Gogo (NASDAQ:GOGO) Shares Down 3.8% – Here’s What Happened

Gogo Inc. (NASDAQ:GOGO) dropped 3.8% during trading on Friday . The company traded as low as $7.01 and last traded at $7.01. Approximately 542,880 shares traded hands during trading, a decline of 42% from the average daily volume of 933,791 shares. The stock had previously closed at $7.29.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on GOGO shares. Morgan Stanley decreased their price objective on Gogo from $12.00 to $11.00 and set an “equal weight” rating for the company in a research report on Tuesday, September 3rd. JPMorgan Chase & Co. cut their price target on shares of Gogo from $11.00 to $10.00 and set a “neutral” rating on the stock in a research note on Thursday, August 8th. Finally, Roth Mkm reissued a “buy” rating and set a $15.50 price objective on shares of Gogo in a research report on Tuesday, September 17th.

Gogo Stock Down 4.0 %

The company has a debt-to-equity ratio of 11.25, a current ratio of 3.95 and a quick ratio of 3.16. The company has a market capitalization of $889.74 million, a price-to-earnings ratio of 5.98 and a beta of 1.09. The firm has a 50-day moving average price of $7.23 and a two-hundred day moving average price of $8.63.

Gogo (NASDAQ:GOGO) last released its quarterly earnings results on Wednesday, August 7th. The technology company reported $0.01 earnings per share for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.06). Gogo had a return on equity of 145.01% and a net margin of 16.59%. The firm had revenue of $102.10 million for the quarter, compared to analyst estimates of $99.02 million. During the same period last year, the company earned $0.20 EPS. The company’s revenue was down 1.1% compared to the same quarter last year. As a group, sell-side analysts anticipate that Gogo Inc. will post 0.35 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Gogo

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. BNP Paribas Financial Markets raised its holdings in Gogo by 51.8% during the first quarter. BNP Paribas Financial Markets now owns 33,221 shares of the technology company’s stock worth $292,000 after acquiring an additional 11,333 shares in the last quarter. Capstone Investment Advisors LLC acquired a new stake in shares of Gogo in the 1st quarter valued at approximately $736,000. LB Partners LLC grew its stake in shares of Gogo by 31.0% in the first quarter. LB Partners LLC now owns 1,895,606 shares of the technology company’s stock valued at $16,643,000 after buying an additional 448,918 shares in the last quarter. GSA Capital Partners LLP increased its holdings in Gogo by 102.0% during the first quarter. GSA Capital Partners LLP now owns 120,910 shares of the technology company’s stock worth $1,062,000 after buying an additional 61,060 shares during the last quarter. Finally, William Blair Investment Management LLC raised its position in Gogo by 0.8% during the first quarter. William Blair Investment Management LLC now owns 1,921,355 shares of the technology company’s stock worth $16,869,000 after acquiring an additional 15,559 shares in the last quarter. 69.60% of the stock is owned by institutional investors.

Gogo Company Profile

Gogo Inc, together with its subsidiaries, provides broadband connectivity services to the aviation industry in the United States and internationally. The company's product platform includes networks, antennas, and airborne equipment and software. It offers in-flight systems; in-flight services; aviation partner support; and engineering, design, and development services, as well as production operations functions.