Gogo (NASDAQ:GOGO) Rating Lowered to “Sell” at StockNews.com

Gogo (NASDAQ:GOGO) was downgraded by stock analysts at StockNews.com from a “hold” rating to a “sell” rating in a research note issued to investors on Monday.

Separately, Roth Mkm cut their target price on Gogo from $15.50 to $13.00 and set a “buy” rating on the stock in a research report on Monday.

Gogo Stock Performance

Shares of GOGO opened at $6.93 on Monday. The business’s 50 day moving average is $7.74 and its two-hundred day moving average is $7.56. Gogo has a 52-week low of $6.17 and a 52-week high of $11.00. The firm has a market cap of $871.65 million, a price-to-earnings ratio of 16.12 and a beta of 1.01. The company has a quick ratio of 2.81, a current ratio of 3.58 and a debt-to-equity ratio of 11.07.

Gogo (NASDAQ:GOGO) last announced its earnings results on Friday, March 14th. The technology company reported $0.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.04 by $0.03. Gogo had a return on equity of 121.96% and a net margin of 13.94%. The company had revenue of $137.80 million for the quarter, compared to analyst estimates of $97.80 million. During the same period in the prior year, the company posted $0.11 EPS. Gogo’s quarterly revenue was up 40.9% on a year-over-year basis. Analysts forecast that Gogo will post 0.41 EPS for the current fiscal year.

Insider Activity at Gogo

In other news, Director Oakleigh Thorne purchased 30,173 shares of the company’s stock in a transaction that occurred on Monday, March 17th. The shares were acquired at an average cost of $6.57 per share, with a total value of $198,236.61. Following the transaction, the director now owns 711,341 shares in the company, valued at approximately $4,673,510.37. The trade was a 4.43 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 26.00% of the company’s stock.

Institutional Investors Weigh In On Gogo

Large investors have recently added to or reduced their stakes in the stock. Barclays PLC increased its position in Gogo by 357.5% in the third quarter. Barclays PLC now owns 109,959 shares of the technology company’s stock worth $789,000 after buying an additional 85,925 shares during the period. Van ECK Associates Corp increased its position in Gogo by 256.1% in the fourth quarter. Van ECK Associates Corp now owns 154,706 shares of the technology company’s stock worth $1,252,000 after buying an additional 111,267 shares during the period. State Street Corp increased its position in Gogo by 2.1% in the third quarter. State Street Corp now owns 2,461,691 shares of the technology company’s stock worth $17,675,000 after buying an additional 51,681 shares during the period. FMR LLC increased its position in Gogo by 13.5% in the third quarter. FMR LLC now owns 5,653,036 shares of the technology company’s stock worth $40,589,000 after buying an additional 673,315 shares during the period. Finally, Dynamic Technology Lab Private Ltd increased its position in Gogo by 612.1% in the third quarter. Dynamic Technology Lab Private Ltd now owns 253,114 shares of the technology company’s stock worth $1,817,000 after buying an additional 217,570 shares during the period. 69.60% of the stock is owned by institutional investors and hedge funds.

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.