Gogo (NASDAQ:GOGO) Trading Down 8.7%

Gogo Inc (NASDAQ:GOGO) dropped 8.7% during mid-day trading on Thursday . The stock traded as low as $6.48 and last traded at $6.50, approximately 3,259,555 shares were traded during mid-day trading. An increase of 102% from the average daily volume of 1,612,361 shares. The stock had previously closed at $7.12.

GOGO has been the topic of several research reports. ValuEngine lowered shares of Gogo from a “hold” rating to a “sell” rating in a research report on Thursday, September 5th. BidaskClub raised shares of Gogo from a “hold” rating to a “buy” rating in a research report on Saturday, September 14th. Finally, Zacks Investment Research lowered shares of Gogo from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, August 14th. Two analysts have rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $5.75.

The firm’s 50-day moving average price is $4.59 and its 200-day moving average price is $4.69. The company has a market cap of $572.44 million, a P/E ratio of -3.55 and a beta of 0.96.



Gogo (NASDAQ:GOGO) last posted its earnings results on Thursday, August 8th. The technology company reported ($0.47) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.59) by $0.12. The firm had revenue of $213.70 million for the quarter, compared to the consensus estimate of $199.62 million. The business’s revenue was down 6.1% on a year-over-year basis. During the same period last year, the company posted ($0.47) EPS. Equities research analysts predict that Gogo Inc will post -1.92 earnings per share for the current year.

In other news, Director Charles C. Townsend bought 45,200 shares of the firm’s stock in a transaction that occurred on Friday, August 30th. The shares were acquired at an average price of $3.99 per share, with a total value of $180,348.00. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Charles C. Townsend bought 65,651 shares of the firm’s stock in a transaction that occurred on Thursday, August 22nd. The shares were purchased at an average cost of $3.94 per share, for a total transaction of $258,664.94. The disclosure for this purchase can be found here. Insiders have purchased a total of 265,851 shares of company stock worth $1,101,013 in the last ninety days. 41.50% of the stock is currently owned by insiders.

A number of institutional investors have recently bought and sold shares of GOGO. North Peak Capital Management LLC increased its holdings in Gogo by 1,012.3% during the 1st quarter. North Peak Capital Management LLC now owns 2,780,647 shares of the technology company’s stock worth $12,485,000 after acquiring an additional 2,530,647 shares during the period. Carlson Capital L P bought a new stake in Gogo during the 2nd quarter worth approximately $2,371,000. Tenzing Global Management LLC increased its holdings in Gogo by 43.8% during the 2nd quarter. Tenzing Global Management LLC now owns 1,725,000 shares of the technology company’s stock worth $6,866,000 after acquiring an additional 525,000 shares during the period. Morgan Stanley increased its holdings in Gogo by 56.7% during the 2nd quarter. Morgan Stanley now owns 1,372,546 shares of the technology company’s stock worth $5,463,000 after acquiring an additional 496,761 shares during the period. Finally, Bank of America Corp DE increased its holdings in Gogo by 28.6% during the 2nd quarter. Bank of America Corp DE now owns 2,112,864 shares of the technology company’s stock worth $8,410,000 after acquiring an additional 469,268 shares during the period. 61.16% of the stock is currently owned by institutional investors and hedge funds.

About Gogo (NASDAQ:GOGO)

Gogo Inc, through its subsidiaries, provides inflight broadband connectivity and wireless entertainment services to the aviation industry in the United States and internationally. It operates through three segments: Commercial Aviation North America (CA-NA), Commercial Aviation Rest of World (CA-ROW), and Business Aviation (BA).

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