BidaskClub Downgrades Gogo (NASDAQ:GOGO) to Sell

Gogo (NASDAQ:GOGO) was downgraded by stock analysts at BidaskClub from a “hold” rating to a “sell” rating in a report released on Tuesday, BidAskClub reports.

Other equities analysts also recently issued reports about the stock. William Blair reaffirmed a “buy” rating on shares of Gogo in a report on Monday, September 23rd. Zacks Investment Research raised shares of Gogo from a “hold” rating to a “strong-buy” rating and set a $6.25 price objective on the stock in a report on Monday. Finally, ValuEngine downgraded shares of Gogo from a “sell” rating to a “strong sell” rating in a report on Tuesday, December 3rd. Three equities research analysts have rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the stock. Gogo has a consensus rating of “Hold” and an average price target of $6.19.

Gogo stock traded up $0.76 during trading hours on Tuesday, hitting $6.09. 245,170 shares of the stock traded hands, compared to its average volume of 1,619,577. The firm’s 50 day moving average price is $5.78 and its 200-day moving average price is $5.27. The stock has a market capitalization of $488.39 million, a price-to-earnings ratio of -3.31 and a beta of 1.07. Gogo has a 1 year low of $3.55 and a 1 year high of $7.23.

Gogo (NASDAQ:GOGO) last posted its quarterly earnings results on Thursday, November 7th. The technology company reported ($0.28) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.57) by $0.29. The firm had revenue of $201.18 million for the quarter, compared to analysts’ expectations of $206.07 million. The firm’s revenue for the quarter was down 7.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.47) EPS. Sell-side analysts expect that Gogo will post -1.48 earnings per share for the current year.

In other Gogo news, CAO Michael P. Bayer sold 10,947 shares of the stock in a transaction on Tuesday, November 12th. The shares were sold at an average price of $6.45, for a total transaction of $70,608.15. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 41.50% of the company’s stock.

Institutional investors have recently modified their holdings of the company. Coatue Management LLC purchased a new position in Gogo during the second quarter worth approximately $44,000. Walleye Trading Advisors LLC acquired a new position in shares of Gogo during the 2nd quarter valued at about $44,000. Metropolitan Life Insurance Co NY acquired a new position in shares of Gogo during the 1st quarter valued at about $73,000. Tower Research Capital LLC TRC purchased a new stake in shares of Gogo in the second quarter valued at about $77,000. Finally, AXA purchased a new stake in shares of Gogo in the second quarter valued at about $128,000. Institutional investors and hedge funds own 62.73% of the company’s stock.

Gogo Company Profile

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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