Gogo (NASDAQ:GOGO) Stock Price Down 7.5% – Time to Sell?

Gogo Inc. (NASDAQ:GOGO) was down 7.5% during mid-day trading on Friday . The company traded as low as $7.33 and last traded at $7.41. Approximately 523,321 shares were traded during trading, a decline of 48% from the average daily volume of 1,002,539 shares. The stock had previously closed at $8.01.

Analysts Set New Price Targets

GOGO has been the topic of several recent analyst reports. Morgan Stanley lowered their target price on shares of Gogo from $12.00 to $11.00 and set an “equal weight” rating on the stock in a research note on Tuesday, September 3rd. Roth Mkm reiterated a “buy” rating and set a $15.50 price target on shares of Gogo in a research report on Tuesday, September 17th. Finally, JPMorgan Chase & Co. cut their price objective on Gogo from $11.00 to $10.00 and set a “neutral” rating for the company in a research report on Thursday, August 8th.

Gogo Trading Down 7.0 %

The company’s 50 day simple moving average is $7.13 and its two-hundred day simple moving average is $8.49. The company has a market cap of $937.06 million, a PE ratio of 18.63 and a beta of 1.10. The company has a debt-to-equity ratio of 11.07, a current ratio of 3.58 and a quick ratio of 2.81.

Institutional Trading of Gogo

A number of large investors have recently made changes to their positions in GOGO. FMR LLC boosted its position in shares of Gogo by 13.5% in the 3rd quarter. FMR LLC now owns 5,653,036 shares of the technology company’s stock valued at $40,589,000 after purchasing an additional 673,315 shares during the period. Burgundy Asset Management Ltd. boosted its stake in shares of Gogo by 27.7% during the first quarter. Burgundy Asset Management Ltd. now owns 3,064,421 shares of the technology company’s stock worth $26,906,000 after buying an additional 664,803 shares during the period. Select Equity Group L.P. acquired a new stake in shares of Gogo during the second quarter worth about $2,764,000. LB Partners LLC boosted its stake in shares of Gogo by 12.4% during the third quarter. LB Partners LLC now owns 2,045,000 shares of the technology company’s stock worth $14,683,000 after buying an additional 225,000 shares during the period. Finally, Dynamic Technology Lab Private Ltd grew its holdings in shares of Gogo by 612.1% during the third quarter. Dynamic Technology Lab Private Ltd now owns 253,114 shares of the technology company’s stock worth $1,817,000 after buying an additional 217,570 shares during the last quarter. 69.60% of the stock is currently owned by hedge funds and other institutional investors.

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.