Gogo (NASDAQ:GOGO) Shares Gap Down Following Weak Earnings

Gogo Inc. (NASDAQ:GOGO)’s share price gapped down before the market opened on Thursday following a dissappointing earnings announcement. The stock had previously closed at $4.46, but opened at $3.38. Gogo shares last traded at $3.7090, with a volume of 478,358 shares trading hands.

The technology company reported $0.03 EPS for the quarter, missing the consensus estimate of $0.06 by ($0.03). Gogo had a positive return on equity of 22.55% and a negative net margin of 0.09%.The business had revenue of $222.81 million for the quarter, compared to analyst estimates of $229.35 million. During the same quarter in the previous year, the company posted $0.09 EPS. The business’s revenue for the quarter was down 1.4% compared to the same quarter last year.

Analysts Set New Price Targets

GOGO has been the topic of several recent analyst reports. Roth Capital reaffirmed a “buy” rating on shares of Gogo in a research report on Friday. Wall Street Zen downgraded Gogo from a “hold” rating to a “sell” rating in a report on Saturday. Morgan Stanley decreased their target price on shares of Gogo from $8.00 to $7.00 and set an “equal weight” rating for the company in a research note on Thursday, May 21st. Finally, Weiss Ratings upgraded shares of Gogo from a “sell (d+)” rating to a “hold (c-)” rating in a report on Monday. One equities research analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $8.50.

Institutional Investors Weigh In On Gogo

A number of large investors have recently added to or reduced their stakes in the business. Caitong International Asset Management Co. Ltd bought a new position in Gogo during the fourth quarter worth $27,000. PNC Financial Services Group Inc. raised its position in shares of Gogo by 310.7% in the first quarter. PNC Financial Services Group Inc. now owns 7,318 shares of the technology company’s stock valued at $29,000 after purchasing an additional 5,536 shares during the period. State of Wyoming acquired a new stake in shares of Gogo during the 1st quarter worth about $34,000. Farther Finance Advisors LLC lifted its stake in shares of Gogo by 91,500.0% during the 4th quarter. Farther Finance Advisors LLC now owns 10,076 shares of the technology company’s stock worth $47,000 after buying an additional 10,065 shares during the last quarter. Finally, Stifel Financial Corp acquired a new stake in shares of Gogo during the 4th quarter worth about $52,000. Institutional investors own 69.60% of the company’s stock.

Gogo Stock Down 0.3%

The firm has a market cap of $490.92 million, a P/E ratio of 363.00 and a beta of 1.13. The company has a debt-to-equity ratio of 6.74, a quick ratio of 1.27 and a current ratio of 1.73. The firm’s fifty day moving average is $3.68 and its 200 day moving average is $4.16.

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.