Gogo (NASDAQ:GOGO) Reaches New 52-Week Low – Here’s Why

Shares of Gogo Inc. (NASDAQ:GOGO) hit a new 52-week low during mid-day trading on Thursday . The stock traded as low as $3.81 and last traded at $3.9040, with a volume of 143026 shares trading hands. The stock had previously closed at $4.07.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on GOGO shares. Morgan Stanley cut their price target on Gogo from $8.00 to $7.00 and set an “equal weight” rating for the company in a research note on Thursday. Weiss Ratings upgraded Gogo from a “sell (d)” rating to a “sell (d+)” rating in a research note on Tuesday, May 12th. Finally, Roth Mkm set a $12.00 price target on Gogo in a research note on Thursday, May 7th. One research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $9.50.

Gogo Stock Up 8.3%

The firm has a 50 day simple moving average of $4.32 and a two-hundred day simple moving average of $5.02. The company has a quick ratio of 1.27, a current ratio of 1.66 and a debt-to-equity ratio of 6.89. The stock has a market capitalization of $585.59 million, a P/E ratio of 39.36 and a beta of 1.06.

Gogo (NASDAQ:GOGO) last released its earnings results on Friday, February 27th. The technology company reported ($0.07) earnings per share for the quarter, missing the consensus estimate of $0.02 by ($0.09). Gogo had a return on equity of 37.53% and a net margin of 1.54%.The business had revenue of $230.56 million for the quarter, compared to the consensus estimate of $222.65 million. During the same quarter in the previous year, the company earned ($0.22) earnings per share. The firm’s revenue for the quarter was up 67.3% on a year-over-year basis. On average, equities research analysts expect that Gogo Inc. will post 0.35 earnings per share for the current year.

Insider Activity at Gogo

In other news, Director Charles C. Townsend purchased 158,591 shares of the company’s stock in a transaction dated Thursday, March 12th. The stock was bought at an average cost of $4.57 per share, for a total transaction of $724,760.87. Following the purchase, the director owned 418,686 shares of the company’s stock, valued at approximately $1,913,395.02. The trade was a 60.97% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 25.60% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of GOGO. Nantahala Capital Management LLC bought a new position in shares of Gogo in the 4th quarter valued at $31,654,000. Bank of America Corp DE lifted its stake 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 valued at $21,469,000 after acquiring an additional 3,788,659 shares during the last quarter. Millennium Management LLC lifted its stake in shares of Gogo by 774.0% in the 4th quarter. Millennium Management LLC now owns 2,355,573 shares of the technology company’s stock valued at $10,977,000 after acquiring an additional 2,086,042 shares during the last quarter. Balyasny Asset Management L.P. bought a new position in shares of Gogo in the 4th quarter valued at $5,250,000. Finally, Two Sigma Investments LP lifted its stake in shares of Gogo by 512.6% in the 3rd quarter. Two Sigma Investments LP now owns 1,218,005 shares of the technology company’s stock valued at $10,463,000 after acquiring an additional 1,019,195 shares during the last quarter. 69.60% of the stock is currently owned by 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.