Gogo (NASDAQ:GOGO) Shares Down 3.3% – Here’s What Happened

Gogo Inc. (NASDAQ:GOGO)’s stock price dropped 3.3% during mid-day trading on Friday . The stock traded as low as $7.93 and last traded at $8.01. Approximately 74,777 shares were traded during mid-day trading, a decline of 93% from the average daily volume of 1,004,473 shares. The stock had previously closed at $8.28.

Analyst Ratings Changes

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

Gogo Trading Down 3.0 %

The stock has a market cap of $1.01 billion, a price-to-earnings ratio of 19.26 and a beta of 1.10. The business’s fifty day simple moving average is $7.14 and its 200 day simple moving average is $8.44. The company has a debt-to-equity ratio of 11.07, a current ratio of 3.58 and a quick ratio of 2.81.

Hedge Funds Weigh In On Gogo

Hedge funds have recently added to or reduced their stakes in the business. nVerses Capital LLC acquired a new position in Gogo in the third quarter worth $34,000. Brighton Jones LLC bought a new stake in Gogo in the third quarter valued at $72,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in Gogo in the second quarter valued at $107,000. AQR Capital Management LLC bought a new stake in Gogo in the second quarter valued at $108,000. Finally, SG Americas Securities LLC bought a new stake in Gogo in the second quarter valued at $109,000. Institutional investors and hedge funds own 69.60% of the company’s stock.

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.