Gogo (NASDAQ:GOGO) Sees Unusually-High Trading Volume – Here’s What Happened

Gogo Inc. (NASDAQ:GOGO) shares saw strong trading volume on Monday . 3,452,822 shares were traded during trading, an increase of 101% from the previous session’s volume of 1,714,159 shares.The stock last traded at $6.6650 and had previously closed at $7.06.

Analysts Set New Price Targets

A number of research firms have commented on GOGO. Weiss Ratings reiterated a “sell (d)” rating on shares of Gogo in a report on Monday, December 1st. Morgan Stanley began coverage on Gogo in a research report on Thursday, August 14th. They issued an “equal weight” rating and a $15.00 price target for the company. Two research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $14.83.

Gogo Stock Performance

The firm’s 50 day moving average price is $8.17 and its two-hundred day moving average price is $11.10. The firm has a market cap of $893.45 million, a PE ratio of -133.74 and a beta of 0.90. The company has a debt-to-equity ratio of 7.79, a quick ratio of 1.40 and a current ratio of 1.74.

Gogo (NASDAQ:GOGO) last issued its quarterly earnings data on Thursday, November 6th. The technology company reported ($0.01) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.11 by ($0.12). Gogo had a positive return on equity of 71.74% and a negative net margin of 0.65%.The business had revenue of $223.59 million for the quarter, compared to analyst estimates of $222.23 million. During the same period in the previous year, the business posted $0.08 earnings per share. The firm’s revenue for the quarter was up 122.4% compared to the same quarter last year. On average, research analysts forecast that Gogo Inc. will post 0.41 earnings per share for the current year.

Institutional Trading of Gogo

Several institutional investors have recently added to or reduced their stakes in the stock. XTX Topco Ltd purchased a new position in Gogo in the 2nd quarter valued at approximately $1,018,000. William Blair Investment Management LLC raised its stake in shares of Gogo by 124.8% in the second quarter. William Blair Investment Management LLC now owns 5,673,833 shares of the technology company’s stock valued at $83,292,000 after acquiring an additional 3,149,585 shares in the last quarter. Ancora Advisors LLC acquired a new stake in shares of Gogo in the first quarter valued at $458,000. Quantbot Technologies LP purchased a new position in Gogo in the second quarter valued at $2,684,000. Finally, Select Equity Group L.P. grew its stake in Gogo by 68.8% during the 1st quarter. Select Equity Group L.P. now owns 402,987 shares of the technology company’s stock worth $3,474,000 after purchasing an additional 164,257 shares in the last quarter. Institutional investors and hedge funds own 69.60% of the company’s stock.

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.