Gogo Inc. (NASDAQ:GOGO) Receives Consensus Rating of “Reduce” from Analysts

Gogo Inc. (NASDAQ:GOGO) has received an average rating of “Reduce” from the five research firms that are covering the firm, MarketBeat.com reports. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and one has issued a buy rating on the company. The average 12-month price objective among brokerages that have issued ratings on the stock in the last year is $8.50.

Several equities research analysts have weighed in on the company. Weiss Ratings lowered Gogo from a “hold (c-)” rating to a “sell (d)” rating in a research report on Monday, August 17th. Wall Street Zen upgraded shares of Gogo from a “sell” rating to a “hold” rating in a research report on Saturday. Morgan Stanley dropped their price objective on shares of Gogo from $8.00 to $7.00 and set an “equal weight” rating on the stock in a report on Thursday, May 21st. Zacks Research cut shares of Gogo from a “hold” rating to a “strong sell” rating in a report on Friday, August 7th. Finally, Roth Capital reiterated a “buy” rating on shares of Gogo in a research report on Friday, August 7th.

Gogo Stock Up 7.2%

Shares of Gogo stock opened at $2.84 on Friday. The company has a current ratio of 1.73, a quick ratio of 1.21 and a debt-to-equity ratio of 6.74. The business’s 50 day simple moving average is $3.33 and its 200-day simple moving average is $3.92. The stock has a market capitalization of $384.84 million, a price-to-earnings ratio of 284.00 and a beta of 1.03. Gogo has a twelve month low of $2.45 and a twelve month high of $11.11.

Gogo (NASDAQ:GOGO) last announced its quarterly earnings results on Thursday, August 6th. The technology company reported $0.03 earnings per share (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 company had revenue of $222.81 million during the quarter, compared to the consensus estimate of $229.35 million. During the same period last year, the business posted $0.09 EPS. The company’s revenue for the quarter was down 1.4% on a year-over-year basis. Equities research analysts forecast that Gogo will post 0.14 earnings per share for the current year.

Institutional Investors Weigh In On Gogo

A number of hedge funds have recently made changes to their positions in GOGO. Nantahala Capital Management LLC bought a new position in Gogo in the 2nd quarter worth approximately $26,962,966. Vanguard Group Inc. boosted its position in Gogo by 6.3% during the 3rd quarter. Vanguard Group Inc. now owns 6,651,058 shares of the technology company’s stock worth $57,133,000 after acquiring an additional 396,236 shares during the period. BlackRock Inc. acquired a new position in Gogo during the 2nd quarter worth $18,984,000. Bank of America Corp DE grew its stake in shares of Gogo by 244.1% in the first quarter. Bank of America Corp DE now owns 5,340,615 shares of the technology company’s stock worth $21,469,000 after purchasing an additional 3,788,659 shares in the last quarter. Finally, State Street Corp grew its stake in shares of Gogo by 7.0% in the fourth quarter. State Street Corp now owns 3,136,833 shares of the technology company’s stock worth $14,618,000 after purchasing an additional 204,296 shares in the last quarter. Institutional investors own 69.60% of the company’s stock.

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.