Gogo (NASDAQ:GOGO) Cut to “Sell” at Wall Street Zen

Wall Street Zen cut shares of Gogo (NASDAQ:GOGO) from a hold rating to a sell rating in a report published on Saturday morning.

GOGO has been the subject of several other reports. Morgan Stanley lowered their price target on shares of Gogo from $8.00 to $7.00 and set an “equal weight” rating for the company in a research note on Thursday, May 21st. Weiss Ratings raised Gogo from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Monday, August 3rd. Finally, Roth Capital reiterated a “buy” rating on shares of Gogo in a report on Friday. One equities research analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $8.50.

Gogo Trading Down 12.1%

Shares of GOGO opened at $3.19 on Friday. The firm has a market cap of $431.42 million, a price-to-earnings ratio of 319.00 and a beta of 1.13. The company has a debt-to-equity ratio of 6.74, a quick ratio of 1.21 and a current ratio of 1.73. Gogo has a fifty-two week low of $3.02 and a fifty-two week high of $13.13. The firm has a 50 day moving average price of $3.66 and a 200-day moving average price of $4.14.

Gogo (NASDAQ:GOGO) last announced its quarterly earnings data on Thursday, August 6th. The technology company reported $0.03 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 business had revenue of $222.81 million during the quarter, compared to analysts’ expectations of $229.35 million. During the same period last year, the company posted $0.09 EPS. Gogo’s revenue for the quarter was down 1.4% on a year-over-year basis. As a group, equities research analysts forecast that Gogo will post 0.14 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in GOGO. Nantahala Capital Management LLC bought a new stake in Gogo during the 4th quarter valued at $31,654,000. Vanguard Group Inc. grew its holdings in Gogo by 6.3% in the 3rd quarter. Vanguard Group Inc. now owns 6,651,058 shares of the technology company’s stock worth $57,133,000 after acquiring an additional 396,236 shares during the last quarter. BlackRock Inc. bought a new stake in Gogo in the 2nd quarter worth $18,984,000. Bank of America Corp DE increased its position in shares of Gogo by 244.1% in the first quarter. Bank of America Corp DE now owns 5,340,615 shares of the technology company’s stock valued at $21,469,000 after acquiring an additional 3,788,659 shares during the period. Finally, State Street Corp increased its position in shares of Gogo by 7.0% in the fourth quarter. State Street Corp now owns 3,136,833 shares of the technology company’s stock valued at $14,618,000 after acquiring an additional 204,296 shares during the period. 69.60% of the stock is owned by hedge funds and other institutional investors.

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.