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

Gogo Inc. (NASDAQ:GOGO)’s share price hit a new 52-week low during trading on Friday . The stock traded as low as $3.84 and last traded at $3.9050, with a volume of 431699 shares trading hands. The stock had previously closed at $4.06.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on GOGO shares. Weiss Ratings raised Gogo from a “sell (d)” rating to a “sell (d+)” rating in a research note on Tuesday. 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 given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $10.00.

Gogo Trading Down 4.4%

The company has a 50 day moving average of $4.40 and a 200-day moving average of $5.20. The company has a debt-to-equity ratio of 6.89, a quick ratio of 1.27 and a current ratio of 1.66. The stock has a market cap of $524.73 million, a price-to-earnings ratio of 35.27 and a beta of 1.06.

Gogo (NASDAQ:GOGO) last posted its earnings results on Friday, February 27th. The technology company reported ($0.07) earnings per share (EPS) 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 firm had revenue of $230.56 million for the quarter, compared to analyst estimates of $222.65 million. During the same period in the previous year, the company posted ($0.22) EPS. Gogo’s revenue was up 67.3% on a year-over-year basis. On average, research analysts anticipate that Gogo Inc. will post 0.35 earnings per share for the current year.

Insider Transactions at Gogo

In other news, Director Charles C. Townsend bought 158,591 shares of the firm’s stock in a transaction that occurred on Thursday, March 12th. The shares were purchased at an average price of $4.57 per share, with a total value of $724,760.87. Following the purchase, the director owned 418,686 shares in the company, valued at approximately $1,913,395.02. The trade was a 60.97% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 25.78% of the company’s stock.

Hedge Funds Weigh In On Gogo

Hedge funds have recently bought and sold shares of the company. Brighton Jones LLC raised its position in Gogo by 69.6% in the 4th quarter. Brighton Jones LLC now owns 17,000 shares of the technology company’s stock valued at $138,000 after purchasing an additional 6,978 shares in the last quarter. AQR Capital Management LLC raised its position in Gogo by 43.4% in the 1st quarter. AQR Capital Management LLC now owns 47,219 shares of the technology company’s stock valued at $407,000 after purchasing an additional 14,293 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Gogo by 6.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 39,205 shares of the technology company’s stock valued at $338,000 after purchasing an additional 2,342 shares in the last quarter. Millennium Management LLC raised its position in Gogo by 439.5% in the 1st quarter. Millennium Management LLC now owns 709,003 shares of the technology company’s stock valued at $6,112,000 after purchasing an additional 577,575 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in Gogo by 23.6% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 294,173 shares of the technology company’s stock valued at $2,536,000 after purchasing an additional 56,232 shares in the last quarter. Institutional investors and hedge funds own 69.60% of the company’s stock.

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.