Gogo (NASDAQ:GOGO) Shares Pass Below 200 Day Moving Average – Here’s What Happened

Shares of Gogo Inc. (NASDAQ:GOGO) passed below its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $9.64 and traded as low as $4.73. Gogo shares last traded at $4.78, with a volume of 1,507,470 shares.

Wall Street Analysts Forecast Growth

GOGO has been the subject of a number of research reports. Weiss Ratings reiterated a “sell (d)” rating on shares of Gogo in a report on Monday, December 29th. William Blair downgraded shares of Gogo from an “outperform” rating to a “market perform” rating in a research note on Tuesday, December 9th. Two investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $14.83.

Gogo Stock Down 1.2%

The stock has a market capitalization of $639.80 million, a P/E ratio of -95.60 and a beta of 0.96. The company has a current ratio of 1.74, a quick ratio of 1.40 and a debt-to-equity ratio of 7.79. The stock’s 50 day simple moving average is $5.84 and its 200 day simple moving average is $9.64.

Gogo (NASDAQ:GOGO) last announced its quarterly earnings data on Thursday, November 6th. The technology company reported ($0.01) earnings per share for the quarter, missing the consensus estimate of $0.11 by ($0.12). The firm had revenue of $223.59 million during the quarter, compared to the consensus estimate of $222.23 million. Gogo had a negative net margin of 0.65% and a positive return on equity of 71.74%. The firm’s quarterly revenue was up 122.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.08 earnings per share. As a group, research analysts predict that Gogo Inc. will post 0.41 EPS for the current fiscal year.

Insider Transactions at Gogo

In other news, insider Oakleigh Thorne purchased 170,000 shares of the company’s stock in a transaction on Friday, December 12th. The shares were bought at an average price of $5.34 per share, for a total transaction of $907,800.00. Following the completion of the purchase, the insider owned 954,098 shares of the company’s stock, valued at $5,094,883.32. This trade represents a 21.68% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 25.78% of the stock is owned by insiders.

Institutional Investors Weigh In On Gogo

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. XTX Topco Ltd bought a new stake in shares of Gogo in the 2nd quarter worth approximately $1,018,000. William Blair Investment Management LLC lifted its stake in Gogo by 124.8% during the second quarter. William Blair Investment Management LLC now owns 5,673,833 shares of the technology company’s stock valued at $83,292,000 after buying an additional 3,149,585 shares in the last quarter. Quantbot Technologies LP acquired a new position in Gogo in the 2nd quarter worth approximately $2,684,000. LB Partners LLC lifted its holdings in shares of Gogo by 5.1% in the second quarter. LB Partners LLC now owns 2,483,979 shares of the technology company’s stock valued at $36,465,000 after purchasing an additional 120,000 shares in the last quarter. Finally, Intech Investment Management LLC raised its position in Gogo by 129.0% during the second quarter. Intech Investment Management LLC now owns 76,138 shares of the technology company’s stock valued at $1,118,000 after buying an additional 42,897 shares during the period. Institutional investors own 69.60% of the company’s stock.

About Gogo

Gogo Inc is a leading provider of in-flight connectivity and entertainment solutions for commercial and business aviation. The company specializes in delivering broadband internet, voice and text services, and streaming entertainment to passengers at 35,000 feet. Gogo’s offerings include both air-to-ground (ATG) networks and satellite-based connectivity, enabling reliable in-flight internet access across a range of aircraft types.

Gogo’s ATG network spans the United States and portions of Canada, using ground towers to transmit data signals directly to equipped aircraft.