Gogo (NASDAQ:GOGO) Sets New 1-Year Low – What’s Next?

Gogo Inc. (NASDAQ:GOGO) shares reached a new 52-week low during trading on Friday . The stock traded as low as $3.84 and last traded at $3.9050, with a volume of 431699 shares traded. The stock had previously closed at $4.06.

Analyst Upgrades and Downgrades

GOGO has been the topic of several recent research reports. Roth Mkm set a $12.00 price target on Gogo in a research report on Thursday, May 7th. Weiss Ratings raised Gogo from a “sell (d)” rating to a “sell (d+)” rating in a research note on Tuesday. Finally, Morgan Stanley set a $8.00 price target on Gogo in a research note on Friday, January 16th. One research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $10.00.

Gogo Trading Down 3.8%

The company has a debt-to-equity ratio of 6.89, a quick ratio of 1.27 and a current ratio of 1.66. The stock has a market cap of $528.11 million, a price-to-earnings ratio of 35.50 and a beta of 1.06. The business has a fifty day simple moving average of $4.43 and a 200 day simple moving average of $5.21.

Gogo (NASDAQ:GOGO) last announced its earnings results on Friday, February 27th. The technology company reported ($0.07) earnings per share for the quarter, missing the consensus estimate of $0.02 by ($0.09). Gogo had a net margin of 1.54% and a return on equity of 37.53%. The business had revenue of $230.56 million for the quarter, compared to analyst estimates of $222.65 million. During the same quarter in the prior year, the business earned ($0.22) earnings per share. The firm’s revenue was up 67.3% on a year-over-year basis. As a group, equities analysts anticipate that Gogo Inc. will post 0.35 EPS for the current year.

Insider Activity at Gogo

In related news, Director Charles C. Townsend purchased 158,591 shares of the stock in a transaction dated Thursday, March 12th. The shares were acquired at an average cost of $4.57 per share, for a total transaction of $724,760.87. Following the acquisition, the director directly owned 418,686 shares in the company, valued at approximately $1,913,395.02. The trade was a 60.97% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 25.78% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Gogo

Institutional investors and hedge funds have recently modified their holdings of the business. Nantahala Capital Management LLC acquired a new position in Gogo during the 4th quarter worth $31,654,000. Millennium Management LLC grew its stake in shares of Gogo by 774.0% during the fourth quarter. Millennium Management LLC now owns 2,355,573 shares of the technology company’s stock valued at $10,977,000 after purchasing an additional 2,086,042 shares during the last quarter. Balyasny Asset Management L.P. acquired a new position in Gogo in the fourth quarter valued at approximately $5,250,000. Two Sigma Investments LP raised its holdings in 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 purchasing an additional 1,019,195 shares during the period. Finally, Goldman Sachs Group Inc. raised its holdings in shares of Gogo by 403.5% during the fourth quarter. Goldman Sachs Group Inc. now owns 1,137,602 shares of the technology company’s stock worth $5,301,000 after acquiring an additional 911,657 shares during the period. Institutional investors and hedge funds own 69.60% of the company’s stock.

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.