Gogo (NASDAQ:GOGO) Hits New 52-Week Low at $6.93

Shares of Gogo Inc. (NASDAQ:GOGO) reached a new 52-week low during trading on Wednesday . The company traded as low as $6.93 and last traded at $6.93, with a volume of 24538 shares changing hands. The stock had previously closed at $7.09.

Analysts Set New Price Targets

Several brokerages have commented on GOGO. Morgan Stanley dropped their target price on shares of Gogo from $15.00 to $12.00 and set an “equal weight” rating on the stock in a research report on Tuesday, April 16th. JPMorgan Chase & Co. decreased their price objective on shares of Gogo from $11.00 to $10.00 and set a “neutral” rating for the company in a research note on Thursday, August 8th. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, Gogo presently has an average rating of “Hold” and a consensus target price of $15.38.

Gogo Stock Performance

The stock has a market capitalization of $889.74 million, a PE ratio of 6.06 and a beta of 1.13. The company has a debt-to-equity ratio of 9.39, a quick ratio of 3.33 and a current ratio of 4.20. The firm has a 50 day moving average of $9.25 and a 200-day moving average of $9.22.

Gogo (NASDAQ:GOGO) last issued its earnings results on Wednesday, August 7th. The technology company reported $0.01 earnings per share for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.06). Gogo had a net margin of 38.61% and a return on equity of 229.65%. The business had revenue of $102.10 million during the quarter, compared to analyst estimates of $99.02 million. During the same quarter in the prior year, the company earned $0.20 EPS. Gogo’s revenue for the quarter was down 1.1% on a year-over-year basis. Research analysts forecast that Gogo Inc. will post 0.35 earnings per share for the current year.

Hedge Funds Weigh In On Gogo

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. SG Americas Securities LLC bought a new stake in Gogo during the second quarter worth approximately $109,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Gogo by 67.1% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 17,285 shares of the technology company’s stock valued at $166,000 after acquiring an additional 6,941 shares during the period. State Board of Administration of Florida Retirement System grew its position in shares of Gogo by 12.6% in the first quarter. State Board of Administration of Florida Retirement System now owns 21,320 shares of the technology company’s stock valued at $187,000 after purchasing an additional 2,390 shares during the last quarter. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Gogo in the fourth quarter valued at about $203,000. Finally, Jupiter Asset Management Ltd. bought a new position in shares of Gogo in the first quarter worth about $221,000. Institutional investors own 69.60% of the company’s stock.

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.