Gogo (NASDAQ:GOGO) Reaches New 1-Year Low After Analyst Downgrade

Shares of Gogo Inc. (NASDAQ:GOGO) hit a new 52-week low during mid-day trading on Tuesday after Morgan Stanley lowered their price target on the stock from $15.00 to $12.00. Morgan Stanley currently has an equal weight rating on the stock. Gogo traded as low as $7.53 and last traded at $7.82, with a volume of 232983 shares trading hands. The stock had previously closed at $8.12.

Separately, JPMorgan Chase & Co. began coverage on shares of Gogo in a research note on Thursday, February 29th. They set a “neutral” rating and a $11.00 target price on the stock. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $15.30.

Insider Activity

In other Gogo news, Director Charles C. Townsend bought 28,857 shares of the business’s stock in a transaction that occurred on Thursday, March 14th. The stock was purchased at an average price of $9.03 per share, for a total transaction of $260,578.71. Following the completion of the transaction, the director now owns 1,740,588 shares of the company’s stock, valued at approximately $15,717,509.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director Charles C. Townsend bought 28,857 shares of the stock in a transaction dated Thursday, March 14th. The shares were purchased at an average price of $9.03 per share, with a total value of $260,578.71. Following the completion of the acquisition, the director now owns 1,740,588 shares of the company’s stock, valued at $15,717,509.64. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Harris N. Williams bought 12,000 shares of the company’s stock in a transaction that occurred on Thursday, February 29th. The shares were bought at an average price of $8.10 per share, with a total value of $97,200.00. Following the transaction, the director now owns 20,990 shares of the company’s stock, valued at approximately $170,019. The disclosure for this purchase can be found here. Company insiders own 26.00% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Belpointe Asset Management LLC bought a new position in Gogo during the first quarter valued at approximately $29,000. Great West Life Assurance Co. Can raised its holdings in shares of Gogo by 41.0% during the 1st quarter. Great West Life Assurance Co. Can now owns 2,178 shares of the technology company’s stock worth $44,000 after acquiring an additional 633 shares in the last quarter. PNC Financial Services Group Inc. boosted its position in shares of Gogo by 432.4% during the 4th quarter. PNC Financial Services Group Inc. now owns 2,609 shares of the technology company’s stock valued at $39,000 after acquiring an additional 2,119 shares during the last quarter. Royal Bank of Canada grew its holdings in shares of Gogo by 76.6% in the third quarter. Royal Bank of Canada now owns 3,069 shares of the technology company’s stock valued at $37,000 after purchasing an additional 1,331 shares in the last quarter. Finally, UBS Group AG increased its position in Gogo by 41.7% in the third quarter. UBS Group AG now owns 4,033 shares of the technology company’s stock worth $49,000 after purchasing an additional 1,186 shares during the last quarter. Hedge funds and other institutional investors own 69.60% of the company’s stock.

Gogo Price Performance

The company has a market cap of $1.06 billion, a P/E ratio of 7.56 and a beta of 1.08. The firm’s 50-day moving average is $8.83 and its two-hundred day moving average is $9.69. The company has a debt-to-equity ratio of 14.43, a current ratio of 4.37 and a quick ratio of 3.49.

Gogo (NASDAQ:GOGO) last posted its earnings results on Wednesday, February 28th. The technology company reported $0.11 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.11. Gogo had a net margin of 36.64% and a negative return on equity of 7,172.73%. The firm had revenue of $97.81 million for the quarter, compared to the consensus estimate of $96.56 million. During the same period in the previous year, the firm posted $0.21 EPS. The business’s quarterly revenue was down 9.6% on a year-over-year basis. Analysts anticipate that Gogo Inc. will post 0.38 earnings per share for the current year.

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.