Gogo Inc. Expected to Post Q3 2024 Earnings of $0.09 Per Share (NASDAQ:GOGO)

Gogo Inc. (NASDAQ:GOGO) – Investment analysts at Roth Capital upped their Q3 2024 earnings estimates for Gogo in a research note issued to investors on Tuesday, September 17th. Roth Capital analyst S. Searle now forecasts that the technology company will earn $0.09 per share for the quarter, up from their previous forecast of $0.04. The consensus estimate for Gogo’s current full-year earnings is $0.35 per share. Roth Capital also issued estimates for Gogo’s Q4 2024 earnings at $0.10 EPS, FY2024 earnings at $0.60 EPS, Q1 2025 earnings at $0.12 EPS, Q2 2025 earnings at $0.16 EPS, Q3 2025 earnings at $0.18 EPS, Q4 2025 earnings at $0.20 EPS, FY2025 earnings at $0.66 EPS and FY2026 earnings at $0.89 EPS.

A number of other equities research analysts have also recently commented on GOGO. Roth Mkm reaffirmed a “buy” rating and issued a $15.50 target price on shares of Gogo in a report on Tuesday. JPMorgan Chase & Co. dropped their target price on Gogo from $11.00 to $10.00 and set a “neutral” rating on the stock in a report on Thursday, August 8th. Finally, Morgan Stanley cut their price target on Gogo from $12.00 to $11.00 and set an “equal weight” rating for the company in a research note on Tuesday, September 3rd.

Gogo Stock Performance

Shares of GOGO opened at $6.78 on Thursday. The company’s 50 day simple moving average is $8.14 and its 200-day simple moving average is $8.91. The firm has a market cap of $861.77 million, a PE ratio of 5.79 and a beta of 1.11. Gogo has a 12-month low of $6.72 and a 12-month high of $12.75. The company has a current ratio of 3.95, a quick ratio of 3.16 and a debt-to-equity ratio of 11.25.

Gogo (NASDAQ:GOGO) last released its quarterly earnings results on Wednesday, August 7th. The technology company reported $0.01 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.06). Gogo had a return on equity of 145.01% and a net margin of 16.59%. The firm had revenue of $102.10 million for the quarter, compared to analysts’ expectations of $99.02 million. During the same quarter in the prior year, the business earned $0.20 EPS. The company’s quarterly revenue was down 1.1% compared to the same quarter last year.

Institutional Investors Weigh In On Gogo

Hedge funds have recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. raised its stake in shares of Gogo by 0.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 509,592 shares of the technology company’s stock worth $5,162,000 after buying an additional 1,735 shares in the last quarter. State Board of Administration of Florida Retirement System grew its holdings in Gogo by 12.6% during the first quarter. State Board of Administration of Florida Retirement System now owns 21,320 shares of the technology company’s stock worth $187,000 after acquiring an additional 2,390 shares during the period. Texas Permanent School Fund Corp raised its position in Gogo by 7.2% in the second quarter. Texas Permanent School Fund Corp now owns 57,452 shares of the technology company’s stock worth $553,000 after acquiring an additional 3,845 shares in the last quarter. CANADA LIFE ASSURANCE Co lifted its holdings in Gogo by 11.6% in the first quarter. CANADA LIFE ASSURANCE Co now owns 54,770 shares of the technology company’s stock valued at $481,000 after acquiring an additional 5,688 shares during the period. Finally, Public Sector Pension Investment Board boosted its position in shares of Gogo by 4.6% during the 2nd quarter. Public Sector Pension Investment Board now owns 134,206 shares of the technology company’s stock worth $1,291,000 after purchasing an additional 5,869 shares in the last quarter. Institutional investors and hedge funds own 69.60% of the company’s stock.

About Gogo

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.