Gogo (NASDAQ:GOGO) Shares Down 7.5% – What’s Next?

Gogo Inc. (NASDAQ:GOGO)’s share price fell 7.5% during mid-day trading on Friday . The company traded as low as $7.33 and last traded at $7.41. 523,321 shares traded hands during trading, a decline of 48% from the average session volume of 1,002,539 shares. The stock had previously closed at $8.01.

Analysts Set New Price Targets

GOGO has been the topic of several recent analyst reports. Morgan Stanley dropped their target price on Gogo from $12.00 to $11.00 and set an “equal weight” rating on the stock in a research report on Tuesday, September 3rd. JPMorgan Chase & Co. dropped their price objective on Gogo from $11.00 to $10.00 and set a “neutral” rating on the stock in a report on Thursday, August 8th. Finally, Roth Mkm reissued a “buy” rating and issued a $15.50 target price on shares of Gogo in a report on Tuesday, September 17th.

Gogo Stock Performance

The stock’s fifty day simple moving average is $7.13 and its two-hundred day simple moving average is $8.49. The company has a market cap of $937.06 million, a price-to-earnings ratio of 18.63 and a beta of 1.10. The company has a debt-to-equity ratio of 11.07, a quick ratio of 2.81 and a current ratio of 3.58.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. nVerses Capital LLC purchased a new stake in shares of Gogo during the third quarter worth about $34,000. Brighton Jones LLC purchased a new stake in Gogo during the 3rd quarter worth approximately $72,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Gogo in the 2nd quarter valued at approximately $107,000. AQR Capital Management LLC acquired a new stake in shares of Gogo during the second quarter worth approximately $108,000. Finally, SG Americas Securities LLC bought a new stake in shares of Gogo in the second quarter worth $109,000. 69.60% of the stock is currently owned by hedge funds and other institutional investors.

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.