Gogo Inc. (NASDAQ:GOGO) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Monday.

According to Zacks, “Gogo is the leading provider of in-flight connectivity and wireless entertainment solutions for the global aviation industry. They currently provide services on approximately 9,600 aircraft, which represents more than 20% of the world’s total commercial and business jet aircraft. Gogo has partnerships with 14 commercial airlines and is installed on more than 2,500 commercial aircraft. Nearly 7,000 business aircraft are also flying with its solutions, including the world’s largest fractional ownership fleets. Gogo also is a factory option at every major business aircraft manufacturer. Gogo is headquartered in Chicago, IL, with additional facilities in Broomfield, CO, and various locations overseas. “

Several other brokerages have also recently commented on GOGO. BidaskClub raised shares of Gogo from a “sell” rating to a “hold” rating in a research note on Wednesday, July 19th. ValuEngine raised shares of Gogo from a “sell” rating to a “hold” rating in a research note on Tuesday, June 6th. Raymond James Financial, Inc. started coverage on shares of Gogo in a research note on Wednesday, May 31st. They set an “outperform” rating and a $15.00 price objective for the company. Standpoint Research cut shares of Gogo from a “buy” rating to a “hold” rating in a research note on Friday. Finally, UBS AG reaffirmed a “buy” rating and set a $15.00 price objective (up previously from $14.00) on shares of Gogo in a research note on Friday, May 5th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and six have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $15.50.

Shares of Gogo (NASDAQ GOGO) traded down 2.29% during mid-day trading on Monday, hitting $12.82. 2,231,286 shares of the stock were exchanged. The stock’s 50-day moving average is $11.81 and its 200-day moving average is $11.34. Gogo has a 52 week low of $8.28 and a 52 week high of $13.69. The stock’s market capitalization is $1.11 billion.

Gogo (NASDAQ:GOGO) last issued its quarterly earnings data on Monday, August 7th. The technology company reported ($0.56) EPS for the quarter, missing the consensus estimate of ($0.49) by $0.07. The company had revenue of $172.80 million for the quarter, compared to the consensus estimate of $167.63 million. The company’s quarterly revenue was up 17.2% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.31) earnings per share. Analysts forecast that Gogo will post ($1.94) earnings per share for the current fiscal year.

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Large investors have recently made changes to their positions in the stock. Beacon Capital Management bought a new stake in shares of Gogo during the fourth quarter valued at about $0. Assetmark bought a new stake in shares of Gogo during the third quarter valued at about $0. Searle & CO. bought a new stake in shares of Gogo during the fourth quarter valued at about $101,000. Legal & General Group Plc raised its stake in shares of Gogo by 19.2% in the first quarter. Legal & General Group Plc now owns 9,701 shares of the technology company’s stock valued at $106,000 after buying an additional 1,565 shares during the last quarter. Finally, Guggenheim Capital LLC raised its stake in shares of Gogo by 0.6% in the fourth quarter. Guggenheim Capital LLC now owns 11,623 shares of the technology company’s stock valued at $107,000 after buying an additional 73 shares during the last quarter. Institutional investors and hedge funds own 63.71% of the company’s stock.

Gogo Company Profile

Gogo Inc is a holding company. The Company is a provider of in-flight broadband connectivity and connectivity-enabled services to commercial and business aviation. The Company operates through three segments: Commercial Aviation North America (CA-NA), Commercial Aviation Rest of World (CA-ROW) and Business Aviation (BA).

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Analyst Recommendations for Gogo (NASDAQ:GOGO)

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