Gogo (NASDAQ:GOGO) Stock Price Down 7.4% – What’s Next?

Gogo Inc. (NASDAQ:GOGO) shares dropped 7.4% on Friday . The stock traded as low as $4.53 and last traded at $4.4260. Approximately 64,750 shares changed hands during trading, a decline of 96% from the average daily volume of 1,847,048 shares. The stock had previously closed at $4.78.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. Roth Mkm set a $12.00 target price on shares of Gogo in a report on Thursday, May 7th. Weiss Ratings raised shares of Gogo from a “sell (d)” rating to a “sell (d+)” rating in a report on Tuesday, May 12th. Finally, Morgan Stanley reduced their target price on shares of Gogo from $8.00 to $7.00 and set an “equal weight” rating for the company in a report on Thursday, May 21st. One investment 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. According to data from MarketBeat, Gogo currently has a consensus rating of “Hold” and a consensus target price of $9.50.

Gogo Trading Down 6.4%

The firm has a market capitalization of $605.20 million, a PE ratio of 40.50 and a beta of 1.06. The company has a quick ratio of 1.27, a current ratio of 1.66 and a debt-to-equity ratio of 6.89. The stock’s fifty day simple moving average is $4.33 and its 200 day simple moving average is $4.89.

Gogo (NASDAQ:GOGO) last announced its earnings results on Friday, February 27th. The technology company reported ($0.07) EPS for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.09). The business had revenue of $230.56 million for the quarter, compared to analysts’ expectations of $222.65 million. Gogo had a net margin of 1.54% and a return on equity of 37.53%. The firm’s quarterly revenue was up 67.3% on a year-over-year basis. During the same period in the prior year, the company posted ($0.22) earnings per share. On average, sell-side analysts predict that Gogo Inc. will post 0.28 earnings per share for the current year.

Insider Buying and Selling at Gogo

In other news, Director Charles C. Townsend purchased 158,591 shares of the company’s stock in a transaction on Thursday, March 12th. The stock was acquired at an average cost of $4.57 per share, for a total transaction of $724,760.87. Following the completion of the transaction, the director directly owned 418,686 shares in the company, valued at $1,913,395.02. This trade represents a 60.97% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. 25.60% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Gogo

A number of hedge funds have recently modified their holdings of the company. Bank of America Corp DE boosted its position 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 during the period. Amundi boosted its position in shares of Gogo by 121.2% in the first quarter. Amundi now owns 41,845 shares of the technology company’s stock worth $168,000 after purchasing an additional 22,931 shares during the period. Healthcare of Ontario Pension Plan Trust Fund boosted its position in shares of Gogo by 199.4% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 486,820 shares of the technology company’s stock worth $1,957,000 after purchasing an additional 324,237 shares during the period. Renaissance Technologies LLC boosted its position in shares of Gogo by 31.4% in the first quarter. Renaissance Technologies LLC now owns 966,674 shares of the technology company’s stock worth $3,886,000 after purchasing an additional 230,800 shares during the period. Finally, Gabelli Funds LLC boosted its position in shares of Gogo by 28.5% in the first quarter. Gabelli Funds LLC now owns 120,300 shares of the technology company’s stock worth $484,000 after purchasing an additional 26,700 shares during the period. 69.60% of the stock is currently owned by institutional investors.

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.