Gogo (NASDAQ:GOGO) Sets New 1-Year Low at $6.93

Shares of Gogo Inc. (NASDAQ:GOGO) reached a new 52-week low during mid-day trading on Wednesday . The company traded as low as $6.93 and last traded at $6.93, with a volume of 24538 shares changing hands. The stock had previously closed at $7.09.

Analyst Ratings Changes

GOGO has been the subject of several recent research reports. JPMorgan Chase & Co. cut their price target on Gogo from $11.00 to $10.00 and set a “neutral” rating for the company in a report on Thursday, August 8th. Morgan Stanley reduced their price target on Gogo from $15.00 to $12.00 and set an “equal weight” rating on the stock in a report on Tuesday, April 16th. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $15.38.

Gogo Stock Down 1.3 %

The stock has a market capitalization of $889.74 million, a price-to-earnings ratio of 6.06 and a beta of 1.13. The company has a debt-to-equity ratio of 9.39, a current ratio of 4.20 and a quick ratio of 3.33. The business has a fifty day moving average of $9.25 and a 200 day moving average of $9.22.

Gogo (NASDAQ:GOGO) last posted its earnings results on Wednesday, August 7th. The technology company reported $0.01 EPS for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.06). The business had revenue of $102.10 million during the quarter, compared to analysts’ expectations of $99.02 million. Gogo had a net margin of 38.61% and a return on equity of 229.65%. Gogo’s revenue for the quarter was down 1.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.20 EPS. As a group, equities analysts predict that Gogo Inc. will post 0.35 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of GOGO. Burgundy Asset Management Ltd. raised its stake in shares of Gogo by 27.7% in the 1st quarter. Burgundy Asset Management Ltd. now owns 3,064,421 shares of the technology company’s stock valued at $26,906,000 after acquiring an additional 664,803 shares during the period. LB Partners LLC raised its position in Gogo by 31.0% in the first quarter. LB Partners LLC now owns 1,895,606 shares of the technology company’s stock valued at $16,643,000 after purchasing an additional 448,918 shares during the period. William Blair Investment Management LLC lifted its stake in Gogo by 7.9% during the second quarter. William Blair Investment Management LLC now owns 2,073,693 shares of the technology company’s stock worth $19,949,000 after purchasing an additional 152,338 shares in the last quarter. Capstone Investment Advisors LLC purchased a new position in shares of Gogo during the first quarter worth $736,000. Finally, Los Angeles Capital Management LLC acquired a new stake in shares of Gogo in the second quarter valued at $757,000. Hedge funds and other institutional investors own 69.60% of the company’s stock.

About Gogo

Gogo Inc, together with its subsidiaries, provides broadband connectivity services to the aviation industry in the United States and internationally. The company's product platform includes networks, antennas, and airborne equipment and software. It offers in-flight systems; in-flight services; aviation partner support; and engineering, design, and development services, as well as production operations functions.