Gogo (NASDAQ:GOGO) Reaches New 52-Week Low at $7.53

Shares of Gogo Inc. (NASDAQ:GOGO) reached a new 52-week low on Tuesday . The company traded as low as $7.53 and last traded at $7.82, with a volume of 232983 shares traded. The stock had previously closed at $8.12.

Analyst Ratings Changes

Separately, JPMorgan Chase & Co. began coverage on shares of Gogo in a research report on Thursday, February 29th. They set a “neutral” rating and a $11.00 price target for the company. Two analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $16.13.

Gogo Price Performance

The company has a 50 day moving average of $8.86 and a 200-day moving average of $9.72. The stock has a market capitalization of $1.01 billion, a P/E ratio of 7.01 and a beta of 1.08. The company has a quick ratio of 3.49, a current ratio of 4.37 and a debt-to-equity ratio of 14.43.

Gogo (NASDAQ:GOGO) last announced its quarterly earnings data on Wednesday, February 28th. The technology company reported $0.11 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.11. Gogo had a negative return on equity of 7,172.73% and a net margin of 36.64%. The firm had revenue of $97.81 million for the quarter, compared to analysts’ expectations of $96.56 million. During the same period last year, the business posted $0.21 earnings per share. The firm’s revenue for the quarter was down 9.6% on a year-over-year basis. Sell-side analysts predict that Gogo Inc. will post 0.38 EPS for the current year.

Insider Buying and Selling

In other news, Director Charles C. Townsend acquired 28,857 shares of Gogo stock in a transaction that occurred on Thursday, March 14th. The shares were purchased at an average cost of $9.03 per share, for a total transaction of $260,578.71. Following the completion of the purchase, the director now directly owns 1,740,588 shares of the company’s stock, valued at approximately $15,717,509.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director Harris N. Williams bought 12,000 shares of the business’s stock in a transaction on Thursday, February 29th. The shares were bought at an average cost of $8.10 per share, for a total transaction of $97,200.00. Following the completion of the purchase, the director now owns 20,990 shares of the company’s stock, valued at approximately $170,019. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Charles C. Townsend bought 28,857 shares of the business’s stock in a transaction on Thursday, March 14th. The stock was bought at an average price of $9.03 per share, for a total transaction of $260,578.71. Following the completion of the purchase, the director now directly owns 1,740,588 shares of the company’s stock, valued at approximately $15,717,509.64. The disclosure for this purchase can be found here. 26.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Gogo

Hedge funds and other institutional investors have recently modified their holdings of the stock. Belpointe Asset Management LLC bought a new stake in shares of Gogo during the first quarter valued at about $29,000. 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 purchasing an additional 633 shares in 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 purchasing an additional 2,119 shares in 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 purchasing an additional 1,331 shares in the last quarter. Finally, UBS Group AG raised its stake in shares of Gogo by 41.7% during the third quarter. UBS Group AG now owns 4,033 shares of the technology company’s stock valued at $49,000 after purchasing an additional 1,186 shares in the last quarter. 69.60% of the stock is currently owned by institutional investors.

About Gogo

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.