Gogo (NASDAQ:GOGO) Shares Gap Up – Here’s Why

Gogo Inc. (NASDAQ:GOGO)’s share price gapped up before the market opened on Wednesday . The stock had previously closed at $6.79, but opened at $7.28. Gogo shares last traded at $7.1640, with a volume of 608,103 shares changing hands.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. Weiss Ratings restated a “sell (d)” rating on shares of Gogo in a research report on Monday. Morgan Stanley began coverage on shares of Gogo in a research note on Thursday, August 14th. They issued an “equal weight” rating and a $15.00 price target on the stock. Finally, Wall Street Zen downgraded shares of Gogo from a “buy” rating to a “hold” rating in a report on Saturday, August 9th. Two equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $14.83.

Gogo Stock Up 5.5%

The firm has a market capitalization of $959.04 million, a PE ratio of -143.10 and a beta of 1.04. The business’s 50 day simple moving average is $8.77 and its 200 day simple moving average is $11.44. 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 announced its earnings results on Thursday, November 6th. The technology company reported ($0.01) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.11 by ($0.12). Gogo had a negative net margin of 0.65% and a positive return on equity of 71.74%. The business had revenue of $223.59 million for the quarter, compared to analysts’ expectations of $222.23 million. During the same quarter in the prior year, the company posted $0.08 earnings per share. The firm’s quarterly revenue was up 122.4% compared to the same quarter last year. Gogo has set its FY 2025 guidance at EPS. On average, equities research analysts forecast that Gogo Inc. will post 0.41 earnings per share for the current year.

Hedge Funds Weigh In On Gogo

A number of institutional investors and hedge funds have recently modified their holdings of the stock. William Blair Investment Management LLC increased its position in shares of Gogo by 124.8% during the 2nd quarter. William Blair Investment Management LLC now owns 5,673,833 shares of the technology company’s stock valued at $83,292,000 after purchasing an additional 3,149,585 shares during the last quarter. Two Sigma Investments LP boosted its stake in Gogo by 512.6% during the third quarter. Two Sigma Investments LP now owns 1,218,005 shares of the technology company’s stock worth $10,463,000 after buying an additional 1,019,195 shares during the period. Nantahala Capital Management LLC boosted its stake in Gogo by 38.5% during the first quarter. Nantahala Capital Management LLC now owns 3,564,797 shares of the technology company’s stock worth $30,729,000 after buying an additional 990,155 shares during the period. Qube Research & Technologies Ltd bought a new position in Gogo during the third quarter valued at $6,760,000. Finally, LB Partners LLC increased its position in Gogo by 30.0% during the third quarter. LB Partners LLC now owns 3,228,979 shares of the technology company’s stock valued at $27,737,000 after acquiring an additional 745,000 shares during the last quarter. Hedge funds and other institutional investors own 69.60% of the company’s stock.

Gogo Company Profile

Gogo Inc, together with its subsidiaries, provides broadband connectivity services to the aviation industry in the United States and internationally. The company's product platform includes networks, antennas, and airborne equipment and software. It offers in-flight systems; in-flight services; aviation partner support; and engineering, design, and development services, as well as production operations functions.