Gogo (NASDAQ:GOGO) Downgraded to Hold at Zacks Investment Research

Gogo (NASDAQ:GOGO) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a report released on Tuesday, Zacks.com reports.

According to Zacks, “Gogo is the leading provider of in-flight connectivity and wireless entertainment solutions for the global aviation industry. They currently provide services on approximately 9,600 aircraft, which represents more than 20% of the world’s total commercial and business jet aircraft. Gogo has partnerships with 14 commercial airlines and is installed on more than 2,500 commercial aircraft. Nearly 7,000 business aircraft are also flying with its solutions, including the world’s largest fractional ownership fleets. Gogo also is a factory option at every major business aircraft manufacturer. Gogo is headquartered in Chicago, IL, with additional facilities in Broomfield, CO, and various locations overseas. “

Several other equities research analysts have also recently commented on GOGO. BidaskClub cut Gogo from a “hold” rating to a “sell” rating in a research report on Tuesday. ValuEngine cut Gogo from a “sell” rating to a “strong sell” rating in a research report on Tuesday, December 3rd. Finally, William Blair reaffirmed a “buy” rating on shares of Gogo in a research report on Monday, September 23rd. Three investment analysts have rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $6.19.

Shares of NASDAQ:GOGO traded down $0.01 on Tuesday, hitting $5.54. 2,001,700 shares of the company traded hands, compared to its average volume of 1,798,856. Gogo has a 52 week low of $3.55 and a 52 week high of $7.23. The stock has a 50 day simple moving average of $5.78 and a 200-day simple moving average of $5.26. The company has a market cap of $489.29 million, a PE ratio of -3.03 and a beta of 1.07.

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

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

A number of large investors have recently made changes to their positions in the business. Coatue Management LLC purchased a new position in shares of Gogo during the 2nd quarter valued at about $44,000. Walleye Trading Advisors LLC purchased a new position in shares of Gogo during the 2nd quarter valued at about $44,000. Metropolitan Life Insurance Co NY purchased a new position in shares of Gogo during the 1st quarter valued at about $73,000. Tower Research Capital LLC TRC purchased a new position in shares of Gogo during the 2nd quarter valued at about $77,000. Finally, AXA purchased a new position in shares of Gogo during the 2nd quarter valued at about $128,000. 62.73% of the stock is currently owned by institutional investors and hedge funds.

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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