Gogo (NASDAQ:GOGO – Get Rating) was downgraded by research analysts at StockNews.com from a “hold” rating to a “sell” rating in a note issued to investors on Wednesday.
Gogo Stock Performance
Gogo stock opened at $15.82 on Wednesday. The stock has a market cap of $2.02 billion, a P/E ratio of 22.28 and a beta of 1.32. Gogo has a fifty-two week low of $11.57 and a fifty-two week high of $23.69. The firm’s fifty day moving average price is $15.87 and its 200-day moving average price is $14.81.
Gogo (NASDAQ:GOGO – Get Rating) last posted its quarterly earnings results on Tuesday, February 28th. The technology company reported $0.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.15 by $0.06. Gogo had a net margin of 22.78% and a negative return on equity of 56.06%. The business had revenue of $108.16 million during the quarter, compared to analyst estimates of $107.16 million. During the same period in the prior year, the business posted $0.17 earnings per share. The company’s revenue was up 17.2% on a year-over-year basis. Sell-side analysts predict that Gogo will post 0.6 earnings per share for the current year.
Hedge Funds Weigh In On Gogo
Hedge funds and other institutional investors have recently modified their holdings of the company. Great West Life Assurance Co. Can raised its stake in shares of Gogo by 41.0% during 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. PNC Financial Services Group Inc. raised its stake in shares of Gogo by 432.4% during 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. Nisa Investment Advisors LLC raised its stake in shares of Gogo by 233.5% during the third quarter. Nisa Investment Advisors LLC now owns 2,868 shares of the technology company’s stock valued at $40,000 after acquiring an additional 2,008 shares during the last quarter. Royal Bank of Canada raised its stake in shares of Gogo by 76.6% during 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. Finally, Dark Forest Capital Management LP bought a new position in shares of Gogo during the fourth quarter valued at about $57,000. 64.41% of the stock is owned by institutional investors.
Gogo Company Profile
Gogo, Inc engages in the provision of broadband connectivity services for the business aviation market. It offers a broad suite of integrated equipment, network, and Internet connectivity products and services as well as global support capabilities. It also includes a customizable suite of smart cabin systems for highly integrated connectivity, in-flight entertainment, and voice solutions.