Gogo Inc. (NASDAQ:GOGO) Stock Has Consensus Price Target of $8.50 According to Analysts

Shares of Gogo Inc. (NASDAQ:GOGO) have been given a consensus recommendation of “Reduce” by the five research firms that are currently covering the stock, MarketBeat reports. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and one has given a buy rating to the company. The average 12-month price objective among brokerages that have issued ratings on the stock in the last year is $8.50.

A number of research firms have recently commented on GOGO. Zacks Research lowered Gogo from a “hold” rating to a “strong sell” rating in a research note on Friday, August 7th. Wall Street Zen raised Gogo from a “sell” rating to a “hold” rating in a report on Saturday, September 5th. Roth Capital reaffirmed a “buy” rating on shares of Gogo in a research report on Friday, August 7th. Finally, Weiss Ratings cut Gogo from a “hold (c-)” rating to a “sell (d)” rating in a research report on Monday, August 17th.

Gogo Price Performance

NASDAQ GOGO opened at $2.11 on Wednesday. The company has a current ratio of 1.73, a quick ratio of 1.21 and a debt-to-equity ratio of 6.74. The company has a fifty day simple moving average of $2.89 and a 200 day simple moving average of $3.62. The company has a market cap of $285.92 million, a P/E ratio of 211.00 and a beta of 1.22. Gogo has a 1 year low of $2.07 and a 1 year high of $9.93.

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Caitong International Asset Management Co. Ltd bought a new stake in shares of Gogo in the fourth quarter valued at about $27,000. PNC Financial Services Group Inc. raised its holdings in Gogo by 310.7% in the 1st quarter. PNC Financial Services Group Inc. now owns 7,318 shares of the technology company’s stock valued at $29,000 after acquiring an additional 5,536 shares in the last quarter. State of Wyoming bought a new stake in shares of Gogo in the 1st quarter worth approximately $34,000. Two Sigma Securities LLC acquired a new stake in shares of Gogo during the 2nd quarter worth approximately $41,000. Finally, Fifth Third Bancorp increased its position in shares of Gogo by 7,817.6% during the first quarter. Fifth Third Bancorp now owns 17,102 shares of the technology company’s stock valued at $69,000 after purchasing an additional 16,886 shares during the period. Institutional investors own 69.60% of the company’s stock.

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.