Gogo (NASDAQ:GOGO) Shares Down 5.8% – Time to Sell?

Gogo Inc. (NASDAQ:GOGO) shares dropped 5.8% on Wednesday . The stock traded as low as $6.99 and last traded at $6.91. Approximately 195,989 shares were traded during trading, a decline of 81% from the average daily volume of 1,041,346 shares. The stock had previously closed at $7.34.

Gogo Stock Performance

The company has a debt-to-equity ratio of 11.07, a current ratio of 3.58 and a quick ratio of 2.81. The company’s fifty day simple moving average is $7.80 and its two-hundred day simple moving average is $7.59. The stock has a market cap of $864.10 million, a price-to-earnings ratio of 15.98 and a beta of 1.01.

Hedge Funds Weigh In On Gogo

A number of hedge funds have recently added to or reduced their stakes in GOGO. Lazard Asset Management LLC bought a new position in shares of Gogo in the fourth quarter valued at approximately $43,000. State of Wyoming purchased a new stake in Gogo in the 4th quarter valued at $57,000. Teza Capital Management LLC bought a new position in Gogo during the 4th quarter valued at $110,000. Hsbc Holdings PLC purchased a new position in Gogo during the 4th quarter worth $116,000. Finally, Diametric Capital LP bought a new stake in shares of Gogo in the 4th quarter worth $121,000. Institutional investors and hedge funds own 69.60% of the company’s stock.

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.