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

Gogo Inc. (NASDAQ:GOGO) shares passed below its 200-day moving average during trading on Wednesday. The stock has a 200-day moving average of $3.73 and traded as low as $2.30. Gogo shares last traded at $2.30, with a volume of 1,059,945 shares changing hands.

Analyst Ratings Changes

Several brokerages have weighed in on GOGO. Weiss Ratings cut Gogo from a “hold (c-)” rating to a “sell (d)” rating in a report on Monday, August 17th. Roth Capital reiterated a “buy” rating on shares of Gogo in a research report on Friday, August 7th. Wall Street Zen raised shares of Gogo from a “sell” rating to a “hold” rating in a research note on Saturday, September 5th. Finally, Zacks Research lowered shares of Gogo from a “hold” rating to a “strong sell” rating in a report on Friday, August 7th. One investment analyst has rated the stock with a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Reduce” and an average price target of $8.50.

Gogo Stock Performance

The firm has a market cap of $311.67 million, a P/E ratio of 230.00 and a beta of 1.03. The company has a debt-to-equity ratio of 6.74, a quick ratio of 1.21 and a current ratio of 1.73. The stock’s 50-day moving average is $3.07 and its 200 day moving average is $3.71.

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

Institutional Investors Weigh In On Gogo

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Bank of America Corp DE raised its stake in shares of Gogo by 244.1% during the 1st quarter. Bank of America Corp DE now owns 5,340,615 shares of the technology company’s stock worth $21,469,000 after purchasing an additional 3,788,659 shares in the last quarter. BlackRock Inc. acquired a new position in Gogo during the second quarter worth $18,984,000. Nantahala Capital Management LLC bought a new stake in Gogo during the second quarter worth $26,962,966. Healthcare of Ontario Pension Plan Trust Fund raised its position in Gogo by 199.4% during the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 486,820 shares of the technology company’s stock worth $1,957,000 after acquiring an additional 324,237 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Gogo in the second quarter valued at $2,193,000. 69.60% of the stock is currently owned by institutional investors and hedge funds.

About Gogo

Gogo Inc (NASDAQ:GOGO) provides broadband connectivity and wireless entertainment services for the aviation industry. The company primarily serves business aviation operators, including private jets and charter fleets, with in-flight internet access, streaming entertainment, voice and messaging capabilities, and related connectivity services.

Gogo offers air-to-ground connectivity through its existing network and is developing Gogo Galileo, a low-Earth-orbit satellite-based broadband service designed to expand coverage and deliver higher-speed connectivity to aircraft operating beyond the reach of traditional air-to-ground systems.