Gogo (NASDAQ:GOGO) Reaches New 12-Month Low – Time to Sell?

Gogo Inc. (NASDAQ:GOGO)’s stock price reached a new 52-week low during mid-day trading on Friday . The stock traded as low as $4.48 and last traded at $4.4850, with a volume of 251561 shares traded. The stock had previously closed at $4.61.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on GOGO. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Gogo in a research note on Monday. William Blair lowered Gogo from an “outperform” rating to a “market perform” rating in a research note on Tuesday, December 9th. Two equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $14.83.

Gogo Trading Down 2.3%

The company has a debt-to-equity ratio of 7.79, a quick ratio of 1.40 and a current ratio of 1.74. The business has a 50-day moving average of $7.10 and a 200-day moving average of $10.52. The stock has a market capitalization of $602.99 million, a price-to-earnings ratio of -89.90 and a beta of 0.89.

Gogo (NASDAQ:GOGO) last released its quarterly earnings results on Thursday, November 6th. The technology company reported ($0.01) EPS for the quarter, missing the consensus estimate of $0.11 by ($0.12). Gogo had a negative net margin of 0.65% and a positive return on equity of 71.74%. The business had revenue of $223.59 million during the quarter, compared to analyst estimates of $222.23 million. During the same quarter in the prior year, the company earned $0.08 earnings per share. The firm’s revenue for the quarter was up 122.4% compared to the same quarter last year. As a group, research analysts forecast that Gogo Inc. will post 0.41 EPS for the current year.

Insider Activity

In other news, insider Oakleigh Thorne acquired 170,000 shares of the company’s stock in a transaction dated Friday, December 12th. The stock was acquired at an average cost of $5.34 per share, for a total transaction of $907,800.00. Following the acquisition, the insider directly owned 954,098 shares in the company, valued at approximately $5,094,883.32. This represents a 21.68% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this link. 25.78% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Gogo

Several institutional investors and hedge funds have recently made changes to their positions in GOGO. Fortitude Family Office LLC acquired a new position in shares of Gogo in the 3rd quarter valued at about $30,000. State of Wyoming acquired a new stake in Gogo in the third quarter worth $32,000. Quarry LP lifted its stake in Gogo by 86.1% in the third quarter. Quarry LP now owns 7,171 shares of the technology company’s stock valued at $62,000 after buying an additional 3,318 shares during the last quarter. Focus Partners Wealth acquired a new position in shares of Gogo during the third quarter valued at $72,000. Finally, USA Financial Formulas acquired a new stake in shares of Gogo in the 2nd quarter worth about $76,000. 69.60% of the stock is owned by institutional investors and hedge funds.

Gogo Company Profile

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.