Gogo (NASDAQ:GOGO) Sees Large Volume Increase – Still a Buy?

Gogo Inc. (NASDAQ:GOGO) shares saw strong trading volume on Friday. Approximately 21,659,993 shares were traded during mid-day trading, an increase of 1,005% from the average daily volume of 1,961,060 shares. The stock last traded at $3.7390 and had previously closed at $2.27.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on GOGO shares. Roth Capital reissued a “buy” rating on shares of Gogo in a research report on Friday, August 7th. Zacks Research upgraded shares of Gogo from a “strong sell” rating to a “hold” rating in a research note on Monday, October 5th. Weiss Ratings lowered shares of Gogo from a “hold (c-)” rating to a “sell (d)” rating in a research note on Monday, August 17th. Finally, Wall Street Zen cut shares of Gogo from a “hold” rating to a “sell” rating in a report on Saturday, October 24th. One investment analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $8.50.

Gogo Trading Up 69.1%

The company has a debt-to-equity ratio of 6.74, a quick ratio of 1.21 and a current ratio of 1.73. The company has a 50 day moving average of $2.37 and a two-hundred day moving average of $3.62. The stock has a market cap of $520.09 million, a PE ratio of 384.50 and a beta of 1.26.

Gogo (NASDAQ:GOGO) last issued its quarterly earnings results on Friday, November 6th. The technology company reported ($0.02) EPS for the quarter, missing the consensus estimate of ($0.01) by ($0.01). Gogo had a positive return on equity of 22.55% and a negative net margin of 0.09%. The company’s revenue was down 4.6% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.01) earnings per share. Sell-side analysts anticipate that Gogo Inc. will post 0.01 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Gogo

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Bank of America Corp DE purchased a new stake in shares of Gogo in the second quarter valued at about $16,029,000. BlackRock Inc. purchased a new position in Gogo during the second quarter worth about $18,984,000. Nantahala Capital Management LLC purchased a new position in Gogo during the second quarter worth about $26,962,966. Healthcare of Ontario Pension Plan Trust Fund boosted its holdings in Gogo by 199.4% in the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 486,820 shares of the technology company’s stock valued at $1,957,000 after purchasing an additional 324,237 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new position in Gogo in the 2nd quarter valued at about $2,193,000. Institutional investors and hedge funds own 69.60% of the company’s stock.

About Gogo

Gogo Inc is an aviation connectivity and broadband services company that provides internet access, entertainment, and communications solutions for business and commercial aircraft. Its offerings are designed to help passengers and flight crews stay connected while in the air through a combination of air-to-ground and satellite-based technologies.

Gogo’s business aviation portfolio includes the AVANCE connectivity platform, which supports in-flight Wi-Fi and related services, as well as equipment, software, and network management solutions for private and business aircraft.