Gogo (NASDAQ:GOGO) Hits New 1-Year Low on Analyst Downgrade

Gogo Inc. (NASDAQ:GOGO) shares reached a new 52-week low on Tuesday after Morgan Stanley lowered their price target on the stock from $15.00 to $12.00. Morgan Stanley currently has an equal weight rating on the stock. Gogo traded as low as $7.53 and last traded at $7.82, with a volume of 232983 shares traded. The stock had previously closed at $8.12.

Separately, JPMorgan Chase & Co. began coverage on shares of Gogo in a report on Thursday, February 29th. They issued a “neutral” rating and a $11.00 target price on the stock. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, Gogo presently has a consensus rating of “Hold” and an average price target of $15.30.

Insider Buying and Selling

In related news, Director Harris N. Williams purchased 12,000 shares of Gogo stock in a transaction that occurred on Thursday, February 29th. The shares were acquired at an average price of $8.10 per share, for a total transaction of $97,200.00. Following the transaction, the director now directly owns 20,990 shares in the company, valued at $170,019. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Gogo news, Director Harris N. Williams bought 12,000 shares of the business’s stock in a transaction on Thursday, February 29th. The shares were bought at an average cost of $8.10 per share, for a total transaction of $97,200.00. Following the transaction, the director now owns 20,990 shares in the company, valued at approximately $170,019. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Charles C. Townsend bought 28,857 shares of the business’s stock in a transaction on Thursday, March 14th. The shares were acquired at an average price of $9.03 per share, for a total transaction of $260,578.71. Following the completion of the transaction, the director now owns 1,740,588 shares in the company, valued at approximately $15,717,509.64. The disclosure for this purchase can be found here. 26.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. BlackRock Inc. lifted its position in Gogo by 8.1% during the 2nd quarter. BlackRock Inc. now owns 10,250,993 shares of the technology company’s stock valued at $174,369,000 after purchasing an additional 765,720 shares during the period. Tenzing Global Management LLC raised its position in shares of Gogo by 13.6% in the 3rd quarter. Tenzing Global Management LLC now owns 2,500,000 shares of the technology company’s stock valued at $29,825,000 after acquiring an additional 300,000 shares during the period. Burgundy Asset Management Ltd. raised its position in shares of Gogo by 20.0% in the 4th quarter. Burgundy Asset Management Ltd. now owns 2,399,618 shares of the technology company’s stock valued at $24,308,000 after acquiring an additional 400,487 shares during the period. State Street Corp raised its position in shares of Gogo by 5.3% in the 2nd quarter. State Street Corp now owns 2,301,993 shares of the technology company’s stock valued at $39,157,000 after acquiring an additional 115,033 shares during the period. Finally, Sycale Advisors NY LLC raised its position in shares of Gogo by 97.5% in the 3rd quarter. Sycale Advisors NY LLC now owns 1,859,328 shares of the technology company’s stock valued at $22,182,000 after acquiring an additional 917,882 shares during the period. 69.60% of the stock is currently owned by institutional investors and hedge funds.

Gogo Stock Up 1.5 %

The firm has a market capitalization of $1.06 billion, a price-to-earnings ratio of 7.56 and a beta of 1.08. The business’s 50-day moving average is $8.83 and its two-hundred day moving average is $9.69. The company has a debt-to-equity ratio of 14.43, a quick ratio of 3.49 and a current ratio of 4.37.

Gogo (NASDAQ:GOGO) last announced its quarterly earnings results on Wednesday, February 28th. The technology company reported $0.11 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.11. The business had revenue of $97.81 million for the quarter, compared to the consensus estimate of $96.56 million. Gogo had a net margin of 36.64% and a negative return on equity of 7,172.73%. Gogo’s revenue for the quarter was down 9.6% on a year-over-year basis. During the same period last year, the company posted $0.21 EPS. On average, equities analysts anticipate that Gogo Inc. will post 0.38 earnings per share for the current year.

About Gogo

Gogo Inc, together with its subsidiaries, provides broadband connectivity services to the aviation industry in the United States and internationally. The company's product platform includes networks, antennas, and airborne equipment and software. It offers in-flight systems; in-flight services; aviation partner support; and engineering, design, and development services, as well as production operations functions.