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

Gogo Inc. (NASDAQ:GOGO)’s share price gapped down before the market opened on Friday . The stock had previously closed at $4.35, but opened at $4.06. Gogo shares last traded at $4.2650, with a volume of 519,285 shares traded.

Analyst Ratings Changes

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

Gogo Stock Performance

The company has a market cap of $561.52 million, a price-to-earnings ratio of -83.90 and a beta of 1.04. The company has a current ratio of 1.74, a quick ratio of 1.40 and a debt-to-equity ratio of 7.79. The stock’s 50 day moving average price is $4.57 and its 200 day moving average price is $7.34.

Insider Transactions at Gogo

In other news, insider Oakleigh Thorne acquired 170,000 shares of the company’s stock in a transaction dated Friday, December 12th. The shares were bought at an average price of $5.34 per share, for a total transaction of $907,800.00. Following the completion of the purchase, the insider directly 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 25.78% of the stock is owned by company insiders.

Hedge Funds Weigh In On Gogo

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Brighton Jones LLC lifted its stake in shares of Gogo by 69.6% in the fourth quarter. Brighton Jones LLC now owns 17,000 shares of the technology company’s stock worth $138,000 after acquiring an additional 6,978 shares in the last quarter. AQR Capital Management LLC raised its position in shares of Gogo by 43.4% in the 1st quarter. AQR Capital Management LLC now owns 47,219 shares of the technology company’s stock valued at $407,000 after purchasing an additional 14,293 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Gogo by 6.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 39,205 shares of the technology company’s stock valued at $338,000 after buying an additional 2,342 shares during the last quarter. Millennium Management LLC grew its position in shares of Gogo by 439.5% during the first quarter. Millennium Management LLC now owns 709,003 shares of the technology company’s stock worth $6,112,000 after buying an additional 577,575 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of Gogo by 23.6% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 294,173 shares of the technology company’s stock worth $2,536,000 after buying an additional 56,232 shares during the last quarter. 69.60% of the stock is owned by hedge funds and other institutional investors.

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.