Gogo (NASDAQ:GOGO) Shares Down 3.3% – Here’s Why

Gogo Inc. (NASDAQ:GOGO) fell 3.3% on Friday . The company traded as low as $7.93 and last traded at $8.01. 74,777 shares were traded during trading, a decline of 93% from the average session volume of 1,004,473 shares. The stock had previously closed at $8.28.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on GOGO. Roth Mkm restated a “buy” rating and set a $15.50 price objective on shares of Gogo in a research note on Tuesday, September 17th. Morgan Stanley dropped their price target on shares of Gogo from $12.00 to $11.00 and set an “equal weight” rating on the stock in a research report on Tuesday, September 3rd. Finally, JPMorgan Chase & Co. dropped their price target on shares of Gogo from $11.00 to $10.00 and set a “neutral” rating on the stock in a research report on Thursday, August 8th.

Gogo Trading Down 3.0 %

The company has a fifty day moving average price of $7.14 and a 200-day moving average price of $8.44. The company has a current ratio of 3.58, a quick ratio of 2.81 and a debt-to-equity ratio of 11.07. The firm has a market capitalization of $1.01 billion, a price-to-earnings ratio of 19.26 and a beta of 1.10.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. nVerses Capital LLC acquired a new position in shares of Gogo during the third quarter worth approximately $34,000. Brighton Jones LLC bought a new stake in shares of Gogo during the third quarter valued at approximately $72,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Gogo during the second quarter valued at approximately $107,000. AQR Capital Management LLC bought a new stake in shares of Gogo during the second quarter valued at approximately $108,000. Finally, SG Americas Securities LLC bought a new stake in shares of Gogo during the second quarter valued at approximately $109,000. 69.60% of the stock is currently owned by institutional investors and hedge funds.

Gogo Company Profile

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.