Gogo (NASDAQ:GOGO) Trading Down 5.9% – Here’s What Happened

Gogo Inc. (NASDAQ:GOGO)’s share price traded down 5.9% during mid-day trading on Friday . The stock traded as low as $7.23 and last traded at $7.27. 379,910 shares were traded during mid-day trading, a decline of 71% from the average session volume of 1,309,450 shares. The stock had previously closed at $7.72.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. StockNews.com lowered shares of Gogo from a “hold” rating to a “sell” rating in a research report on Monday. Roth Mkm reduced their price objective on shares of Gogo from $15.50 to $13.00 and set a “buy” rating on the stock in a research note on Monday.

Gogo Stock Performance

The company has a current ratio of 3.58, a quick ratio of 2.81 and a debt-to-equity ratio of 11.07. The company’s 50-day moving average price is $7.75 and its two-hundred day moving average price is $7.56. The company has a market cap of $956.55 million, a P/E ratio of 17.66 and a beta of 1.01.

Gogo (NASDAQ:GOGO) last posted its quarterly earnings data on Friday, March 14th. The technology company reported $0.07 earnings per share for the quarter, beating the consensus estimate of $0.04 by $0.03. Gogo had a net margin of 13.94% and a return on equity of 121.96%. The company had revenue of $137.80 million during the quarter, compared to analyst estimates of $97.80 million. During the same quarter last year, the firm posted $0.11 EPS. The business’s revenue for the quarter was up 40.9% on a year-over-year basis. As a group, equities analysts forecast that Gogo Inc. will post 0.41 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Oakleigh Thorne acquired 30,173 shares of the stock in a transaction that occurred on Monday, March 17th. The shares were purchased at an average cost of $6.57 per share, with a total value of $198,236.61. Following the completion of the transaction, the director now owns 711,341 shares of the company’s stock, valued at approximately $4,673,510.37. This trade represents a 4.43 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 26.00% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in GOGO. Royce & Associates LP grew its position in Gogo by 39.4% in the third quarter. Royce & Associates LP now owns 123,910 shares of the technology company’s stock worth $890,000 after acquiring an additional 35,025 shares in the last quarter. Quest Partners LLC bought a new stake in Gogo in the third quarter worth approximately $158,000. Intech Investment Management LLC bought a new stake in Gogo in the third quarter worth approximately $740,000. Charles Schwab Investment Management Inc. grew its position in Gogo by 0.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 557,732 shares of the technology company’s stock worth $4,005,000 after acquiring an additional 3,181 shares in the last quarter. Finally, Algert Global LLC grew its position in Gogo by 174.4% in the third quarter. Algert Global LLC now owns 120,500 shares of the technology company’s stock worth $865,000 after acquiring an additional 76,590 shares in the last quarter. 69.60% of the stock is 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.