Gogo (NASDAQ:GOGO) Trading Down 6.4% – Time to Sell?

Gogo Inc. (NASDAQ:GOGO)’s share price fell 6.4% during trading on Wednesday . The company traded as low as $4.60 and last traded at $4.6050. 1,213,183 shares changed hands during mid-day trading, a decline of 44% from the average session volume of 2,176,169 shares. The stock had previously closed at $4.92.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the stock. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Gogo in a report on Monday, December 29th. William Blair downgraded shares of Gogo from an “outperform” rating to a “market perform” rating in a research report on Tuesday, December 9th. Two research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Gogo currently has a consensus rating of “Hold” and a consensus price target of $14.83.

Gogo Stock Down 5.8%

The stock has a market capitalization of $620.39 million, a P/E ratio of -92.70 and a beta of 0.96. The firm’s fifty day moving average is $6.36 and its 200-day moving average is $10.04. The company has a current ratio of 1.74, a quick ratio of 1.40 and a debt-to-equity ratio of 7.79.

Gogo (NASDAQ:GOGO) last issued its quarterly earnings data on Thursday, November 6th. The technology company reported ($0.01) EPS for the quarter, missing analysts’ consensus estimates of $0.11 by ($0.12). The company had revenue of $223.59 million for 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 revenue was up 122.4% compared to the same quarter last year. During the same period in the prior year, the company earned $0.08 EPS. As a group, equities research analysts predict that Gogo Inc. will post 0.41 earnings per share for the current year.

Insider Buying and Selling

In other Gogo news, insider Oakleigh Thorne bought 170,000 shares of Gogo stock in a transaction on Friday, December 12th. The shares were purchased at an average cost of $5.34 per share, for a total transaction of $907,800.00. Following the completion of the acquisition, the insider owned 954,098 shares in the company, valued at approximately $5,094,883.32. The trade was a 21.68% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 25.78% of the company’s stock.

Hedge Funds Weigh In On Gogo

Institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in Gogo by 6.3% during the third quarter. Vanguard Group Inc. now owns 6,651,058 shares of the technology company’s stock worth $57,133,000 after purchasing an additional 396,236 shares during the period. William Blair Investment Management LLC raised its holdings in Gogo by 6.9% in the 3rd quarter. William Blair Investment Management LLC now owns 6,067,663 shares of the technology company’s stock valued at $52,121,000 after buying an additional 393,830 shares during the last quarter. LB Partners LLC raised its position in shares of Gogo by 30.0% during the third quarter. LB Partners LLC now owns 3,228,979 shares of the technology company’s stock worth $27,737,000 after acquiring an additional 745,000 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in Gogo by 20.9% during the third quarter. Dimensional Fund Advisors LP now owns 1,671,860 shares of the technology company’s stock valued at $14,360,000 after acquiring an additional 289,066 shares during the last quarter. Finally, Two Sigma Investments LP boosted its position in shares of Gogo by 512.6% during the 3rd quarter. Two Sigma Investments LP now owns 1,218,005 shares of the technology company’s stock worth $10,463,000 after purchasing an additional 1,019,195 shares in the last quarter. 69.60% of the stock is currently owned by institutional investors and hedge funds.

Gogo Company Profile

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.