Gogo (NASDAQ:GOGO) Stock Passes Below 200 Day Moving Average – What’s Next?

Shares of Gogo Inc. (NASDAQ:GOGO) crossed below its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $4.66 and traded as low as $3.49. Gogo shares last traded at $3.66, with a volume of 2,287,322 shares trading hands.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the stock. Morgan Stanley dropped their price target on shares of Gogo from $8.00 to $7.00 and set an “equal weight” rating for the company in a research note on Thursday, May 21st. Roth Mkm set a $12.00 target price on shares of Gogo in a research note on Thursday, May 7th. Finally, Weiss Ratings raised shares of Gogo from a “sell (d)” rating to a “sell (d+)” rating in a research note on Tuesday, May 12th. One investment analyst has rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $9.50.

Gogo Price Performance

The business’s 50 day moving average is $4.24 and its two-hundred day moving average is $4.66. The firm has a market cap of $494.97 million, a P/E ratio of 33.27 and a beta of 1.09. The company has a quick ratio of 1.27, a current ratio of 1.66 and a debt-to-equity ratio of 6.89.

Hedge Funds Weigh In On Gogo

Hedge funds have recently bought and sold shares of the company. William Blair Investment Management LLC increased its stake in Gogo by 6.9% in the third quarter. William Blair Investment Management LLC now owns 6,067,663 shares of the technology company’s stock valued at $52,121,000 after purchasing an additional 393,830 shares in the last quarter. Tudor Investment Corp ET AL increased 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 purchasing an additional 646,894 shares in the last quarter. UBS Group AG raised its holdings in Gogo by 32.5% during the fourth quarter. UBS Group AG now owns 500,807 shares of the technology company’s stock worth $2,334,000 after buying an additional 122,706 shares during the last quarter. Brighton Jones LLC raised its holdings in Gogo by 69.6% during the fourth quarter. Brighton Jones LLC now owns 17,000 shares of the technology company’s stock worth $138,000 after buying an additional 6,978 shares during the last quarter. Finally, Dynamic Technology Lab Private Ltd bought a new position in shares of Gogo in the third quarter valued at $497,000. Institutional investors own 69.60% of the company’s stock.

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.