Gogo (NASDAQ:GOGO) Shares Down 6.8% – Here’s What Happened

Gogo Inc. (NASDAQ:GOGO) shares fell 6.8% during trading on Monday . The company traded as low as $4.82 and last traded at $4.8750. 1,378,764 shares changed hands during trading, a decline of 32% from the average session volume of 2,019,560 shares. The stock had previously closed at $5.23.

Analysts Set New Price Targets

A number of brokerages recently issued reports on GOGO. Morgan Stanley set a $8.00 price objective on Gogo in a research report on Friday, January 16th. Weiss Ratings restated a “sell (d)” rating on shares of Gogo in a research report on Monday, December 29th. Finally, William Blair lowered Gogo from an “outperform” rating to a “market perform” rating in a research note on Tuesday, December 9th. One research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Gogo presently has an average rating of “Hold” and a consensus price target of $12.25.

Gogo Trading Down 5.4%

The stock’s 50 day simple moving average is $4.61 and its 200 day simple moving average is $6.96. The firm has a market cap of $665.99 million, a PE ratio of 49.48 and a beta of 1.07. The company has a debt-to-equity ratio of 8.24, a quick ratio of 1.24 and a current ratio of 1.60.

Gogo (NASDAQ:GOGO) last posted its quarterly earnings data on Friday, February 27th. The technology company reported ($0.07) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.09). Gogo had a return on equity of 55.95% and a net margin of 1.42%.The company had revenue of $230.56 million for the quarter, compared to the consensus estimate of $222.65 million. During the same period in the prior year, the firm posted ($0.22) earnings per share. The business’s revenue was up 67.3% on a year-over-year basis. On average, sell-side analysts forecast that Gogo Inc. will post 0.41 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Oakleigh Thorne acquired 170,000 shares of Gogo stock in a transaction dated Friday, December 12th. The shares were purchased at an average cost 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. This trade represents a 21.68% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 25.78% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Nantahala Capital Management LLC purchased a new position in shares of Gogo during the fourth quarter worth approximately $31,654,000. Vanguard Group Inc. grew its holdings in shares of Gogo by 6.3% during the 3rd quarter. Vanguard Group Inc. now owns 6,651,058 shares of the technology company’s stock valued at $57,133,000 after purchasing an additional 396,236 shares during the last quarter. William Blair Investment Management LLC raised its position in Gogo by 6.9% in the 3rd quarter. William Blair Investment Management LLC now owns 6,067,663 shares of the technology company’s stock worth $52,121,000 after purchasing an additional 393,830 shares during the period. LB Partners LLC raised its position in Gogo by 30.0% in the 3rd quarter. LB Partners LLC now owns 3,228,979 shares of the technology company’s stock worth $27,737,000 after purchasing an additional 745,000 shares during the period. Finally, State Street Corp lifted its stake in Gogo by 7.0% in the fourth quarter. State Street Corp now owns 3,136,833 shares of the technology company’s stock worth $14,618,000 after purchasing an additional 204,296 shares during the last quarter. 69.60% of the stock is currently owned by institutional investors.

About Gogo

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.