Gogo (NASDAQ:GOGO) Reaches New 52-Week Low Following Analyst Downgrade

Gogo Inc. (NASDAQ:GOGO) shares reached a new 52-week low during mid-day trading on Tuesday after Morgan Stanley lowered their price target on the stock from $15.00 to $12.00. Morgan Stanley currently has an equal weight rating on the stock. Gogo traded as low as $7.53 and last traded at $7.82, with a volume of 232983 shares changing hands. The stock had previously closed at $8.12.

Separately, JPMorgan Chase & Co. started coverage on Gogo in a report on Thursday, February 29th. They issued a “neutral” rating and a $11.00 price objective on the stock. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, Gogo has a consensus rating of “Hold” and an average price target of $15.30.

Insider Transactions at Gogo

In other news, Director Charles C. Townsend bought 28,857 shares of the company’s stock in a transaction on Thursday, March 14th. The stock was bought at an average cost of $9.03 per share, with a total value of $260,578.71. Following the transaction, the director now directly owns 1,740,588 shares in the company, valued at approximately $15,717,509.64. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Gogo news, Director Charles C. Townsend bought 28,857 shares of Gogo stock in a transaction on Thursday, March 14th. The shares were bought at an average cost of $9.03 per share, for a total transaction of $260,578.71. Following the acquisition, the director now directly owns 1,740,588 shares in the company, valued at $15,717,509.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Harris N. Williams acquired 12,000 shares of the business’s stock in a transaction dated Thursday, February 29th. The shares were bought at an average cost of $8.10 per share, for a total transaction of $97,200.00. Following the transaction, the director now directly owns 20,990 shares of the company’s stock, valued at approximately $170,019. The disclosure for this purchase can be found here. Company insiders own 26.00% of the company’s stock.

Institutional Trading of Gogo

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Envestnet Asset Management Inc. purchased a new stake in Gogo during the first quarter worth approximately $308,000. Bank of New York Mellon Corp lifted its position in shares of Gogo by 0.5% during the 1st quarter. Bank of New York Mellon Corp now owns 230,953 shares of the technology company’s stock worth $4,403,000 after buying an additional 1,189 shares during the last quarter. MetLife Investment Management LLC boosted its holdings in shares of Gogo by 115.7% in the 1st quarter. MetLife Investment Management LLC now owns 31,583 shares of the technology company’s stock valued at $602,000 after buying an additional 16,943 shares in the last quarter. Great West Life Assurance Co. Can grew its position in shares of Gogo by 41.0% in the 1st quarter. Great West Life Assurance Co. Can now owns 2,178 shares of the technology company’s stock valued at $44,000 after buying an additional 633 shares during the last quarter. Finally, Blair William & Co. IL raised its stake in Gogo by 9.3% during the 1st quarter. Blair William & Co. IL now owns 442,255 shares of the technology company’s stock worth $8,429,000 after acquiring an additional 37,606 shares in the last quarter. 69.60% of the stock is currently owned by institutional investors and hedge funds.

Gogo Trading Up 1.5 %

The business’s 50-day moving average is $8.83 and its two-hundred day moving average is $9.69. The stock has a market capitalization of $1.06 billion, a PE ratio of 7.56 and a beta of 1.08. The company has a quick ratio of 3.49, a current ratio of 4.37 and a debt-to-equity ratio of 14.43.

Gogo (NASDAQ:GOGO) last announced its earnings results on Wednesday, February 28th. The technology company reported $0.11 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.11. The business had revenue of $97.81 million for the quarter, compared to analyst estimates of $96.56 million. Gogo had a net margin of 36.64% and a negative return on equity of 7,172.73%. The company’s revenue for the quarter was down 9.6% compared to the same quarter last year. During the same period last year, the firm posted $0.21 earnings per share. On average, analysts anticipate that Gogo Inc. will post 0.38 earnings per share for the current fiscal year.

About Gogo

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.