Gogo (NASDAQ:GOGO) Shares Cross Below 200-Day Moving Average – Here’s Why

Gogo Inc. (NASDAQ:GOGO) shares passed below its 200-day moving average during trading on Thursday. The stock has a 200-day moving average of $3.40 and traded as low as $2.02. Gogo shares last traded at $2.11, with a volume of 1,981,864 shares traded.

Analyst Upgrades and Downgrades

GOGO has been the topic of several recent research reports. Weiss Ratings lowered shares of Gogo from a “hold (c-)” rating to a “sell (d)” rating in a research note on Monday, August 17th. Zacks Research raised Gogo from a “strong sell” rating to a “hold” rating in a research report on Monday, October 5th. Roth Capital restated a “buy” rating on shares of Gogo in a report on Friday, August 7th. Finally, Wall Street Zen downgraded Gogo from a “hold” rating to a “sell” rating in a research note on Saturday. One research analyst has rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $8.50.

Gogo Stock Performance

The stock’s 50-day moving average is $2.43 and its 200-day moving average is $3.40. The firm has a market capitalization of $294.05 million, a price-to-earnings ratio of 217.00 and a beta of 1.22. The company has a current ratio of 1.73, a quick ratio of 1.21 and a debt-to-equity ratio of 6.74.

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

Hedge Funds Weigh In On Gogo

A number of hedge funds and other institutional investors have recently made changes to their positions in GOGO. Engineers Gate Manager LP grew its stake in shares of Gogo by 10.8% in the 2nd quarter. Engineers Gate Manager LP now owns 54,316 shares of the technology company’s stock valued at $168,000 after buying an additional 5,282 shares during the period. PNC Financial Services Group Inc. raised its position in shares of Gogo by 310.7% during the first quarter. PNC Financial Services Group Inc. now owns 7,318 shares of the technology company’s stock worth $29,000 after purchasing an additional 5,536 shares during the period. Caitong International Asset Management Co. Ltd acquired a new position in shares of Gogo during the fourth quarter worth approximately $27,000. Principal Financial Group Inc. raised its position in shares of Gogo by 2.3% during the first quarter. Principal Financial Group Inc. now owns 379,682 shares of the technology company’s stock worth $1,526,000 after purchasing an additional 8,379 shares during the period. Finally, State of Wyoming bought a new position in shares of Gogo in the 1st quarter worth $34,000. 69.60% of the stock is owned by institutional investors and hedge funds.

About Gogo

Gogo Inc is an aviation connectivity and broadband services company that provides internet access, entertainment, and communications solutions for business and commercial aircraft. Its offerings are designed to help passengers and flight crews stay connected while in the air through a combination of air-to-ground and satellite-based technologies.

Gogo’s business aviation portfolio includes the AVANCE connectivity platform, which supports in-flight Wi-Fi and related services, as well as equipment, software, and network management solutions for private and business aircraft.