Gogo (NASDAQ:GOGO) Stock Price Crosses Below 200 Day Moving Average – What’s Next?

Gogo Inc. (NASDAQ:GOGO) shares crossed below its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $4.25 and traded as low as $3.50. Gogo shares last traded at $3.58, with a volume of 771,443 shares trading hands.

Analyst Ratings Changes

Several research firms recently issued reports on GOGO. Weiss Ratings raised shares of Gogo from a “sell (d)” rating to a “sell (d+)” rating in a research report on Tuesday, May 12th. Roth Capital set a $12.00 target price on shares of Gogo in a report on Thursday, May 7th. Finally, Morgan Stanley decreased their target price on Gogo from $8.00 to $7.00 and set an “equal weight” rating for the company in a research report on Thursday, May 21st. Two investment analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Gogo presently has a consensus rating of “Reduce” and an average price target of $9.50.

Gogo Stock Up 0.8%

The stock’s 50 day simple moving average is $3.77 and its 200 day simple moving average is $4.25. The stock has a market capitalization of $484.16 million, a P/E ratio of 32.55 and a beta of 1.16. The company has a current ratio of 1.66, a quick ratio of 1.27 and a debt-to-equity ratio of 6.89.

Hedge Funds Weigh In On Gogo

Several large investors have recently added to or reduced their stakes in GOGO. Caitong International Asset Management Co. Ltd bought a new stake in Gogo during the fourth quarter valued at $27,000. PNC Financial Services Group Inc. lifted its position in shares of Gogo by 310.7% in the 1st quarter. PNC Financial Services Group Inc. now owns 7,318 shares of the technology company’s stock worth $29,000 after buying an additional 5,536 shares during the last quarter. State of Wyoming bought a new position in shares of Gogo in the 1st quarter worth about $34,000. Farther Finance Advisors LLC lifted its position in shares of Gogo by 91,500.0% in the 4th quarter. Farther Finance Advisors LLC now owns 10,076 shares of the technology company’s stock worth $47,000 after buying an additional 10,065 shares during the last quarter. Finally, Stifel Financial Corp acquired a new position in shares of Gogo in the 4th quarter valued at about $52,000. 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.