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Gogo (NASDAQ:GOGO) fell 4.5% during trading on Friday after an insider sold shares in the company, AnalystRatingsNetwork reports. The stock traded as low as $17.70 and last traded at $17.83, with a volume of 1,922,693 shares. The stock had previously closed at $18.67.

Specifically, EVP John Wade sold 31,700 shares of the stock in a transaction dated Wednesday, May 28th. The stock was sold at an average price of $17.02, for a total transaction of $539,534.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

GOGO has been the subject of a number of recent research reports. Analysts at JPMorgan Chase & Co. cut their price target on shares of Gogo from $28.00 to $23.00 in a research note on Tuesday, April 29th. They now have an “overweight” rating on the stock.

The stock has a 50-day moving average of $15.65 and a 200-day moving average of $21.84. The company’s market cap is $1.538 billion. Gogo also was the target of a significant decrease in short interest during the month of May. As of May 15th, there was short interest totalling 12,052,284 shares, a decrease of 10.7% from the April 30th total of 13,491,167 shares. Approximately 24.0% of the shares of the stock are sold short. Based on an average trading volume of 3,625,250 shares, the days-to-cover ratio is presently 3.3 days.

Gogo (NASDAQ:GOGO) last announced its earnings results on Monday, May 12th. The company reported ($0.20) EPS for the quarter, beating the Thomson Reuters consensus estimate of ($0.25) by $0.05. The company had revenue of $95.70 million for the quarter, compared to the consensus estimate of $94.58 million. The company’s quarterly revenue was up 35.2% on a year-over-year basis. On average, analysts predict that Gogo will post $-0.91 earnings per share for the current fiscal year.

Gogo Inc is a holding company. The Company operates through its two operating subsidiaries, Gogo LLC and Aircell Business Aviation Services LLC.

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