Gogo (NASDAQ:GOGO) Hits New 1-Year Low on Analyst Downgrade

Gogo Inc. (NASDAQ:GOGO) shares reached a new 52-week low 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 traded. The stock had previously closed at $8.12.

Separately, JPMorgan Chase & Co. assumed coverage on Gogo in a research report on Thursday, February 29th. They issued a “neutral” rating and a $11.00 price target on the stock. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $15.30.

Insider Buying and Selling

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of GOGO. Belpointe Asset Management LLC bought a new position in Gogo in the first quarter valued at about $29,000. Royal Bank of Canada grew its position in 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 acquiring an additional 1,331 shares during the last quarter. PNC Financial Services Group Inc. grew its position in Gogo by 432.4% in the fourth 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. Great West Life Assurance Co. Can grew its position in Gogo by 41.0% in the first quarter. Great West Life Assurance Co. Can now owns 2,178 shares of the technology company’s stock valued at $44,000 after acquiring an additional 633 shares during the last quarter. Finally, UBS Group AG grew its holdings in shares of Gogo by 41.7% during 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. Institutional investors own 69.60% of the company’s stock.

Gogo Stock Performance

The company has a market capitalization of $1.06 billion, a P/E ratio of 7.56 and a beta of 1.08. The company has a debt-to-equity ratio of 14.43, a current ratio of 4.37 and a quick ratio of 3.49. The company has a fifty day moving average price of $8.83 and a two-hundred day moving average price of $9.69.

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

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.