Gogo (NASDAQ:GOGO) Stock Price Down 6.2%

Gogo Inc (NASDAQ:GOGO)’s stock price fell 6.2% during mid-day trading on Wednesday . The company traded as low as $4.37 and last traded at $4.41, 1,406,183 shares changed hands during trading. A decline of 6% from the average session volume of 1,498,798 shares. The stock had previously closed at $4.70.

A number of brokerages have recently issued reports on GOGO. William Blair raised Gogo from a “market perform” rating to an “outperform” rating in a report on Friday, May 10th. Roth Capital began coverage on Gogo in a report on Monday, May 13th. They set a “buy” rating and a $10.00 price target on the stock. Zacks Investment Research downgraded Gogo from a “strong-buy” rating to a “hold” rating in a report on Wednesday. BidaskClub raised Gogo from a “sell” rating to a “hold” rating in a report on Tuesday. Finally, Cowen raised Gogo from a “market perform” rating to an “outperform” rating and upped their price target for the company from $4.25 to $7.00 in a report on Thursday, April 18th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $5.75.

The firm has a market capitalization of $406.50 million, a PE ratio of -2.41 and a beta of 0.97. The firm’s fifty day simple moving average is $4.26.

Gogo (NASDAQ:GOGO) last posted its earnings results on Thursday, August 8th. The technology company reported ($0.47) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.59) by $0.12. The firm had revenue of $213.70 million during the quarter, compared to the consensus estimate of $199.62 million. During the same period in the prior year, the company posted ($0.47) EPS. The firm’s revenue was down 6.1% compared to the same quarter last year. On average, analysts forecast that Gogo Inc will post -1.77 EPS for the current year.

Hedge funds have recently bought and sold shares of the business. Kavar Capital Partners LLC bought a new position in Gogo in the second quarter valued at about $25,000. Aperio Group LLC bought a new position in Gogo in the second quarter valued at about $40,000. Coatue Management LLC bought a new position in Gogo in the second quarter valued at about $44,000. Metropolitan Life Insurance Co NY bought a new position in Gogo in the first quarter valued at about $73,000. Finally, Tower Research Capital LLC TRC bought a new position in Gogo in the second quarter valued at about $77,000. 59.13% of the stock is currently owned by institutional investors.

Gogo Company Profile (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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