Gogo (NASDAQ:GOGO) Shares Gap Down – Time to Sell?

Shares of Gogo Inc. (NASDAQ:GOGO) gapped down before the market opened on Thursday . The stock had previously closed at $4.46, but opened at $3.38. Gogo shares last traded at $3.7090, with a volume of 478,358 shares.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. Morgan Stanley decreased their price target on shares of Gogo from $8.00 to $7.00 and set an “equal weight” rating on the stock in a research note on Thursday, May 21st. Weiss Ratings upgraded shares of Gogo from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Monday. Finally, Roth Capital set a $12.00 price objective on Gogo in a report on Thursday, May 7th. Three analysts have rated the stock with a Hold rating, According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $9.50.

Gogo Stock Performance

The stock’s 50 day moving average is $3.72 and its two-hundred day moving average is $4.17. The firm has a market capitalization of $513.23 million, a P/E ratio of 34.50 and a beta of 1.13. The company has a debt-to-equity ratio of 6.89, a current ratio of 1.66 and a quick ratio of 1.27.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Bank of America Corp DE boosted its position 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 worth $21,469,000 after purchasing an additional 3,788,659 shares during the last quarter. Amundi grew its stake in shares of Gogo by 121.2% during the first quarter. Amundi now owns 41,845 shares of the technology company’s stock worth $168,000 after purchasing an additional 22,931 shares during the period. Healthcare of Ontario Pension Plan Trust Fund increased its holdings in Gogo by 199.4% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 486,820 shares of the technology company’s stock valued at $1,957,000 after purchasing an additional 324,237 shares during the last quarter. Renaissance Technologies LLC increased its holdings in Gogo by 31.4% in the first quarter. Renaissance Technologies LLC now owns 966,674 shares of the technology company’s stock valued at $3,886,000 after purchasing an additional 230,800 shares during the last quarter. Finally, Gabelli Funds LLC lifted its stake in Gogo by 28.5% in the first quarter. Gabelli Funds LLC now owns 120,300 shares of the technology company’s stock valued at $484,000 after buying an additional 26,700 shares during the period. Institutional investors and hedge funds own 69.60% of the company’s stock.

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.