Gogo (NASDAQ:GOGO) Stock Price Down 5.9% – What’s Next?

Gogo Inc. (NASDAQ:GOGO)’s stock price fell 5.9% during mid-day trading on Friday . The stock traded as low as $7.23 and last traded at $7.27. 379,910 shares changed hands 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.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on GOGO. Roth Mkm reduced their price objective on Gogo from $15.50 to $13.00 and set a “buy” rating on the stock in a research report on Monday, March 17th. StockNews.com downgraded Gogo from a “hold” rating to a “sell” rating in a research report on Monday, March 17th.

Gogo Price Performance

The stock has a market capitalization of $933.28 million, a price-to-earnings ratio of 17.26 and a beta of 1.01. The company has a 50 day moving average of $7.75 and a 200 day moving average of $7.55. The company has a quick ratio of 2.81, a current ratio of 3.58 and a debt-to-equity ratio of 11.07.

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 analyst estimates of $97.80 million. Gogo had a return on equity of 121.96% and a net margin of 13.94%. 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 firm posted $0.11 earnings per share. As a group, equities research analysts forecast that Gogo Inc. will post 0.41 EPS for the current fiscal year.

Insider Activity at Gogo

In other news, Director Oakleigh Thorne purchased 30,173 shares of the company’s stock in a transaction on Monday, March 17th. The stock was bought at an average cost of $6.57 per share, for a total transaction of $198,236.61. Following the completion of the purchase, the director now directly owns 711,341 shares of the company’s stock, valued at $4,673,510.37. The trade was a 4.43 % increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 26.00% of the company’s stock.

Institutional Investors Weigh In On Gogo

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Barclays PLC increased its stake in Gogo by 357.5% during the third quarter. Barclays PLC now owns 109,959 shares of the technology company’s stock worth $789,000 after acquiring an additional 85,925 shares during the last quarter. Van ECK Associates Corp grew its stake in shares of Gogo by 256.1% in the fourth quarter. Van ECK Associates Corp now owns 154,706 shares of the technology company’s stock valued at $1,252,000 after buying an additional 111,267 shares in the last quarter. State Street Corp grew its stake in shares of Gogo by 2.1% in the third quarter. State Street Corp now owns 2,461,691 shares of the technology company’s stock valued at $17,675,000 after buying an additional 51,681 shares in the last quarter. FMR LLC grew its stake in shares of Gogo by 13.5% in the third quarter. FMR LLC now owns 5,653,036 shares of the technology company’s stock valued at $40,589,000 after buying an additional 673,315 shares in the last quarter. Finally, Dynamic Technology Lab Private Ltd grew its stake in shares of Gogo by 612.1% in the third quarter. Dynamic Technology Lab Private Ltd now owns 253,114 shares of the technology company’s stock valued at $1,817,000 after buying an additional 217,570 shares in the last quarter. 69.60% of the stock is currently owned by institutional investors and hedge funds.

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.