Gogo (NASDAQ:GOGO) Stock Price Down 5.7%

Gogo Inc (NASDAQ:GOGO) shares dropped 5.7% during mid-day trading on Tuesday . The company traded as low as $3.77 and last traded at $3.81, approximately 2,274,015 shares changed hands during trading. An increase of 50% from the average daily volume of 1,518,596 shares. The stock had previously closed at $4.04.

GOGO has been the subject of a number of research reports. BidaskClub cut Gogo from a “hold” rating to a “sell” rating in a research report on Monday. William Blair raised Gogo from a “market perform” rating to an “outperform” rating in a research report on Friday, May 10th. Roth Capital initiated coverage on Gogo in a research report on Monday, May 13th. They set a “buy” rating and a $10.00 price objective for the company. Finally, Zacks Investment Research cut Gogo from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, August 14th. Two analysts have rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the company. Gogo currently has a consensus rating of “Hold” and an average price target of $5.75.

The business has a 50-day simple moving average of $4.27 and a two-hundred day simple moving average of $4.57. The company has a market cap of $355.80 million, a price-to-earnings ratio of -2.19 and a beta of 0.97.

Gogo (NASDAQ:GOGO) last announced its quarterly earnings results on Thursday, August 8th. The technology company reported ($0.47) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.59) by $0.12. The company had revenue of $213.70 million during the quarter, compared to analyst estimates of $199.62 million. During the same period in the prior year, the firm earned ($0.47) EPS. Gogo’s quarterly revenue was down 6.1% on a year-over-year basis. On average, research analysts anticipate that Gogo Inc will post -1.83 EPS for the current year.

In related news, Director Charles C. Townsend purchased 100,000 shares of Gogo stock in a transaction on Thursday, August 15th. The stock was bought at an average price of $4.43 per share, with a total value of $443,000.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 41.50% of the stock is owned by insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. MetLife Investment Advisors LLC acquired a new position in shares of Gogo during the 1st quarter worth about $121,000. Cooper Haims Advisors LLC acquired a new position in shares of Gogo during the 1st quarter worth about $186,000. Intersect Capital LLC acquired a new position in shares of Gogo during the 1st quarter worth about $90,000. North Peak Capital Management LLC lifted its position in shares of Gogo by 1,012.3% during the 1st quarter. North Peak Capital Management LLC now owns 2,780,647 shares of the technology company’s stock worth $12,485,000 after purchasing an additional 2,530,647 shares during the last quarter. Finally, Geode Capital Management LLC lifted its position in shares of Gogo by 2.9% during the 4th quarter. Geode Capital Management LLC now owns 667,641 shares of the technology company’s stock worth $1,996,000 after purchasing an additional 18,884 shares during the last quarter. 60.12% of the stock is owned by institutional investors and hedge funds.

Gogo Company Profile (NASDAQ:GOGO)

Gogo Inc, through its subsidiaries, provides inflight broadband connectivity and wireless entertainment services to the aviation industry in the United States and internationally. It operates through three segments: Commercial Aviation North America (CA-NA), Commercial Aviation Rest of World (CA-ROW), and Business Aviation (BA).

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