Gogo (NASDAQ:GOGO) Trading Down 5.9% – Here’s What Happened

Gogo Inc. (NASDAQ:GOGO)’s share price traded down 5.9% on Friday . The company traded as low as $7.23 and last traded at $7.27. 379,910 shares were traded during mid-day trading, a decline of 71% from the average session volume of 1,309,450 shares. The stock had previously closed at $7.72.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. StockNews.com cut shares of Gogo from a “hold” rating to a “sell” rating in a research note on Monday. Roth Mkm reduced their price objective on shares of Gogo from $15.50 to $13.00 and set a “buy” rating for the company in a research note on Monday.

Gogo Trading Down 1.5 %

The stock has a market capitalization of $956.55 million, a price-to-earnings ratio of 17.66 and a beta of 1.01. The company’s 50 day moving average is $7.75 and its 200 day moving average is $7.56. The company has a debt-to-equity ratio of 11.07, a quick ratio of 2.81 and a current ratio of 3.58.

Gogo (NASDAQ:GOGO) last released its earnings results on Friday, March 14th. The technology company reported $0.07 EPS for the quarter, beating the consensus estimate of $0.04 by $0.03. The firm had revenue of $137.80 million during the quarter, compared to analysts’ expectations of $97.80 million. Gogo had a net margin of 13.94% and a return on equity of 121.96%. The business’s quarterly revenue was up 40.9% compared to the same quarter last year. During the same period in the prior year, the company earned $0.11 EPS. On average, research analysts forecast that Gogo Inc. will post 0.41 EPS for the current fiscal year.

Insider Buying and Selling at Gogo

In other Gogo news, Director Oakleigh Thorne purchased 30,173 shares of the stock in a transaction on Monday, March 17th. The shares were purchased at an average price of $6.57 per share, with a total value of $198,236.61. Following the acquisition, the director now directly owns 711,341 shares of the company’s stock, valued at $4,673,510.37. This represents a 4.43 % increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 26.00% of the company’s stock.

Institutional Investors Weigh In On Gogo

Institutional investors and hedge funds have recently bought and sold shares of the business. PharVision Advisers LLC bought a new stake in shares of Gogo in the 4th quarter worth about $746,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Gogo by 14.2% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 237,941 shares of the technology company’s stock worth $1,925,000 after purchasing an additional 29,585 shares during the last quarter. Voloridge Investment Management LLC grew its holdings in shares of Gogo by 76.1% in the 4th quarter. Voloridge Investment Management LLC now owns 581,706 shares of the technology company’s stock worth $4,706,000 after purchasing an additional 251,348 shares during the last quarter. Squarepoint Ops LLC grew its holdings in shares of Gogo by 222.0% in the 4th quarter. Squarepoint Ops LLC now owns 30,506 shares of the technology company’s stock worth $247,000 after purchasing an additional 55,506 shares during the last quarter. Finally, Two Sigma Investments LP grew its holdings in shares of Gogo by 50.1% in the 4th quarter. Two Sigma Investments LP now owns 101,778 shares of the technology company’s stock worth $823,000 after purchasing an additional 33,960 shares during the last quarter. Institutional investors 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.