Gogo (NASDAQ:GOGO) Shares Gap Up – Here’s What Happened

Gogo Inc. (NASDAQ:GOGO) shares gapped up before the market opened on Wednesday . The stock had previously closed at $6.79, but opened at $7.28. Gogo shares last traded at $7.1640, with a volume of 608,103 shares trading hands.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on GOGO shares. Wall Street Zen cut Gogo from a “buy” rating to a “hold” rating in a report on Saturday, August 9th. Morgan Stanley initiated coverage on Gogo in a research report on Thursday, August 14th. They set an “equal weight” rating and a $15.00 price objective for the company. Finally, Weiss Ratings reissued a “sell (d)” rating on shares of Gogo in a research report on Monday. Two investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $14.83.

Gogo Stock Up 5.5%

The company has a quick ratio of 1.40, a current ratio of 1.74 and a debt-to-equity ratio of 7.79. The company has a fifty day simple moving average of $8.77 and a 200-day simple moving average of $11.44. The firm has a market cap of $959.04 million, a P/E ratio of -143.10 and a beta of 1.04.

Gogo (NASDAQ:GOGO) last posted its quarterly earnings data on Thursday, November 6th. The technology company reported ($0.01) EPS for the quarter, missing the consensus estimate of $0.11 by ($0.12). The company had revenue of $223.59 million during the quarter, compared to the consensus estimate of $222.23 million. Gogo had a positive return on equity of 71.74% and a negative net margin of 0.65%.The firm’s quarterly revenue was up 122.4% compared to the same quarter last year. During the same period last year, the business earned $0.08 EPS. Gogo has set its FY 2025 guidance at EPS. On average, equities analysts anticipate that Gogo Inc. will post 0.41 earnings per share for the current year.

Hedge Funds Weigh In On Gogo

Hedge funds have recently modified their holdings of the company. William Blair Investment Management LLC increased its stake in Gogo by 124.8% in the 2nd quarter. William Blair Investment Management LLC now owns 5,673,833 shares of the technology company’s stock worth $83,292,000 after buying an additional 3,149,585 shares in the last quarter. Two Sigma Investments LP boosted its stake in shares of Gogo by 512.6% in the third quarter. Two Sigma Investments LP now owns 1,218,005 shares of the technology company’s stock worth $10,463,000 after acquiring an additional 1,019,195 shares during the period. Nantahala Capital Management LLC grew its position in shares of Gogo by 38.5% during the first quarter. Nantahala Capital Management LLC now owns 3,564,797 shares of the technology company’s stock worth $30,729,000 after purchasing an additional 990,155 shares in the last quarter. Qube Research & Technologies Ltd purchased a new stake in shares of Gogo during the third quarter worth about $6,760,000. Finally, LB Partners LLC raised its stake in Gogo by 30.0% during the 3rd quarter. LB Partners LLC now owns 3,228,979 shares of the technology company’s stock valued at $27,737,000 after purchasing an additional 745,000 shares during the period. 69.60% of the stock is currently owned by institutional investors.

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.