Gogo (NASDAQ:GOGO) Upgraded at Zacks Research

Zacks Research upgraded shares of Gogo (NASDAQ:GOGO) from a strong sell rating to a hold rating in a report released on Monday morning,Zacks reports.

Several other research analysts have also recently weighed in on the company. Weiss Ratings cut Gogo from a “hold (c-)” rating to a “sell (d)” rating in a research note 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, September 5th. Finally, Roth Capital reissued a “buy” rating on shares of Gogo in a report on Friday, August 7th. One research analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Gogo currently has a consensus rating of “Hold” and a consensus target price of $8.50.

Gogo Price Performance

Shares of NASDAQ:GOGO opened at $2.22 on Monday. Gogo has a 12 month low of $2.05 and a 12 month high of $9.93. The stock has a market cap of $300.83 million, a price-to-earnings ratio of 222.00 and a beta of 1.22. The stock’s 50 day moving average price is $2.78 and its 200 day moving average price is $3.57. The company has a debt-to-equity ratio of 6.74, a current ratio of 1.73 and a quick ratio of 1.21.

Gogo (NASDAQ:GOGO) last released its earnings results on Thursday, August 6th. The technology company reported $0.03 earnings per share for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $222.81 million during the quarter, compared to analyst estimates of $229.35 million. During the same quarter last year, the company earned $0.09 earnings per share. The business’s revenue for the quarter was down 1.4% on a year-over-year basis. Equities research analysts anticipate that Gogo will post 0.03 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Gogo

Large investors have recently modified their holdings of the stock. Bank of America Corp DE purchased a new position in Gogo during the 2nd quarter worth approximately $16,029,000. BlackRock Inc. acquired a new stake in Gogo during the 2nd quarter valued at $18,984,000. Nantahala Capital Management LLC purchased a new stake in shares of Gogo in the second quarter valued at $26,962,966. Healthcare of Ontario Pension Plan Trust Fund lifted its holdings 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 valued at $1,957,000 after purchasing an additional 324,237 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Gogo in the second quarter worth $2,193,000. 69.60% of the stock is owned by institutional investors.

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.