Gogo (NASDAQ:GOGO) Stock Crosses Below Fifty Day Moving Average – Here’s What Happened

Gogo Inc. (NASDAQ:GOGO) shares passed below its fifty day moving average during trading on Friday. The stock has a fifty day moving average of $2.40 and traded as low as $2.35. Gogo shares last traded at $2.36, with a volume of 1,244,327 shares traded.

Analysts Set New Price Targets

Several research firms have recently weighed in on GOGO. Roth Capital reissued a “buy” rating on shares of Gogo in a report on Friday, August 7th. Weiss Ratings cut shares of Gogo from a “hold (c-)” rating to a “sell (d)” rating in a report on Monday, August 17th. Wall Street Zen cut Gogo from a “hold” rating to a “sell” rating in a research report on Saturday, October 24th. Finally, Zacks Research upgraded shares of Gogo from a “strong sell” rating to a “hold” rating in a research report on Monday, October 5th. One equities research 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 stock currently has a consensus rating of “Hold” and an average target price of $8.50.

Gogo Stock Down 6.7%

The company has a debt-to-equity ratio of 6.74, a current ratio of 1.73 and a quick ratio of 1.21. The firm’s 50-day moving average price is $2.40 and its 200 day moving average price is $3.67. The firm has a market capitalization of $319.80 million, a price-to-earnings ratio of 236.00 and a beta of 1.22.

Gogo (NASDAQ:GOGO) last released its quarterly earnings results on Thursday, August 6th. The technology company reported $0.03 earnings per share for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.03). The company had revenue of $222.81 million during the quarter, compared to analyst estimates of $229.35 million. Gogo had a positive return on equity of 22.55% and a negative net margin of 0.09%. The business’s revenue was down 1.4% compared to the same quarter last year. During the same period last year, the firm earned $0.09 earnings per share. Sell-side analysts expect that Gogo Inc. will post 0.01 EPS for the current year.

Hedge Funds Weigh In On Gogo

Several institutional investors have recently added to or reduced their stakes in GOGO. State of Wyoming increased its stake in shares of Gogo by 289.5% during the 3rd quarter. State of Wyoming now owns 142,100 shares of the technology company’s stock valued at $306,000 after acquiring an additional 105,615 shares during the last quarter. Asset Management One Co. Ltd. raised its stake 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 acquiring an additional 35,839 shares during the period. WINTON GROUP Ltd raised its position in Gogo by 43.0% in the second quarter. WINTON GROUP Ltd now owns 44,900 shares of the technology company’s stock valued at $139,000 after purchasing an additional 13,500 shares during the period. Engineers Gate Manager LP lifted its position in Gogo by 10.8% during the 2nd quarter. Engineers Gate Manager LP now owns 54,316 shares of the technology company’s stock worth $168,000 after acquiring an additional 5,282 shares in the last quarter. Finally, Baird Financial Group Inc. acquired a new position in shares of Gogo during the second quarter worth $174,000. 69.60% of the stock is currently owned by institutional investors and hedge funds.

About Gogo

Gogo Inc is an aviation connectivity and broadband services company that provides internet access, entertainment, and communications solutions for business and commercial aircraft. Its offerings are designed to help passengers and flight crews stay connected while in the air through a combination of air-to-ground and satellite-based technologies.

Gogo’s business aviation portfolio includes the AVANCE connectivity platform, which supports in-flight Wi-Fi and related services, as well as equipment, software, and network management solutions for private and business aircraft.