Gogo Inc. (NASDAQ:GOGO) Issues Quarterly Earnings Results, Misses Estimates By $0.07 EPS
Gogo Inc. (NASDAQ:GOGO) announced its earnings results on Monday, August 7th. The technology company reported ($0.56) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.49) by $0.07, MarketWatch Earnings reports. The firm had revenue of $172.80 million during the quarter, compared to the consensus estimate of $167.63 million. The company’s revenue for the quarter was up 17.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.31) EPS.
Shares of Gogo (NASDAQ:GOGO) traded down 0.08% during midday trading on Friday, hitting $12.69. The company’s stock had a trading volume of 846,016 shares. Gogo has a 52-week low of $8.56 and a 52-week high of $13.69. The stock’s 50 day moving average is $12.15 and its 200-day moving average is $11.63. The firm’s market cap is $1.10 billion.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Harbour Capital Advisors LLC raised its position in Gogo by 667.6% in the second quarter. Harbour Capital Advisors LLC now owns 2,296,811 shares of the technology company’s stock worth $199,203,000 after buying an additional 1,997,608 shares during the period. Hodges Capital Management Inc. raised its position in Gogo by 47.0% in the first quarter. Hodges Capital Management Inc. now owns 4,109,815 shares of the technology company’s stock worth $45,208,000 after buying an additional 1,314,245 shares during the period. Quantitative Investment Management LLC raised its position in Gogo by 1,187.5% in the second quarter. Quantitative Investment Management LLC now owns 288,400 shares of the technology company’s stock worth $3,325,000 after buying an additional 266,000 shares during the period. Daiwa Securities Group Inc. raised its position in Gogo by 60.0% in the first quarter. Daiwa Securities Group Inc. now owns 605,000 shares of the technology company’s stock worth $6,655,000 after buying an additional 226,794 shares during the period. Finally, GSA Capital Partners LLP purchased a new position in Gogo during the second quarter worth approximately $1,798,000. Hedge funds and other institutional investors own 63.35% of the company’s stock.
A number of equities research analysts recently issued reports on GOGO shares. Zacks Investment Research raised Gogo from a “hold” rating to a “buy” rating and set a $14.00 price target on the stock in a research report on Wednesday, May 3rd. Dougherty & Co increased their price target on Gogo from $16.00 to $17.50 and gave the stock a “buy” rating in a research report on Monday, May 1st. Raymond James Financial, Inc. started coverage on Gogo in a research report on Wednesday, May 31st. They set an “outperform” rating and a $15.00 price target on the stock. ValuEngine raised Gogo from a “sell” rating to a “hold” rating in a research report on Tuesday, June 6th. Finally, BidaskClub downgraded Gogo from a “hold” rating to a “sell” rating in a research report on Tuesday, July 11th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and six have issued a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $15.50.
Gogo Inc is a holding company. The Company is a provider of in-flight broadband connectivity and connectivity-enabled services to commercial and business aviation. The Company operates through three segments: Commercial Aviation North America (CA-NA), Commercial Aviation Rest of World (CA-ROW) and Business Aviation (BA).
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