Gogo (NASDAQ:GOGO) Share Price Crosses Below 200-Day Moving Average – Here’s Why

Shares of Gogo Inc. (NASDAQ:GOGO) crossed below its two hundred day moving average during trading on Tuesday. The stock has a two hundred day moving average of $3.61 and traded as low as $3.33. Gogo shares last traded at $3.60, with a volume of 2,816,040 shares trading hands.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Weiss Ratings lowered Gogo from a “sell (d)” rating to a “sell (e+)” rating in a research note on Monday. Zacks Research raised shares of Gogo from a “strong sell” rating to a “hold” rating in a report on Monday, October 5th. Roth Capital restated a “buy” rating on shares of Gogo in a report on Friday, August 7th. Finally, Wall Street Zen lowered shares of Gogo from a “hold” rating to a “sell” rating in a research report on Saturday, October 24th. One investment analyst has rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $8.50.

Gogo Price Performance

The business has a 50-day moving average of $2.48 and a 200 day moving average of $3.59. The company has a current ratio of 1.84, a quick ratio of 1.32 and a debt-to-equity ratio of 6.65. The firm has a market capitalization of $465.25 million, a PE ratio of 32.73 and a beta of 1.26.

Gogo (NASDAQ:GOGO) last released its quarterly earnings data on Friday, November 6th. The technology company reported ($0.02) EPS for the quarter, missing the consensus estimate of ($0.01) by ($0.01). The company had revenue of $213.23 million during the quarter, compared to analysts’ expectations of $216.52 million. Gogo had a positive return on equity of 11.88% and a negative net margin of 0.24%. The firm’s quarterly revenue was down 4.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.01) EPS. As a group, research analysts anticipate that Gogo Inc. will post -0.02 EPS for the current fiscal year.

Institutional Trading of Gogo

Several large investors have recently added to or reduced their stakes in GOGO. Russell Investments Group Ltd. raised its holdings in Gogo by 199.0% in the 3rd quarter. Russell Investments Group Ltd. now owns 140,632 shares of the technology company’s stock worth $302,000 after purchasing an additional 93,605 shares during the period. State of Wyoming grew its holdings in Gogo by 289.5% during the 3rd quarter. State of Wyoming now owns 142,100 shares of the technology company’s stock worth $306,000 after acquiring an additional 105,615 shares in the last quarter. Asset Management One Co. Ltd. boosted its position in shares of Gogo by 76.4% in the 3rd quarter. Asset Management One Co. Ltd. now owns 82,732 shares of the technology company’s stock valued at $178,000 after purchasing an additional 35,839 shares during the period. WINTON GROUP Ltd grew its position in Gogo by 43.0% in the 2nd quarter. WINTON GROUP Ltd now owns 44,900 shares of the technology company’s stock valued at $139,000 after buying an additional 13,500 shares during the last quarter. Finally, Engineers Gate Manager LP lifted its position in shares of Gogo by 10.8% during the 2nd quarter. Engineers Gate Manager LP now owns 54,316 shares of the technology company’s stock valued at $168,000 after acquiring an additional 5,282 shares during the period. Hedge funds and other institutional investors own 69.60% of the company’s stock.

About Gogo

Gogo Inc. provides in-flight connectivity and related services, primarily for business aviation. Its offerings include onboard broadband internet, voice and data services, aircraft connectivity equipment, and support services. Gogo’s systems use air-to-ground and satellite networks, including low-Earth-orbit connectivity, to serve aircraft operating in different regions. The company traces its roots to Aircell, founded in 1991. After building a presence in commercial airline connectivity, Gogo sold its commercial aviation business to Intelsat in 2020 and refocused on business aviation.