debt-to-equity ratio of 6.74, a current ratio of 1.73 and a quick ratio of 1.21. Gogo has a 1 year low of $2.45 and a 1 year high of $11.11. The firm’s 50 day moving average price is $3.33 and its 200-day moving average price is $3.92.

Gogo (NASDAQ:GOGO) last issued its earnings results on Thursday, August 6th. The technology company reported $0.03 earnings per share for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.03). The company had revenue of $222.81 million for the quarter, compared to the consensus estimate of $229.35 million. Gogo had a positive return on equity of 22.55% and a negative net margin of 0.09%.Gogo’s revenue was down 1.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.09 EPS. On average, equities analysts predict that Gogo will post 0.14 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Gogo

Several institutional investors have recently bought and sold shares of GOGO. Caitong International Asset Management Co. Ltd bought a new stake in shares of Gogo in the 4th quarter worth about $27,000. PNC Financial Services Group Inc. lifted its holdings in shares of Gogo by 310.7% in the 1st quarter. PNC Financial Services Group Inc. now owns 7,318 shares of the technology company’s stock valued at $29,000 after acquiring an additional 5,536 shares during the last quarter. State of Wyoming purchased a new position in Gogo in the first quarter worth about $34,000. Two Sigma Securities LLC purchased a new position in Gogo in the second quarter worth about $41,000. Finally, Stifel Financial Corp bought a new stake in Gogo during the fourth quarter worth approximately $52,000. Institutional investors own 69.60% of the company’s stock.

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.