Gogo (NASDAQ:GOGO) Stock Passes Below 200-Day Moving Average – What’s Next?

Shares of Gogo Inc. (NASDAQ:GOGO) crossed below its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $10.56 and traded as low as $4.53. Gogo shares last traded at $4.62, with a volume of 1,342,499 shares traded.

Analyst Ratings Changes

A number of brokerages have commented on GOGO. William Blair lowered Gogo from an “outperform” rating to a “market perform” rating in a research report on Tuesday, December 9th. Weiss Ratings reiterated a “sell (d)” rating on shares of Gogo in a report on Monday. Two research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Gogo presently has a consensus rating of “Hold” and an average price target of $14.83.

Gogo Price Performance

The company has a debt-to-equity ratio of 7.79, a quick ratio of 1.40 and a current ratio of 1.74. The company has a market capitalization of $601.66 million, a price-to-earnings ratio of -89.90 and a beta of 0.89. The company has a 50-day moving average price of $7.10 and a 200-day moving average price of $10.52.

Gogo (NASDAQ:GOGO) last released its quarterly earnings data on Thursday, November 6th. The technology company reported ($0.01) earnings per share for the quarter, missing the consensus estimate of $0.11 by ($0.12). Gogo had a positive return on equity of 71.74% and a negative net margin of 0.65%.The firm had revenue of $223.59 million for the quarter, compared to the consensus estimate of $222.23 million. During the same period in the previous year, the business earned $0.08 EPS. The firm’s revenue was up 122.4% compared to the same quarter last year. On average, equities research analysts expect that Gogo Inc. will post 0.41 EPS for the current fiscal year.

Insider Activity at Gogo

In other Gogo news, insider Oakleigh Thorne acquired 170,000 shares of the business’s stock in a transaction dated Friday, December 12th. The shares were acquired at an average price of $5.34 per share, for a total transaction of $907,800.00. Following the acquisition, the insider directly owned 954,098 shares of the company’s stock, valued at approximately $5,094,883.32. This trade represents a 21.68% increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 25.78% of the stock is currently owned by corporate insiders.

Institutional Trading of Gogo

Hedge funds and other institutional investors have recently modified their holdings of the company. Tudor Investment Corp ET AL grew its holdings in shares of Gogo by 1,095.1% during the third quarter. Tudor Investment Corp ET AL now owns 705,968 shares of the technology company’s stock worth $6,064,000 after buying an additional 646,894 shares in the last quarter. Hancock Whitney Corp acquired a new position in Gogo during the third quarter worth $92,000. CANADA LIFE ASSURANCE Co grew its position in Gogo by 35.8% in the third quarter. CANADA LIFE ASSURANCE Co now owns 90,110 shares of the technology company’s stock valued at $765,000 after purchasing an additional 23,734 shares in the last quarter. PharVision Advisers LLC increased its stake in Gogo by 268.4% in the 3rd quarter. PharVision Advisers LLC now owns 42,993 shares of the technology company’s stock valued at $369,000 after buying an additional 31,324 shares during the last quarter. Finally, XTX Topco Ltd increased its stake in Gogo by 118.7% in the 3rd quarter. XTX Topco Ltd now owns 151,666 shares of the technology company’s stock valued at $1,303,000 after buying an additional 82,314 shares during the last quarter. Institutional investors and hedge funds own 69.60% of the company’s stock.

About Gogo

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.