Gogo Inc. (NASDAQ:GOGO) Receives Consensus Recommendation of “Reduce” from Brokerages

Gogo Inc. (NASDAQ:GOGO) has received an average recommendation of “Reduce” from the five analysts that are covering the firm, MarketBeat Ratings reports. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and one has assigned a buy rating to the company. The average 1 year target price among analysts that have issued a report on the stock in the last year is $8.50.

A number of brokerages recently commented on GOGO. Wall Street Zen upgraded Gogo from a “sell” rating to a “hold” rating in a research note on Saturday, September 5th. Weiss Ratings downgraded shares of Gogo from a “hold (c-)” rating to a “sell (d)” rating in a report on Monday, August 17th. Roth Capital restated a “buy” rating on shares of Gogo in a research report on Friday, August 7th. Finally, Zacks Research cut shares of Gogo from a “hold” rating to a “strong sell” rating in a report on Friday, August 7th.

Institutional Investors Weigh In On Gogo

Several large investors have recently made changes to their positions in the company. Caitong International Asset Management Co. Ltd acquired a new position in shares of Gogo during the fourth quarter worth approximately $27,000. PNC Financial Services Group Inc. increased its position in Gogo by 310.7% in the 1st quarter. PNC Financial Services Group Inc. now owns 7,318 shares of the technology company’s stock valued at $29,000 after acquiring an additional 5,536 shares during the period. State of Wyoming acquired a new stake in Gogo in the 1st quarter valued at approximately $34,000. Two Sigma Securities LLC bought a new stake in Gogo during the 2nd quarter valued at $41,000. Finally, Fifth Third Bancorp boosted its position in Gogo by 7,817.6% during the 1st quarter. Fifth Third Bancorp now owns 17,102 shares of the technology company’s stock worth $69,000 after acquiring an additional 16,886 shares during the period. Institutional investors and hedge funds own 69.60% of the company’s stock.

Gogo Stock Performance

Shares of NASDAQ GOGO opened at $2.30 on Wednesday. The company has a quick ratio of 1.21, a current ratio of 1.73 and a debt-to-equity ratio of 6.74. The firm’s 50-day moving average price is $2.82 and its two-hundred day moving average price is $3.58. Gogo has a 52-week low of $2.05 and a 52-week high of $9.93. The stock has a market capitalization of $311.67 million, a P/E ratio of 230.00 and a beta of 1.22.

Gogo (NASDAQ:GOGO) last posted its earnings results on Thursday, August 6th. The technology company reported $0.03 EPS for the quarter, missing the consensus estimate of $0.06 by ($0.03). The company had revenue of $222.81 million for the quarter, compared to the consensus estimate of $229.35 million. Gogo had a negative net margin of 0.09% and a positive return on equity of 22.55%. The firm’s revenue for the quarter was down 1.4% compared to the same quarter last year. During the same period last year, the company posted $0.09 earnings per share. As a group, sell-side analysts forecast that Gogo will post 0.03 earnings per share for the current year.

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.