Gogo (NASDAQ:GOGO) Shares Pass Below 200 Day Moving Average – Here’s What Happened

Gogo Inc. (NASDAQ:GOGO)’s stock price crossed below its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $9.64 and traded as low as $4.73. Gogo shares last traded at $4.78, with a volume of 1,507,470 shares changing hands.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. Weiss Ratings restated a “sell (d)” rating on shares of Gogo in a report on Monday, December 29th. William Blair cut Gogo from an “outperform” rating to a “market perform” rating in a research report on Tuesday, December 9th. Two equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $14.83.

Gogo Price Performance

The stock’s 50 day simple moving average is $5.84 and its two-hundred day simple moving average is $9.64. The stock has a market cap of $639.80 million, a price-to-earnings ratio of -95.60 and a beta of 0.96. The company has a debt-to-equity ratio of 7.79, a current ratio of 1.74 and a quick ratio of 1.40.

Gogo (NASDAQ:GOGO) last posted its earnings results on Thursday, November 6th. The technology company reported ($0.01) EPS 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 company had revenue of $223.59 million for the quarter, compared to the consensus estimate of $222.23 million. During the same quarter last year, the business earned $0.08 EPS. Gogo’s quarterly revenue was up 122.4% compared to the same quarter last year. On average, analysts forecast that Gogo Inc. will post 0.41 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Oakleigh Thorne acquired 170,000 shares of the stock in a transaction on Friday, December 12th. The stock was purchased at an average price of $5.34 per share, for a total transaction of $907,800.00. Following the transaction, the insider owned 954,098 shares of the company’s stock, valued at $5,094,883.32. The trade was a 21.68% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 25.78% of the stock is owned by corporate insiders.

Institutional Trading of Gogo

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. SG Americas Securities LLC boosted its stake in Gogo by 105.0% in the fourth quarter. SG Americas Securities LLC now owns 69,958 shares of the technology company’s stock valued at $326,000 after acquiring an additional 35,838 shares during the last quarter. Tudor Investment Corp ET AL lifted its stake in Gogo by 1,095.1% in the third quarter. Tudor Investment Corp ET AL now owns 705,968 shares of the technology company’s stock valued at $6,064,000 after buying an additional 646,894 shares during the period. Hancock Whitney Corp bought a new position in Gogo during the third quarter worth about $92,000. CANADA LIFE ASSURANCE Co boosted its stake in Gogo by 35.8% during the 3rd quarter. CANADA LIFE ASSURANCE Co now owns 90,110 shares of the technology company’s stock worth $765,000 after acquiring an additional 23,734 shares during the last quarter. Finally, PharVision Advisers LLC grew its holdings in Gogo by 268.4% during the third quarter. PharVision Advisers LLC now owns 42,993 shares of the technology company’s stock valued at $369,000 after purchasing an additional 31,324 shares during the period. 69.60% of the stock is owned by institutional investors.

Gogo Company Profile

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.