Gogo (NASDAQ:GOGO) Stock Price Passes Below 200 Day Moving Average – Here’s What Happened

Gogo Inc. (NASDAQ:GOGO) shares crossed below its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $4.20 and traded as low as $3.84. Gogo shares last traded at $3.99, with a volume of 2,050,401 shares trading hands.

Analyst Upgrades and Downgrades

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

Gogo Trading Down 4.7%

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 company’s fifty day simple moving average is $3.72 and its 200-day simple moving average is $4.20. The company has a market capitalization of $524.73 million, a P/E ratio of 35.27 and a beta of 1.16.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Nantahala Capital Management LLC bought a new stake in Gogo during the fourth quarter valued at about $31,654,000. Bank of America Corp DE lifted its position in shares of Gogo by 244.1% during the first quarter. Bank of America Corp DE now owns 5,340,615 shares of the technology company’s stock valued at $21,469,000 after buying an additional 3,788,659 shares during the last quarter. Millennium Management LLC boosted its holdings in shares of Gogo by 774.0% in the 4th quarter. Millennium Management LLC now owns 2,355,573 shares of the technology company’s stock valued at $10,977,000 after buying an additional 2,086,042 shares in the last quarter. Balyasny Asset Management L.P. purchased a new position in shares of Gogo in the 4th quarter worth approximately $5,250,000. Finally, Two Sigma Investments LP raised its stake 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 acquiring an additional 1,019,195 shares in the last quarter. 69.60% of the stock is owned by institutional investors.

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.