Gogo (NASDAQ:GOGO) Stock Price Crosses Below 200 Day Moving Average – Here’s Why

Gogo Inc. (NASDAQ:GOGO) passed below its 200-day moving average during trading on Wednesday. The stock has a 200-day moving average of $3.49 and traded as low as $2.05. Gogo shares last traded at $2.11, with a volume of 1,408,498 shares traded.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on GOGO shares. Wall Street Zen raised Gogo from a “sell” rating to a “hold” rating in a report on Saturday, September 5th. Weiss Ratings lowered shares of Gogo from a “hold (c-)” rating to a “sell (d)” rating in a research report on Monday, August 17th. Zacks Research upgraded Gogo from a “strong sell” rating to a “hold” rating in a research report on Monday, October 5th. Finally, Roth Capital reissued a “buy” rating on shares of Gogo in a research note on Friday, August 7th. One equities research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Gogo has an average rating of “Hold” and an average target price of $8.50.

Gogo Stock Down 5.3%

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 firm’s 50 day simple moving average is $2.54 and its 200-day simple moving average is $3.48. The stock has a market capitalization of $288.64 million, a price-to-earnings ratio of 213.00 and a beta of 1.22.

Gogo (NASDAQ:GOGO) last issued its earnings results on Thursday, August 6th. The technology company reported $0.03 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.03). Gogo had a negative net margin of 0.09% and a positive return on equity of 22.55%. The firm had revenue of $222.81 million during the quarter, compared to the consensus estimate of $229.35 million. During the same period in the previous year, the company posted $0.09 earnings per share. The firm’s revenue for the quarter was down 1.4% compared to the same quarter last year. Equities analysts expect that Gogo Inc. will post 0.03 earnings per share for the current fiscal year.

Institutional Trading of Gogo

Institutional investors and hedge funds have recently bought and sold shares of the business. WINTON GROUP Ltd boosted its position in Gogo by 43.0% during the second quarter. WINTON GROUP Ltd now owns 44,900 shares of the technology company’s stock worth $139,000 after purchasing an additional 13,500 shares during the period. Engineers Gate Manager LP raised its position in shares of Gogo by 10.8% in the second quarter. Engineers Gate Manager LP now owns 54,316 shares of the technology company’s stock valued at $168,000 after purchasing an additional 5,282 shares during the period. Baird Financial Group Inc. bought a new position in shares of Gogo in the second quarter valued at about $174,000. Corient Private Wealth LP acquired a new stake in shares of Gogo during the 2nd quarter worth about $172,000. Finally, Amundi lifted its stake in shares of Gogo by 59.9% during the 2nd quarter. Amundi now owns 66,931 shares of the technology company’s stock worth $207,000 after buying an additional 25,086 shares during the last quarter. Institutional investors own 69.60% of the company’s stock.

About Gogo

Gogo Inc (NASDAQ: GOGO) provides broadband connectivity and related communications services for the business aviation market. Its offerings are designed to give passengers and flight crews internet access in the air, supporting activities such as web browsing, email, streaming and other connected applications.

The company’s portfolio includes air-to-ground connectivity services, onboard Wi-Fi systems, satellite-based connectivity and related hardware, software and support services. Gogo also offers Gogo Galileo, a global broadband service intended to extend high-speed connectivity to business aircraft operating beyond the coverage of traditional air-to-ground networks.

Gogo was founded in 1991 as Aircell and adopted the Gogo brand in 2009.