Wall Street Zen Downgrades Gogo (NASDAQ:GOGO) to Sell

Gogo (NASDAQ:GOGO) was downgraded by Wall Street Zen from a “hold” rating to a “sell” rating in a note issued to investors on Saturday.

Several other equities research analysts also recently commented on GOGO. Roth Capital restated a “buy” rating on shares of Gogo in a report on Friday. Weiss Ratings raised shares of Gogo from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Monday, August 3rd. Finally, Morgan Stanley decreased their price target on shares of Gogo from $8.00 to $7.00 and set an “equal weight” rating for the company in a research note on Thursday, May 21st. One investment analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, Gogo currently has a consensus rating of “Hold” and a consensus price target of $8.50.

Gogo Stock Performance

Shares of GOGO stock opened at $3.63 on Friday. The stock has a market capitalization of $490.92 million, a PE ratio of 363.00 and a beta of 1.13. The business’s 50 day simple moving average is $3.68 and its 200 day simple moving average is $4.15. The company has a debt-to-equity ratio of 6.74, a current ratio of 1.73 and a quick ratio of 1.21. Gogo has a one year low of $3.02 and a one year high of $13.13.

Gogo (NASDAQ:GOGO) last issued its quarterly earnings results on Thursday, August 6th. The technology company reported $0.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.06 by ($0.03). The business had revenue of $222.81 million during the quarter, compared to analyst estimates of $229.35 million. Gogo had a negative net margin of 0.09% and a positive return on equity of 22.55%. Gogo’s quarterly revenue was down 1.4% compared to the same quarter last year. During the same period last year, the firm posted $0.09 earnings per share. As a group, research analysts forecast that Gogo will post 0.14 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in GOGO. Nantahala Capital Management LLC bought a new position in Gogo during the fourth quarter valued at approximately $31,654,000. BlackRock Inc. bought a new stake in shares of Gogo in the 2nd quarter worth approximately $18,984,000. Bank of America Corp DE boosted its stake in shares of Gogo by 244.1% in the 1st quarter. Bank of America Corp DE now owns 5,340,615 shares of the technology company’s stock valued at $21,469,000 after purchasing an additional 3,788,659 shares in the last quarter. Millennium Management LLC boosted its stake 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 purchasing an additional 2,086,042 shares in the last quarter. Finally, Balyasny Asset Management L.P. bought a new position in shares of Gogo during the 4th quarter valued at $5,250,000. 69.60% of the stock is currently owned by hedge funds and other 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.